Sp Sy 3 (02) United States Department of Agriculture National Agricultural Statistics Service Agricultural Land Values August 2002 Average Farm Real Estate Values Continue Upward The U.S. farm real estate value, including all land and buildings, averaged $1,210 per acre as of January 1, 2002, up 5.2 percent from the previous year. All states except Delaware, Nevada, New Mexico, and Washington showed gains from last year. The $60 per acre increase in farm real estate values continued a climb that began in 1987. The overall increase followed cropland and pasture values, which rose by 4.4 and 5.0 percent, respectively, during 2001. Cropland values had been increasing by more than 5 percent a year, so this represents a slower rate of increase than previous years, likely due to low commodity prices and drought in western States. Regional increases in the average value of farm real estate ranged from 3.0 to 8.7 percent. The Lake States and Southeast regions, at $1,870 and $2,260 per acre, showed the largest percentage gains from last year, at 8.7 and 7.1 percent, respectively. All regions again posted record highs with the exceptions of the Southern and Northern Plains. The Northeast region, with its urban influences, had the highest average value of farm real estate at $2,810 per acre. The Mountain region, with its expanse of pasture and rangeland, has the lowest value at $507 per acre. Dollar value increases of farm real estate, cropland and pasture for states on the East Coast are the largest in the country. Despite drought in several of these states, price competition from increased urbanization and development has likely more than offset any downward pressures on land values. Pasture values outpace those of cropland in many of these states, often due to its greater appeal and availability for development. The average value of cropland in the U.S. rose 4.4 percent to $1,650 per acre. The largest percent increases, at 8.6 and 5.3 percent, were in the Lake States and Northeast regions, respectively. Cropland values were highest in the Pacific region, at $3,710 per acre, and lowest in the Northern Plains, at $719 per acre. Cropland values varied widely across States due to different circumstances and competitive uses of land. The impact of suburban and resort influences in states such as Wisconsin, Vermont, and Arizona resulted in continued above average gains in cropland values. Washington was the only state to show a decrease, dropping 1.5 percent from 2001, and continuing a decline that began in 1999. Poor commodity prices, concerns about the availability of irrigation water, and difficulty in securing financing have combined to hold cropland values down in Washington. The average value per acre for pasture in the U.S. increased 5.0 percent, with the great majority of States going up. The Mountain and Southern Plains regions, accounting for half of the pastureland in the U.S., both showed increases from 2001. Pasture values were highest in the Northeast, at $2,330 per acre, and lowest in the Northern Plains, at $251 per acre. Farm Real Estate: Average Value per Acre, by Region and State, January 1, 1998-2002 -------------------------------------------------------------------------------- : : : : : : Change State : 1998 : 1999 : 2000 : 2001 : 2002 : 01-02 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,280 2,370 2,520 *2,650 2,810 6.0 CT : 5,950 6,300 6,600 6,900 7,300 5.8 DE : 2,660 2,750 2,800 *2,950 2,950 0.0 ME : 1,190 1,200 1,250 1,300 1,400 7.7 MD : 3,180 3,300 3,600 3,800 4,000 5.3 MA : 5,210 5,500 5,900 *6,500 7,200 10.8 NH : 2,250 2,250 2,300 2,400 2,600 8.3 NJ : 7,000 7,000 7,100 7,400 8,000 8.1 NY : 1,280 1,340 1,410 1,500 1,600 6.7 PA : 2,390 2,500 2,720 2,840 2,950 3.9 RI : 6,500 6,500 6,600 *6,900 7,300 5.8 VT : 1,520 1,570 1,650 1,750 1,900 8.6 Lake States: : 1,280 1,390 1,570 *1,720 1,870 8.7 MI : 1,670 1,850 2,150 *2,300 2,500 8.7 MN : 1,160 1,230 1,280 *1,360 1,450 6.6 WI : 1,240 1,370 1,700 2,000 2,200 10.0 Corn Belt: : 1,730 1,830 1,930 *2,060 2,180 5.8 IL : 2,130 2,250 2,380 *2,530 2,640 4.3 IN : 2,060 2,220 2,350 *2,500 2,590 3.6 IA : 1,700 1,770 1,820 *1,900 1,980 4.2 MO : 1,070 1,130 1,250 1,380 1,520 10.1 OH : 2,040 2,220 2,300 *2,480 2,700 8.9 Northern Plains: : 499 510 526 *549 571 4.0 KS : 577 580 590 *610 620 1.6 NE : 645 670 695 *730 755 3.4 ND : 401 406 415 425 440 3.5 SD : 348 360 380 405 440 8.6 Appalachian: : 1,720 1,840 1,990 *2,160 2,250 4.2 KY : 1,450 1,530 1,600 1,770 1,850 4.5 NC : 2,080 2,250 2,500 2,800 2,900 3.6 TN : 1,810 1,950 2,150 2,240 2,310 3.1 VA : 1,920 2,040 2,200 *2,350 2,490 6.0 WV : 1,090 1,070 1,150 *1,280 1,370 7.0 Southeast: : 1,700 1,770 1,940 *2,110 2,260 7.1 AL : 1,440 1,520 1,680 1,800 1,900 5.6 FL : 2,240 2,260 2,400 *2,600 2,800 7.7 GA : 1,510 1,630 1,880 2,100 2,300 9.5 SC : 1,480 1,520 1,600 1,650 1,700 3.0 Delta States: : 1,130 1,180 1,230 *1,280 1,330 3.9 AR : 1,150 1,220 1,250 1,300 1,370 5.4 LA : 1,210 1,210 1,250 1,270 1,310 3.1 MS : 1,050 1,100 1,180 *1,250 1,300 4.0 Southern Plains: : 596 613 631 *678 718 5.9 OK : 610 625 634 *670 710 6.0 TX : 593 610 630 *680 720 5.9 Mountain: : 415 426 462 *487 507 4.1 AZ 1/ : 987 1,070 1,180 *1,360 1,520 11.8 CO : 618 630 670 695 710 2.2 ID : 1,020 1,090 1,170 *1,200 1,250 4.2 MT : 294 296 350 375 384 2.4 NV 1/ : 392 420 440 460 460 0.0 NM 1/ : 217 217 217 *220 220 0.0 UT 1/ : 807 855 900 975 1,050 7.7 WY : 222 220 240 260 285 9.6 Pacific: : 1,780 1,870 1,900 *1,980 2,040 3.0 CA : 2,610 2,770 2,850 *3,000 3,100 3.3 OR : 960 1,000 1,020 1,050 1,100 4.8 WA : 1,190 1,190 1,200 1,190 1,190 0.0 : 48 States 2/ : 974 1,020 1,080 *1,150 1,210 5.2 -------------------------------------------------------------------------------- * Revised. 1/ Excludes Native American Reservation Land. 2/ Excludes Alaska and Hawaii. Cropland: Average Value per Acre, by Region and State, January 1, 1998-2002 -------------------------------------------------------------------------------- : : : : : : Change State : 1998 : 1999 : 2000 : 2001 : 2002 : 01-02 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,620 2,700 2,870 *3,010 3,170 5.3 DE : 2,620 2,700 2,750 *2,900 2,900 0.0 MD : 3,100 3,200 3,500 3,700 3,900 5.4 NJ : 8,000 7,800 7,900 8,100 8,700 7.4 NY : 1,040 1,100 1,160 1,240 1,300 4.8 PA : 2,740 2,870 3,120 3,260 3,400 4.3 Oth Sts 1/ : 4,290 4,360 4,550 *4,770 5,120 7.3 Lake States: : 1,220 1,340 1,500 *1,630 1,770 8.6 MI : 1,480 1,670 2,000 2,100 2,300 9.5 MN : 1,160 1,230 1,270 *1,340 1,420 6.0 WI : 1,130 1,300 1,600 1,900 2,100 10.5 Corn Belt: : 1,910 2,030 2,120 *2,250 2,340 4.0 IL : 2,240 2,370 2,500 *2,650 2,750 3.8 IN : 2,100 2,270 2,400 *2,550 2,640 3.5 IA : 1,860 1,930 1,970 *2,050 2,120 3.4 MO : 1,130 1,190 1,290 1,390 1,470 5.8 OH : 2,150 2,350 2,420 *2,600 2,750 5.8 Northern Plains: : 648 658 668 *695 719 3.5 KS : 655 659 666 680 691 1.6 NE : 1,040 1,080 1,110 *1,170 1,210 3.4 ND : 440 435 425 430 440 2.3 SD : 480 491 510 555 605 9.0 Appalachian: : 1,830 1,930 2,100 2,300 2,400 4.3 KY : 1,620 1,630 1,750 2,000 2,100 5.0 NC : 1,950 2,130 2,400 2,700 2,800 3.7 TN : 1,970 2,100 2,240 2,320 2,390 3.0 VA : 1,880 1,980 2,150 2,300 2,450 6.5 WV : 1,600 1,570 1,600 1,700 1,820 7.1 Southeast: : 1,670 1,720 1,850 *1,990 2,090 5.0 AL : 1,260 1,320 1,460 *1,630 1,690 3.7 FL : 3,230 3,190 3,340 3,540 3,690 4.2 GA : 1,140 1,250 1,400 1,530 1,660 8.5 SC : 1,160 1,200 1,240 *1,300 1,350 3.8 Delta States: : 996 1,030 1,060 *1,120 1,150 2.7 AR : 1,030 1,080 1,080 1,140 1,160 1.8 LA : 1,060 1,060 1,110 *1,160 1,200 3.4 MS : 878 925 983 *1,040 1,080 3.8 Southern Plains: : 667 681 708 *740 774 4.6 OK : 577 558 548 *581 620 6.7 TX : 701 728 770 *801 833 4.0 Mountain: : 936 968 1,030 *1,090 1,140 4.6 AZ 2/ : 3,800 4,100 4,600 *5,400 6,000 11.1 CO : 809 833 887 911 929 2.0 ID : 1,370 1,420 1,490 1,570 1,660 5.7 MT : 463 461 486 502 510 1.6 NV 2/ : 1,850 1,900 1,900 2,000 2,000 0.0 NM 2/ : 1,380 1,420 1,440 *1,450 1,450 0.0 UT 2/ : 2,390 2,610 2,740 2,960 3,140 6.1 WY : 777 781 815 866 907 4.7 Pacific: : 3,150 3,350 3,460 *3,620 3,710 2.5 CA : 5,260 5,700 5,960 *6,320 6,510 3.0 OR : 1,430 1,520 1,570 1,650 1,680 1.8 WA : 1,430 1,410 1,340 1,310 1,290 -1.5 : 48 States 3/ : 1,340 1,410 1,490 *1,580 1,650 4.4 -------------------------------------------------------------------------------- * Revised. 1/ Includes: CT, ME, MA, NH, RI, and VT. 2/ Excludes Native American Reservation Land. 3/ Excludes Alaska and Hawaii. Pasture: Average Value per Acre, by Region and State, January 1, 1998-2002 -------------------------------------------------------------------------------- : : : : : : Change State : 1998 : 1999 : 2000 : 2001 : 2002 : 01-02 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,030 2,060 2,120 *2,190 2,330 6.4 MD : 3,350 3,400 3,400 3,450 3,500 1.4 NJ : 8,800 8,800 8,900 9,100 9,600 5.5 NY : 530 550 560 *620 700 12.9 PA : 1,740 1,790 1,920 2,000 2,100 5.0 Oth Sts 1/ : 3,900 3,910 3,950 *4,030 4,330 7.4 Lake States: : 520 574 659 *756 840 11.1 MI : 890 980 1,080 *1,180 1,250 5.9 MN : 380 400 440 *500 530 6.0 WI : 550 630 760 900 1,050 16.7 Corn Belt: : 813 859 955 *1,050 1,130 7.6 IL : 940 1,000 1,080 *1,180 1,220 3.4 IN : 1,270 1,400 1,540 1,700 1,730 1.8 IA : 665 660 700 *770 800 3.9 MO : 700 750 860 950 1,040 9.5 OH : 1,410 1,480 1,600 *1,750 1,900 8.6 Northern Plains: : 216 222 231 *246 251 2.0 KS : 367 370 375 *400 400 0.0 NE : 210 220 230 245 250 2.0 ND : 144 146 155 165 170 3.0 SD : 173 180 190 200 210 5.0 Appalachian: : 1,600 1,700 1,810 *1,910 2,000 4.7 KY : 1,320 1,400 1,400 1,450 1,500 3.4 NC : 2,100 2,270 2,400 2,600 2,750 5.8 TN : 1,860 2,000 2,240 2,320 2,390 3.0 VA : 1,800 1,900 2,050 *2,200 2,350 6.8 WV : 860 825 900 *960 1,020 6.3 Southeast: : 1,410 1,490 1,600 *1,810 1,980 9.4 AL : 1,100 1,170 1,300 1,450 1,580 9.0 FL : 1,450 1,500 1,570 *1,800 2,000 11.1 GA : 1,770 1,950 2,150 2,400 2,600 8.3 SC : 1,340 1,380 1,450 *1,600 1,700 6.3 Delta States: : 971 992 1,030 1,050 1,110 5.7 AR : 910 960 1,000 1,000 1,080 8.0 LA : 1,200 1,160 1,150 1,160 1,200 3.4 MS : 890 910 1,000 *1,060 1,100 3.8 Southern Plains: : 523 533 543 *579 608 5.0 OK : 395 410 415 *435 460 5.7 TX : 550 560 570 *610 640 4.9 Mountain: : 231 233 251 *261 271 3.8 AZ 2/ : 320 340 360 *400 450 12.5 CO : 335 340 360 *360 360 0.0 ID : 700 780 850 *810 820 1.2 MT : 197 200 230 255 260 2.0 NV 2/ : 230 250 270 270 270 0.0 NM 2/ : 160 155 150 150 150 0.0 UT 2/ : 400 400 420 450 500 11.1 WY : 160 150 165 180 200 11.1 Pacific: : 731 729 698 718 733 2.1 CA : 1,050 1,050 1,000 1,040 1,060 1.9 OR : 400 400 405 405 420 3.7 WA : 550 540 490 500 500 0.0 : 48 States 3/ : 489 503 524 *558 586 5.0 -------------------------------------------------------------------------------- * Revised. 1/ Includes: CT, DE, ME, MA, NH, RI, and VT. 2/ Excludes Native American Reservation Land. 3/ Excludes Alaska and Hawaii. Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, January 1, 1998-2002 1/ -------------------------------------------------------------------------------- : : : : : : Change State and Land Type: 1998 : 1999 : 2000 : 2001 : 2002 : 01-02 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Corn Belt: : MO All Cropland : 1,130 1,190 1,290 1,390 1,470 5.8 Irrigated : 1,670 1,820 1,910 1,940 2,040 5.2 Non-Irrigated : 1,090 1,150 1,250 1,350 1,430 5.9 : Northern Plains: : KS All Cropland : 655 659 666 680 691 1.6 Irrigated : 1,010 1,020 1,030 1,080 1,100 1.9 Non-Irrigated : 620 623 630 640 650 1.6 : NE All Cropland : 1,040 1,080 1,110 *1,170 1,210 3.4 Irrigated : 1,510 1,550 1,580 1,600 1,640 2.5 Non-Irrigated : 799 840 860 *950 980 3.2 : SD All Cropland : 480 491 510 555 605 9.0 Irrigated : 810 770 740 780 850 9.0 Non-Irrigated : 473 485 505 550 600 9.1 : Southeast: : FL All Cropland : 3,230 3,190 3,340 3,540 3,690 4.2 Irrigated : 4,000 3,950 4,120 4,370 4,520 3.4 Non-Irrigated : 1,600 1,600 1,680 1,800 1,950 8.3 : GA All Cropland : 1,140 1,250 1,400 1,530 1,660 8.5 Irrigated : 1,290 1,380 1,500 1,700 1,800 5.9 Non-Irrigated : 1,110 1,220 1,380 1,500 1,630 8.7 : Delta States: : AR All Cropland : 1,030 1,080 1,080 1,140 1,160 1.8 Irrigated : 1,140 1,180 1,190 1,260 1,310 4.0 Non-Irrigated : 940 1,000 980 1,030 1,030 0.0 : LA All Cropland : 1,060 1,060 1,110 *1,160 1,200 3.4 Irrigated : 928 990 1,060 1,070 1,100 2.8 Non-Irrigated : 1,100 1,080 1,120 *1,180 1,230 4.2 : MS All Cropland : 878 925 983 *1,040 1,080 3.8 Irrigated : 1,010 1,080 1,100 1,120 1,170 4.5 Non-Irrigated : 840 880 950 *1,020 1,060 3.9 : Southern Plains: : OK All Cropland : 577 558 548 *581 620 6.7 Irrigated : 810 790 780 *780 800 2.6 Non-Irrigated : 564 545 535 *570 610 7.0 : TX All Cropland : 701 728 770 *801 833 4.0 Irrigated : 780 830 880 *880 920 4.5 Non-Irrigated : 680 700 740 *780 810 3.8 : Mountain: : AZ All Cropland : 3,800 4,100 4,600 *5,400 6,000 11.1 Irrigated : 3,800 4,100 4,600 *5,400 6,000 11.1 : CO All Cropland : 809 833 887 911 929 2.0 Irrigated : 1,580 1,600 1,700 1,750 1,800 2.9 Non-Irrigated : 395 420 450 460 460 0.0 -------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, 1998-2002 1/ -------------------------------------------------------------------------------- : : : : : : Change State and Land Type: 1998 : 1999 : 2000 : 2001 : 2002 : 01-02 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : ID All Cropland : 1,370 1,420 1,490 1,570 1,660 5.7 Irrigated : 1,760 1,820 1,900 2,020 2,150 6.4 Non-Irrigated : 680 730 770 790 790 0.0 : MT All Cropland : 463 461 486 502 510 1.6 Irrigated : 1,310 1,310 1,440 1,500 1,530 2.0 Non-Irrigated : 343 340 350 360 365 1.4 : NV All Cropland : 1,850 1,900 1,900 2,000 2,000 0.0 Irrigated : 1,850 1,900 1,900 2,000 2,000 0.0 : NM All Cropland : 1,380 1,420 1,440 *1,450 1,450 0.0 Irrigated : 2,490 2,550 2,600 *2,600 2,600 0.0 Non-Irrigated : 255 260 260 *270 270 0.0 : UT All Cropland : 2,390 2,610 2,740 2,960 3,140 6.1 Irrigated : 2,800 3,080 3,250 3,500 3,700 5.7 Non-Irrigated : 730 700 670 750 850 13.3 : WY All Cropland : 777 781 815 866 907 4.7 Irrigated : 940 940 980 1,040 1,090 4.8 Non-Irrigated : 230 245 260 280 290 3.6 : Pacific: : CA All Cropland : 5,260 5,700 5,960 *6,320 6,510 3.0 Irrigated : 5,600 6,100 6,400 *6,800 7,000 2.9 Non-Irrigated : 1,700 1,580 1,400 1,400 1,420 1.4 : OR All Cropland : 1,430 1,520 1,570 1,650 1,680 1.8 Irrigated : 2,000 2,100 2,150 2,300 2,350 2.2 Non-Irrigated : 980 1,050 1,100 1,120 1,150 2.7 : WA All Cropland : 1,430 1,410 1,340 1,310 1,290 -1.5 Irrigated : 3,400 3,600 3,500 3,400 3,300 -2.9 Non-Irrigated : 840 760 700 680 690 1.5 -------------------------------------------------------------------------------- * Revised. 1/ Only States with significant irrigated acreage appear in this table. Reliability of Data in this Report Survey Procedures: The land value estimates in this report are based primarily on the NASS June Area Survey, conducted during the first two weeks in June.. This annual survey uses a complete, probability-based area sampling frame with a sample of approximately 11,000 segments, averaging roughly 1 square mile in size. Enumerators conducting the area survey contact all operators of land within the sampled segments, collecting land value information for cropland and pasture operated within the segment. They also collect an estimated value on all land and buildings for the entire farming operation, and the relative percent change from the previous year. From these data, published estimates are developed. Estimating Procedures: Survey reported data are reviewed for reasonableness and consistency with historical indications and estimates. Each State Statistical Office submits their estimates and analyses of the current situation to the Agricultural Statistics Board (ASB). Survey data are also compiled at NASS Headquarters in Washington, D.C. and reviewed independently of each State's review. Regional and U.S. land value estimates are established by the ASB, which then prepares the estimates for publication. 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 surveys 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 relative standard error from the 2002 area frame survey for U.S. farm real estate values was 1.8 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 reasonableness. Released August 2, 2002, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, U.S. Department of Agriculture. For information on "Agricultural Land Values" call Larry Beard at 202-720-4214, office hours 7:30 a.m. to 4:00 p.m. ET. The next "Agricultural Land Values" report will be released July 2003. The United States Department of Agriculture (USDA) prohibits discrimination in all its programs 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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