The final results of the Nebraska Farm Real Estate Market Survey, issued by the University of Nebraska-Lincoln (UNL), show a significant increase in the average value of agricultural land in the state for the fourth consecutive year. This article focuses on the Northwest District findings, which include counties such as Banner, Box Butte, Cheyenne, and Scotts Bluff.
The Northwest District of Nebraska has seen a 13% increase in average farmland value, reaching $935 per acre. Dryland cropland values surged by 21% to an average of $905 per acre, while center pivot irrigated cropland experienced a 7% increase, reaching $3,280 per acre.
The UNL Farm Real Estate Survey also reported cash rental rates for various land types in the Northwest District. Cropland rental rates saw a 9 to 12 percent surge, while grazing rates, including both pasture per acre and cow-calf pair, rose by 7 percent compared to the previous year.
Industry professionals participating in the survey attributed the upward trend in agricultural real estate values to favorable crop and livestock prices, expansion-related land purchases, the financial stability of current landowners, and as a hedge against inflation.
It's worth noting that the mentioned land values and rental rates are averages based on survey responses in each district. Actual valuations may differ depending on the quality of the land and local market conditions.
For more detailed information, the final survey results are available on the Nebraska Farm Real Estate website.
On July 13, a webinar hosted by the Center for Agricultural Profitability will delve into the report's findings, discussing the influencing factors behind the current trends and addressing attendees' questions. Registration for the webinar can be completed on the Center for Agricultural Profitability's website.
These survey results provide valuable insights into the agricultural landscape of Northwestern Nebraska, highlighting the ongoing growth in land values and rental rates, which play a crucial role in shaping the region's farming economy.
Photo Credit: gettyimages-creativenature-nl
Categories: Nebraska, General