The U.S. average farm real estate value is a record high $4,170 per acre this year. That value — which includes all land and buildings on farms — is up $200 per acre from $3,970 in 2023.

It follows a year-over-year increase of $250 per acre in 2023 and $390 per acre in 2022, according to USDA’s National Agricultural Statistics Service.

“Agricultural land values vary significantly throughout the country, with the highest real estate values concentrated in areas producing high-value crops, such as wine grapes and tree nuts in California,” said Daniel Munch, economist with the American Farm Bureau Federation.

Average farm real estate in California is valued at $13,400 per acre.

Availability

“Additionally, areas near urban centers with limited developable land — particularly in the Northeast states — experience upward pressure on real estate values from competing uses,” he said in Farm Bureau’s latest Market Intel report.

The highest land values registered in the Northeast, with per-acre values at:

• $22,000 in Rhode Island.

• $16,200 in New Jersey.

• $14,300 in Connecticut and Massachusetts.

The lowest per-acre values were:

• $700 in New Mexico.

• $975 in Wyoming.

• $1,150 in Nevada.

• $1,200 in Montana.

“Much of the Midwest had higher total comparative agricultural land values, followed by the South and Pacific Northwest, with the Plains and Mountain states experiencing the lowest values,” he said.

Regional markets

While values vary from state to state within regions, USDA reported regional average per-acre values at:

• $7,070 in the Northeast.

• $6,330 in the Lake states.

• $7,930 in the Corn Belt.

• $3,050 in the Northern Plains.

• $5,320 in Appalachia.

• $5,490 in the Southeast.

• $3,810 in the Delta States.

• $2,720 in the Southern Plains.

• $1,600 in the Mountain states.

• $8,040 in the Pacific states.

Cropland values

Average cropland value also hit a record high for 2024 at $5,570 per acre, up 4.7% from $5,320 in 2023. The average value of pasture land followed the record level trend at $1,830 per acre, up 5.2% from $1,740 in 2023.

USDA reported the following average per-acre values for California and the Pacific Northwest.

• Farm real estate:

California — $13,400

Idaho — $4,390

Oregon — $3,720

Washington — $3,620

• Cropland

California — $17,330; irrigated $20,200; non-irrigated $7,700

Idaho — $5,820; irrigated $8,950; non-irrigated $2,420

Oregon — $4,350; irrigated $7,650; non-irrigated $3,010

Washington — $3,410; irrigated $9,600; non-irrigated $1,700

• Pasture:

California — $3,930

Idaho — $2,310

Oregon — $1,050

Washington — $940