The USDA National Agricultural Statistics Service reports the average value of land and buildings in Nebraska increased 3.6 percent in 2019, or $100 per acre. The average land value in 2019 of $2,850 per acre is 9 percent below the 2014 peak of $3,120 per acre.
The average cropland value is largely the same as last year at $4,390 per acre. The dryland cropland value is $3,490 per acre, up 1.7 percent. Irrigated cropland value averages $5,850 per acre, down 1.3 percent from 2018. Pastureland, at a record high $1,050 per acre, is 7.7 percent greater than last year. The estimates are based on survey of agricultural producers during the first two weeks of June.
The increase in value in 2019 marks the end of four consecutive years of declines, the most since the mid-1980s when values declined five consecutive years. Since 1971, average land values declined in 13 years, or 27 percent of the time. In contrast, average land values increased in 36 years. Average values increased by more than 20 percent in six years, but in only one year did the average value decline by more than 20 percent.
Source: USDA, National Agricultural Statistics Service; USDA, Economic Research Service
Source: NEFB calculations based on data from USDA