USDA NASS Farmland Values: State-by-State Per-Acre Data

The National Agricultural Statistics Service publishes two major land value reports annually:

• Land Values Summary (August): state-level averages for cropland, pastureland, and total farm real estate values
• Cash Rents Summary (August): average cash rental rates for cropland and pastureland by state and county

Methodology:

• Survey of farmers and ranchers: NASS surveys thousands of producers across the US, asking about land values and rental rates in their operations
• Enumerator visits: trained USDA data collectors conduct in-person and phone interviews
• Stratified sampling: designed to be representative of different farm sizes, land types, and geographic regions
• Published as state averages and for many counties

The data is free and published at nass.usda.gov. Historical data is available going back to 1997 for most metrics. Some pre-1997 data is also available but with different methodology.

Limitations:

• NASS reports statewide averages. Actual values in specific counties can vary 3-5x from the state average.
• Data reflects a specific point in time (June 1 of the survey year). Rapid market changes within the year are not captured.
• Small-sample states may have higher error margins.

Major trends in US farmland values over recent decades:

• 1997-2006: steady 3-7% annual appreciation as commodity prices rose
• 2007-2013: rapid appreciation (10-15% annually) driven by high commodity prices, low interest rates, and ethanol demand for corn
• 2014-2019: plateau or modest decline as commodity prices fell and interest rates rose
• 2020-2023: rapid appreciation again (10-30% annually) driven by high commodity prices, low interest rates, investor demand, and inflation hedging
• 2024-2025: moderation with some regions seeing slight declines as interest rates rose

2024 USDA NASS data highlights:

• US average farm real estate value: approximately $4,100 per acre (all land and buildings)
• US average cropland: approximately $5,570 per acre
• US average pastureland: approximately $1,830 per acre

Farmland has been one of the better-performing asset classes over the past 20 years, with total returns (appreciation + rental income) often matching or exceeding the S&P 500.

State-level cropland average values from recent NASS data (approximate 2024 numbers):

1. California: $13,900/acre — high-value specialty crops (almonds, wine grapes, fruits), irrigation infrastructure
2. Iowa: $11,200/acre — prime corn and soybean land, high productivity
3. Illinois: $9,800/acre — corn belt
4. Minnesota: $8,800/acre — corn and soybeans, dairy
5. Indiana: $8,400/acre — corn belt
6. Washington: $7,700/acre — orchards and specialty crops
7. Nebraska: $7,500/acre — corn and irrigation
8. Wisconsin: $6,100/acre — dairy and mixed farming
9. Ohio: $6,500/acre — corn belt edge
10. New Jersey: $15,500/acre — highest in the country due to urban-edge development pressure

Three drivers of high farmland values:

1. Soil productivity and water availability (corn belt, California Central Valley)
2. Specialty crop potential (California, Washington, Florida)
3. Urban-edge development pressure (New Jersey, parts of California, Florida coast)

Cheapest cropland and pastureland:

• Wyoming: $900/acre cropland, $350/acre pastureland — sparsely populated ranch country
• New Mexico: $800/acre cropland, $440/acre pastureland
• Montana: $1,300/acre cropland, $700/acre pastureland
• Nevada: $600/acre cropland, $250/acre pastureland
• Arizona: $1,200/acre cropland, $400/acre pastureland

Characteristics of low-value farmland:

• Arid or semi-arid climate with limited water
• Marginal soil productivity
• Remote from population centers and transportation
• Grazing-only suitability (pastureland)
• Large minimum viable operation sizes (ranches of 1,000+ acres)

Low-value ranchland is typically purchased in larger parcels — the per-acre price may be low but the entry price for a viable operation can still be $500,000+ for Montana or Wyoming ranches.

Five practical applications:

1. Valuing a specific property. Start with the state average, then adjust for county, soil type, water, improvements, and market conditions. NASS is a starting point, not a final answer.
2. Setting cash rent rates. NASS Cash Rents Summary provides average rental rates. Local deals vary but the NASS number is a defensible benchmark.
3. Tracking trends. Year-over-year changes in the state and US averages tell you whether the market is hot, cold, or stable.
4. Negotiating sales. Buyer or seller can reference NASS data to anchor negotiations. "The state average is $X; your asking price is 30% above that."
5. Investment decisions. For farmland REITs and direct investors, NASS data informs expected returns and valuation multiples.

Always combine NASS state-level data with county-level data (also published by NASS for many counties) and local market intelligence (auction results, recent comparable sales, local land brokers).