The University of Nebraska-Lincoln’s 2023-24 Farm Real Estate Market Survey has revealed that the average all-land value of agricultural land in Nebraska has increased for the fifth consecutive year, reaching $4,015 per acre. This represents a 5% increase from the previous year and is the highest non-inflation-adjusted statewide land value in the history of the survey. The estimated total value of agricultural land and buildings in Nebraska has also risen to about $179.2 billion based on 2024 market values.
Several factors have contributed to the higher market value of land across the state, including purchases for farm expansion, current livestock prices, and 1031 tax exchanges. Inflation pressure has led many operations to consider investing in assets such as land or agricultural equipment, while higher interest rates may affect the agricultural real estate market in the future.
The survey found that grassland tillable and non-tillable land experienced the highest one-year changes in value, with increases of 7% and 8%, respectively. The average size of land parcels sold in Nebraska in 2023 was 245 acres, with prices ranging from $1,093 to $9,723 per acre depending on the region.
Cash rental rates for cropland in the state were moderating compared to the prior year, while pasture rental rates saw increases between 5% and 10% per acre. The Nebraska Farm Real Estate Report is based on an annual survey of land professionals and provides valuable insights into the current state of agricultural land values and rental rates in the state.
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