Friday, January 23, 2026 – U.S. farm real estate values climbed again in 2024, continuing a steady upward trend fueled by strong demand for agricultural land, according to a new report from the U.S. Department of Agriculture.
The average value of U.S. farm real estate, which measures the value of all land and buildings on farms, reached $4,170 per acre in 2024. That figure is up $200 per acre, or 5 percent, from 2023.
Nationwide cropland values also increased. The USDA reported average cropland at $5,570 per acre, a gain of $250 per acre, or 4.7 percent, from the previous year. Pastureland values rose to an average of $1,830 per acre, up $90 per acre, or 5.2 percent, from 2023.
Midwestern and Plains states continued to show wide variation in land values and year-over-year growth. Iowa remained the highest among the states listed, averaging $9,420 per acre in 2024, though its increase slowed to 1.8 percent from the prior year. Illinois farmland averaged $7,930 per acre, up 3.7 percent from 2023.
Nebraska farm real estate averaged $4,080 per acre in 2024, reflecting a 6.8 percent increase from the previous year. Missouri posted an average value of $4,800 per acre, up 4.1 percent from 2023.
In the northern Plains, North Dakota farmland averaged $2,260 per acre in 2024, a 5.6 percent increase from a year earlier. South Dakota averaged $2,780 per acre, rising 5.7 percent from 2023.
Kansas recorded one of the strongest percentage gains among the states highlighted in the report. Average farm real estate values there increased 8 percent to $2,970 per acre in 2024.
The USDA uses farm real estate values as a broad indicator of agricultural land markets, reflecting factors such as commodity prices, interest rates, farm income and long-term expectations for agricultural production.