United States Department of Agriculture National Agricultural Statistics Service Sp Sy 3 (99) Agricultural Land Values April 1999 Average Farm Real Estate Values Rose Less Than 2 Percent The January 1, 1999 U.S. farm real estate value, including land and buildings, averaged $992 per acre up 1.8 percent from 1998. The average U.S. farm real estate value rose $18 per acre from $974 in 1998 to $992 per acre, the smallest increase since 1992. The 1999 increase continued the climb in farm real estate values that began in 1987. Regional increases in the values of farm real estate during 1998 ranged from 0.3 to 3.5 percent. The Northeast Region with its urban influences had the highest average value of land and buildings at $2,320 per acre. The Lake and Appalachian regions, at $1,320 and $1,780 per acre, showed the largest percentage gains at 3.1 and 3.5 percent, respectively from 1998. The Delta region at $1,150 surpassed the previous high set back in 1981 of $1,146. All other regions continued to post record highs with the exceptions of the Corn Belt, Southern and Northern Plains which have yet to surpass the highs of the early 1980's. The Corn Belt region which has shown the largest gains in this decade was up 2.3 percent for 1998, the smallest year to year change since 1990. The Southern Plains have had the least amount of gain during the decade and was up 0.3 percent from 1998, the lowest gain since 1992. Beginning with 1997, cropland and pasture values will be published by the National Agricultural Statistic Service for the U.S., regions, and most States. The average value of cropland in the U.S. rose 2.2 percent during 1998 to a value of $1,370 per acre. The largest percentage increase, at 3.3 percent, was in the Appalachian Region, while the Southern Plains showed a slight decrease of -0.3 percent. Cropland values were highest in the Pacific region at $3,170 per acre and lowest in the Northern Plains at $656 per acre. The average value of pasture in the U.S. increased 1.0 percent during 1998, with most States showing small increase or no change. Pasture values were highest in the Northeast at $2,060 per acre and lowest in the Northern Plains at $218 per acre. Farm Real Estate: Average Value per Acre, by Region and State, January 1, 1995-99 ------------------------------------------------------------------------------- : : : : : : Change State : 1995 : 1996 : 1997 : 1998 : 1999 : 98-99 ------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,200 2,220 2,240 2,280 2,320 1.8 CT : 5,950 5,950 5,950 5,950 6,100 2.5 DE : 2,440 2,550 2,580 2,660 2,750 3.4 ME : 1,130 1,150 1,170 1,190 1,200 0.8 MD : 3,100 3,110 3,150 3,180 3,300 3.8 MA : 5,060 5,100 5,150 5,210 5,400 3.6 NH : 2,250 2,250 2,250 2,250 2,250 0.0 NJ : 7,000 7,100 7,100 7,000 7,000 0.0 NY : 1,280 1,260 1,250 1,280 1,280 0.0 PA : 2,200 2,270 2,300 2,390 2,440 2.1 RI : 6,500 6,500 6,500 6,500 6,500 0.0 VT : 1,450 1,490 1,500 1,520 1,550 2.0 Lake States: : 1,050 1,130 1,200 1,280 1,320 3.1 MI : 1,330 1,420 1,530 1,670 1,730 3.6 MN : 950 1,030 1,090 1,160 1,190 2.6 WI : 1,040 1,130 1,170 1,240 1,280 3.2 Corn Belt: : 1,430 1,510 1,610 1,730 1,770 2.3 IL : 1,820 1,900 1,980 2,130 2,190 2.8 IN : 1,620 1,740 1,870 2,060 2,110 2.4 IA : 1,350 1,450 1,600 1,700 1,700 0.0 MO : 880 950 1,010 1,070 1,100 2.8 OH : 1,750 1,820 1,890 2,040 2,100 2.9 Northern Plains: : 453 463 481 499 505 1.2 KS : 535 553 565 577 580 0.5 NE : 580 610 620 645 660 2.3 ND : 373 383 390 401 400 -0.2 SD : 302 310 325 348 355 2.0 Appalachian: : 1,430 1,550 1,630 1,720 1,780 3.5 KY : 1,250 1,300 1,350 1,450 1,500 3.4 NC : 1,750 1,900 2,000 2,080 2,160 3.8 TN : 1,340 1,530 1,650 1,810 1,870 3.3 VA : 1,720 1,840 1,880 1,920 1,990 3.6 WV : 920 980 1,050 1,090 1,110 1.8 Southeast: : 1,520 1,580 1,630 1,700 1,740 2.4 AL : 1,260 1,320 1,360 1,440 1,490 3.5 FL : 2,110 2,150 2,200 2,240 2,260 0.9 GA : 1,260 1,360 1,430 1,510 1,560 3.3 SC : 1,340 1,360 1,400 1,480 1,520 2.7 Delta States: : 973 1,020 1,070 1,130 1,150 1.8 AR : 983 1,010 1,070 1,150 1,180 2.6 LA : 1,080 1,180 1,190 1,210 1,200 -0.8 MS : 886 917 980 1,050 1,080 2.9 Southern Plains: : 529 541 557 596 598 0.3 OK : 547 547 570 610 610 0.0 TX : 525 540 554 593 595 0.3 Mountain: : 362 383 399 415 422 1.7 AZ 1/ : 840 880 920 987 1,020 3.3 CO : 520 558 590 618 630 1.9 ID : 840 900 960 1,020 1,060 3.9 MT : 277 289 291 294 296 0.7 NV 1/ : 289 332 366 392 405 3.3 NM 1/ : 209 212 215 217 219 0.9 UT 1/ : 710 740 780 807 815 1.0 WY : 192 206 215 222 220 -0.9 Pacific: : 1,540 1,670 1,730 1,780 1,800 1.1 CA : 2,220 2,400 2,500 2,610 2,630 0.8 OR : 844 928 960 960 970 1.0 WA : 1,070 1,120 1,160 1,190 1,200 0.8 : 48 Sts : 844 887 926 974 992 1.8 -------------------------------------------------------------------------------- 1/ Excludes Native American Reservation Land. Cropland: Average Value per Acre, by Region and State, January 1, 1997-99 -------------------------------------------------------------------------------- : : : : Change State : 1997 : 1998 : 1999 : 98-99 -------------------------------------------------------------------------------- : ------------- Dollars ------------- Percent : Northeast: : 2,590 2,620 2,670 1.9 DE : 2,500 2,620 2,700 3.1 MD : 3,050 3,100 3,150 1.6 NJ : 8,500 8,000 8,000 0.0 NY : 1,020 1,040 1,080 3.8 PA : 2,650 2,740 2,790 1.8 Oth Sts 1/ : 4,260 4,290 4,350 1.4 Lake States: : 1,130 1,220 1,250 2.5 MI : 1,360 1,480 1,530 3.4 MN : 1,090 1,160 1,190 2.6 WI : 1,040 1,130 1,170 3.5 Corn Belt: : 1,760 1,910 1,950 2.1 IL : 2,070 2,240 2,300 2.7 IN : 1,900 2,100 2,160 2.9 IA : 1,700 1,860 1,860 0.0 MO : 1,040 1,130 1,160 2.7 OH : 1,990 2,150 2,200 2.3 Northern Plains: : 633 648 656 1.2 KS : 649 655 659 0.6 NE : 1,020 1,040 1,070 2.9 ND : 427 440 435 -1.1 SD : 456 480 491 2.3 Appalachian: : 1,730 1,830 1,890 3.3 KY : 1,500 1,620 1,640 1.2 NC : 1,880 1,950 2,020 3.6 TN : 1,830 1,970 2,040 3.6 VA : 1,820 1,880 1,950 3.7 WV : 1,540 1,600 1,650 3.1 Southeast: : 1,610 1,670 1,680 0.6 AL : 1,200 1,260 1,290 2.4 FL : 3,280 3,230 3,190 -1.2 GA : 1,060 1,140 1,170 2.6 SC : 1,090 1,160 1,200 3.4 Delta States: : 956 996 1,020 2.4 AR : 968 1,030 1,070 3.9 LA : 1,080 1,060 1,050 -0.9 MS : 821 878 902 2.7 Southern Plains: : 641 667 665 -0.3 OK : 553 577 579 0.3 TX : 674 701 698 -0.4 Mountain: : 904 936 951 1.6 AZ 2/ : 3,700 3,800 3,900 2.6 CO : 772 809 823 1.7 ID : 1,320 1,370 1,420 3.6 MT : 458 463 465 0.4 NV 2/ : 1,700 1,850 1,900 2.7 NM 2/ : 1,330 1,380 1,420 2.9 UT 2/ : 2,300 2,390 2,390 0.0 WY : 744 777 756 -2.7 Pacific: : 3,030 3,150 3,170 0.6 CA : 5,080 5,260 5,300 0.8 OR : 1,430 1,430 1,460 2.1 WA : 1,340 1,430 1,440 0.7 : 48 Sts : 1,270 1,340 1,370 2.2 ------------------------------------------------------------------------------- 1/ Includes: CT, ME, MA, NH, RI, and VT. 2/ Excludes Native American Reservation Land. Pasture: Average Value per Acre, by Region and State, January 1, 1997-99 ------------------------------------------------------------------------------- : : : : Change State : 1997 : 1998 : 1999 : 98-99 ------------------------------------------------------------------------------- : ------------- Dollars ------------- Percent : Northeast: : 1,990 2,030 2,060 1.5 MD : 3,300 3,350 3,400 1.5 NJ : 9,100 8,800 8,800 0.0 NY : 515 530 550 3.8 PA : 1,630 1,740 1,790 2.9 Oth Sts 1/ : 3,910 3,900 3,910 0.3 Lake States: : 486 520 535 2.9 MI : 800 890 920 3.4 MN : 360 380 390 2.6 WI : 520 550 565 2.7 Corn Belt: : 756 813 830 2.1 IL : 870 940 960 2.1 IN : 1,160 1,270 1,300 2.4 IA : 615 665 665 0.0 MO : 660 700 720 2.9 OH : 1,280 1,410 1,440 2.1 Northern Plains: : 206 216 218 0.9 KS : 365 367 370 0.8 NE : 200 210 215 2.4 ND : 141 144 142 -1.4 SD : 155 173 175 1.2 Appalachian: : 1,510 1,600 1,650 3.1 KY : 1,210 1,320 1,360 3.0 NC : 2,020 2,100 2,190 4.3 TN : 1,720 1,860 1,920 3.2 VA : 1,780 1,800 1,870 3.9 WV : 840 860 860 0.0 Southeast: : 1,340 1,410 1,450 2.8 AL : 990 1,100 1,130 2.7 FL : 1,430 1,450 1,500 3.4 GA : 1,650 1,770 1,820 2.8 SC : 1,220 1,340 1,380 3.0 Delta States: : 955 971 972 -0.4 AR : 890 910 910 -1.1 LA : 1,210 1,200 1,190 -0.8 MS : 860 890 900 1.1 Southern Plains: : 484 523 523 0.0 OK : 361 395 400 1.3 TX : 510 550 550 0.0 Mountain: : 219 231 232 0.4 AZ 2/ : 300 320 330 3.1 CO : 320 335 340 1.5 ID : 640 700 730 4.3 MT : 190 197 200 1.5 NV 2/ : 220 230 235 2.2 NM 2/ : 150 160 157 -1.9 UT 2/ : 395 400 400 0.0 WY : 150 160 155 -3.1 Pacific: : 754 731 734 0.4 CA : 1,100 1,050 1,050 0.0 OR : 400 400 400 0.0 WA : 550 550 565 2.7 : 48 Sts : 466 489 494 1.0 ------------------------------------------------------------------------------- 1/ Includes: CT, DE, ME, MA, NH, RI, and VT. 2/ Excludes Native American Reservation Land. Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, January 1, 1997-99 1/ ------------------------------------------------------------------------------- : : : : Change State : 1997 : 1998 : 1999 : 98-99 ------------------------------------------------------------------------------- : ------------ Dollars ----------- Percent : Corn Belt: : MO Cropland : 1,040 1,130 1,160 2.7 Irrigated : 1,600 1,670 1,720 3.0 Non-Irrigated : 1,000 1,090 1,120 2.8 : Northern Plains: : KS Cropland : 649 655 659 0.6 Irrigated : 990 1,010 1,020 1.0 Non-Irrigated : 615 620 623 0.5 NE Cropland : 1,020 1,040 1,070 2.9 Irrigated : 1,500 1,510 1,550 2.6 Non-Irrigated : 775 799 820 2.6 SD Cropland : 456 480 491 2.3 Irrigated : 710 810 800 -1.2 Non-Irrigated : 451 473 485 2.5 : Southeast: : FL Cropland : 3,280 3,230 3,190 -1.2 Irrigated : 4,100 4,000 3,950 -1.3 Non-Irrigated : 1,550 1,600 1,600 0.0 GA Cropland : 1,060 1,140 1,170 2.6 Irrigated : 1,230 1,290 1,340 3.9 Non-Irrigated : 1,020 1,110 1,130 1.8 : Delta States: : AR Cropland : 968 1,030 1,070 3.9 Irrigated : 1,070 1,140 1,180 3.5 Non-Irrigated : 880 940 980 4.3 LA Cropland : 1,080 1,060 1,050 -0.9 Irrigated : 920 928 960 3.4 Non-Irrigated : 1,120 1,100 1,080 -1.8 MS Cropland : 821 878 902 2.7 Irrigated : 964 1,010 1,050 4.0 Non-Irrigated : 780 840 860 2.4 : Southern Plains: : OK Cropland : 553 577 579 0.3 Irrigated : 800 810 830 2.5 Non-Irrigated : 540 564 565 0.2 TX Cropland : 674 701 698 -0.4 Irrigated : 800 780 800 2.6 Non-Irrigated : 540 564 565 0.2 : Mountain: : AZ Cropland : 3,700 3,800 3,900 2.6 Irrigated : 3,700 3,800 3,900 2.6 CO Cropland : 772 809 823 1.7 Irrigated : 1,500 1,580 1,600 1.3 Non-Irrigated : 380 395 405 2.5 ------------------------------------------------------------------------------- --continued Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, 1997-99 1/ ------------------------------------------------------------------------------- : : : : Change State and Land Type : 1997 : 1998 : 1999 : 98-99 ------------------------------------------------------------------------------- : ------------ Dollars ----------- Percent : ID Cropland : 1,320 1,370 1,420 3.6 Irrigated : 1,700 1,760 1,820 3.4 Non-Irrigated : 660 680 720 5.9 MT Cropland : 458 463 465 0.4 Irrigated : 1,290 1,310 1,310 0.0 Non-Irrigated : 340 343 345 0.6 NV Cropland : 1,700 1,850 1,900 2.7 Irrigated : 1,700 1,850 1,900 2.7 NM Cropland : 1,330 1,380 1,420 2.9 Irrigated : 2,400 2,490 2,550 2.4 Non-Irrigated : 247 255 267 4.7 UT Cropland : 2,300 2,390 2,390 0.0 Irrigated : 2,700 2,800 2,800 0.0 Non-Irrigated : 700 730 730 0.0 WY Cropland : 744 777 756 -2.7 Irrigated : 900 940 910 -3.2 Non-Irrigated : 220 230 240 4.3 : Pacific: : CA Cropland : 5,080 5,260 5,300 0.8 Irrigated : 5,400 5,600 5,650 0.9 Non-Irrigated : 1,830 1,700 1,700 0.0 OR Cropland : 1,430 1,430 1,460 2.1 Irrigated : 2,000 2,000 2,030 1.5 Non-Irrigated : 980 980 1,000 2.0 WA Cropland : 1,340 1,430 1,440 0.7 Irrigated : 3,200 3,400 3,500 2.9 Non-Irrigated : 790 840 820 -2.4 ------------------------------------------------------------------------------- 1/ States not listed make all cropland estimates only. Reliability of Data in this Report Survey Procedures: The land value estimates in this report are based primarily on the National Agricultural Statistics Service's (NASS) area frame agriculture surveys. These surveys are based on a probability area frame with a sample of approximately 16,948 segments or parcels of land which average approximately 1 square mile. Enumerators conducting the area surveys contact all farmers having operations within the sampled segments and collect land values for their operations. From these data, estimates are calculated. Estimating Procedures: National, regional, and State farm real estate, cropland, and pasture values were reviewed for reasonability and consistency. Each State Statistical Office submits their analyses to the Agricultural Statistics Board (ASB) which prepares the January 1 based estimates for publication. NASS uses the Census of Agriculture which is conducted every 5 years to benchmark farm real estate values. For years between census surveys, annual percent changes in value from the area frame agriculture surveys are calculated and those percentage changes are applied to the Census benchmark. Cropland and pasture values are not collected on the Census of Agriculture, but are collected on the area frame agriculture surveys. In addition, administrative data from State Universitives, Federal Reserve Banks, Farm Credit Service, and the Farm Service Agency are considered in the estimation process. Revision Policy: Land Values are subject to revision the following year and following the five-year Census of Agriculture. The basis for revision must be supported by additional data that directly affect the level of the estimate. Reliability: The survey used to make land value estimates are subject to sampling and non-sampling type errors that are common to all surveys. Both types affect the precision of the estimates. Sampling error occurs because a complete census is not taken. The sampling error measures the variation in estimates from the average of all possible samples. Sampling errors cannot be applied directly to the values published in this report to determine confidence intervals since the official estimates represent a composite of information from more than a single source. An estimate of 100 with a sampling error of 1 would mean that chances are 19 out of 20 that the estimates from all possible samples averaged together would be between 98 and 102; which is the survey estimate, plus or minus two times the sampling error. The sampling error from the 1998 area frame survey for U.S. farm real estate values was 2.3 percent while regional sampling errors were slightly higher. Nonsampling errors can occur in complete censuses as well as sample surveys. They are caused by the inability to obtain correct information from each person sampled, differences in interpreting questions or definitions, and mistakes in coding or processing data. To minimize non-sampling errors, vigorous quality controls are used in the data collection process and all data are carefully reviewed for consistency and reasonability. Released April 6, 1999, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, U.S. Department of Agriculture. For information on "Agricultural Land Values" call Longino Bustillos (202) 690-3231, office hours 7:30 a.m. to 4:00 p.m. ET. The next "Agricultural Land Values" report will be released in 2000. The United States Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, and marital or family status. (Not all prohibited bases apply to all programs.) 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