U.S. farm real estate values, including land in buildings, averaged $1,210 per acre as of Jan. 1, 2002, up 5.2 percent from 2001, according to USDA's National Agricultural Statisitics Service's annual Agricultural Land Values report.
The report also shows that values in all States, except Delaware, Nevada, New Mexico, and Washington rose from 2001 levels. Lake States and Southeast regions had the largest gains. The Northeast had the highest average value of at $2,810 per acre– due mostly to the large urban influence in the area. Due to the pasture and rangeland in the Mountain region, it had the lowest value at $507 per acre.
Average price for cropland was $1,650 per acre, up 4.4 percent. The values were highest in the Pacific region and lowest in the Northern Plains. Values varied widely from state to state due mostly to lcompetitive uses of land. Influences of resorts and suburbs in states like Wisconsin, Vermont and Arizona kept cropland values above average. Washington was the only state to see a decline. This was based on water irrigation concerns and financing challenges.
Pasture values increased an average of 5.0 percent an acre, with most states increasing in value.
To review the complete Agricultural Land Values report, go to: http://usda.mannlib.cornell.edu/reports/nassr/other/plr-bb/
Source: USDA National Agricultural Statistics Service