Farm real estate values rose sharply during 2006, extending a trend that began in 1993, according to USDA’s National Agricultural Statistics Service, Nebraska Field Office. Farm real estate value on January 1, 2007 averaged $1,230 per acre. This is a $140 per acre increase or 13 percent higher than last year’s level.
Cropland value increased 12 percent from last year to $1,890 per acre, with dryland acreage averaging $1,640 per acre and irrigated cropland at $2,400. Pastureland, at $420 per acre, was 14 percent above a year ago.
Cash rents paid to landlords for cropland increased from last year.
Irrigated cropland rent averaged $139 per acre, up $8, and dryland rents increased $3 to $79 per acre. Pasture rented for cash, which averaged $14.00 per acre, rose $1.50 from 2006.