Farmland Values Bound Higher in 2022
The USDA’s annual Land Values Report shows that farmland values pushed higher this year. Tony Dorn is Chief of the Environmental, Economics, and Demographics Branch of the National Agricultural Statistics Service. He says farmland values jumped more than 12 percent since last year…
“The farmland values increase quite a bit. It's the highest increase overall for the value of farm real estate since 2006 when land values increased 14 percent from 2005. For 2022, the average United States farm real estate value, which measures the value of all land and buildings on farms, averaged $3,800 per acre, up 12 percent from 2021. And the cropland average in 2022 was $5,050 per acre, which was an increase of 14 percent from 2021.”
Here in the Southeast, the average price per acre for farm real estate in 2022 was $4,580 in Alabama representing an 8.3% increase on the year. $3400 an acre in Florida for a 6.3% annual climb. And $6600/acre in Georgia, up 9.6% on the year.
Rhode Island has the highest farm real estate value at $17,500.