United States Department of Agriculture National Agricultural Statistics Service Sp Sy 3 (00)a Agricultural Land Values March 2000 Average Farm Real Estate Values Continue Upward The U.S. farm real estate value, including all land and buildings, averaged $1,050 per acre on January 1, 2000, up 2.9 percent from January 1, 1999. The $30 per acre increase in farm real estate value during 1999 continued the climb that began in 1987. However, the 2.9 percent increase is the smallest percentage gain since 1992. The overall increase was slowed by cropland values which rose only 2.1 percent during 1999. Cropland values had been increasing recently by more than 5 percent a year. January 1, 1999 farm real estate values were revised upward to $1,020 based on current year survey results and additional administrative data which continued to support increasing land values but at a slowing rate. Regional increases in values of farm real estate during 1999 ranged from 0.5 to 8.5 percent. The Southeast and Lake regions, at $1,920 and $1,490 per acre, showed the largest percentage gains from last year, at 8.5 and 7.2 percent, respectively. All regions continued to post record highs with the exceptions of the Southern and Northern Plains which have yet to surpass the highs reached in the 1980's. The Northeast Region with its urban influences had the highest average value of farm real estate at $2,470 per acre. While the Mountain region with its extensive pasture and rangeland has the lowest value at $440 per acre. During the 1990's the U.S. average farm real estate value increased 65 percent for an average of 6.5 percent a year. The Lake region produced the largest gain, climbing 76.7 percent from $843 in 1990 to $1,490 in 2000. The Southern Plains had the smallest gain during the decade, up 25.2 percent, and increasing from $504 to $631 per acre. The average value of cropland in the U.S. rose 2.1 percent to a value of $1,440 per acre. The largest percentage increases, at 7.6 and 7.5 percent, were in the Southeast and Lake Regions, respectively. While in the Corn Belt cropland values began to show the impact of low commodity prices by decreasing 1.0 percent. Cropland values were highest in the Pacific region at $3,460 per acre and lowest in the Northern Plains at $668 per acre. Cropland values varied widely across States as each State confronts different circumstances. Cropland values dropped in Illinois, Indiana, and Iowa, with low commodity prices being one of the major factors. The impact of urban influences in States such as Michigan, Wisconsin, and Georgia resulted in continued above average gains in cropland values. California's increasing vineyard acreage is one reason for it's continued climb in cropland value. Pasture average value per acre for the U.S. increased 2.8 percent, with most States going up. The Mountain and Southern Plains accounting for half of the pastureland in the U.S. both showed increases close to 2 percent. Pasture values were highest in the Northeast, at $2,090 per acre, and lowest in the Northern Plains at $231 per acre. Farm Real Estate: Average Value per Acre, by Region and State, January 1, 1996-00 -------------------------------------------------------------------------------- : : : : : : Change State : 1996 : 1997 : 1998 : 1999 : 2000 : 99-00 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,220 2,240 2,280 2,370 2,470 4.2 CT : 5,950 5,950 5,950 6,300 6,600 4.8 DE : 2,550 2,580 2,660 2,750 2,850 3.6 ME : 1,150 1,170 1,190 1,200 1,210 0.8 MD : 3,110 3,150 3,180 3,300 3,500 6.1 MA : 5,100 5,150 5,210 5,500 5,900 7.3 NH : 2,250 2,250 2,250 2,250 2,300 2.2 NJ : 7,100 7,100 7,000 7,000 7,100 1.4 NY : 1,260 1,250 1,280 1,340 1,410 5.2 PA : 2,270 2,300 2,390 2,500 2,620 4.8 RI : 6,500 6,500 6,500 6,500 6,500 0.0 VT : 1,490 1,500 1,520 1,570 1,640 4.5 Lake States: : 1,130 1,200 1,280 1,390 1,490 7.2 MI : 1,420 1,530 1,670 1,850 2,100 13.5 MN : 1,030 1,090 1,160 1,230 1,270 3.3 WI : 1,130 1,170 1,240 1,370 1,500 9.5 Corn Belt: : 1,510 1,610 1,730 1,830 1,840 0.5 IL : 1,900 1,980 2,130 2,250 2,220 -1.3 IN : 1,740 1,870 2,060 2,220 2,210 -0.5 IA : 1,450 1,600 1,700 1,770 1,750 -1.1 MO : 950 1,010 1,070 1,130 1,190 5.3 OH : 1,820 1,890 2,040 2,220 2,250 1.4 Northern Plains: : 463 481 499 510 526 3.1 KS : 553 565 577 580 590 1.7 NE : 610 620 645 670 695 3.7 ND : 383 390 401 406 415 2.2 SD : 310 325 348 360 380 5.6 Appalachian: : 1,550 1,630 1,720 1,840 1,940 5.4 KY : 1,300 1,350 1,450 1,530 1,590 3.9 NC : 1,900 2,000 2,080 2,250 2,400 6.7 TN : 1,530 1,650 1,810 1,950 2,100 7.7 VA : 1,840 1,880 1,920 2,040 2,130 4.4 WV : 980 1,050 1,090 1,070 1,060 -0.9 Southeast: : 1,580 1,630 1,700 1,770 1,920 8.5 AL : 1,320 1,360 1,440 1,520 1,680 10.5 FL : 2,150 2,200 2,240 2,260 2,400 6.2 GA : 1,360 1,430 1,510 1,630 1,800 10.4 SC : 1,360 1,400 1,480 1,520 1,600 5.3 Delta States: : 1,020 1,070 1,130 1,180 1,230 4.2 AR : 1,010 1,070 1,150 1,220 1,250 2.5 LA : 1,180 1,190 1,210 1,210 1,250 3.3 MS : 917 980 1,050 1,100 1,180 7.3 Southern Plains: : 541 557 596 613 631 2.9 OK : 547 570 610 625 634 1.4 TX : 540 554 593 610 630 3.3 Mountain: : 383 399 415 426 440 3.3 AZ 1/ : 880 920 987 1,070 1,140 6.5 CO : 558 590 618 630 640 1.6 ID : 900 960 1,020 1,090 1,170 7.3 MT : 289 291 294 296 300 1.4 NV 1/ : 332 366 392 420 440 4.8 NM 1/ : 212 215 217 217 215 -0.9 UT 1/ : 740 780 807 855 900 5.3 WY : 206 215 222 220 235 6.8 Pacific: : 1,670 1,730 1,780 1,870 1,890 1.1 CA : 2,400 2,500 2,610 2,770 2,850 2.9 OR : 928 960 960 1,000 1,020 2.0 WA : 1,120 1,160 1,190 1,190 1,150 -3.4 : 48 Sts : 887 926 974 1,020 1,050 2.9 -------------------------------------------------------------------------------- 1/ Excludes Native American Reservation Land. Cropland: Average Value per Acre, by Region and State, January 1, 1997-00 -------------------------------------------------------------------------------- : : : : : Change State : 1997 : 1998 : 1999 : 2000 : 99-00 -------------------------------------------------------------------------------- : ---------------- Dollars ---------------- Percent : Northeast: : 2,590 2,620 2,700 2,820 4.4 DE : 2,500 2,620 2,700 2,800 3.7 MD : 3,050 3,100 3,200 3,400 6.3 NJ : 8,500 8,000 7,800 7,900 1.3 NY : 1,020 1,040 1,100 1,160 5.5 PA : 2,650 2,740 2,870 3,020 5.2 Oth Sts 1/ : 4,260 4,290 4,360 4,490 3.0 Lake States: : 1,130 1,220 1,340 1,440 7.5 MI : 1,360 1,480 1,670 1,920 15.0 MN : 1,090 1,160 1,230 1,270 3.3 WI : 1,040 1,130 1,300 1,450 11.5 Corn Belt: : 1,760 1,910 2,030 2,010 -1.0 IL : 2,070 2,240 2,370 2,320 -2.1 IN : 1,900 2,100 2,270 2,250 -0.9 IA : 1,700 1,860 1,930 1,890 -2.1 MO : 1,040 1,130 1,190 1,250 5.0 OH : 1,990 2,150 2,350 2,380 1.3 Northern Plains: : 633 648 658 668 1.5 KS : 649 655 659 666 1.1 NE : 1,020 1,040 1,080 1,110 2.8 ND : 427 440 435 425 -2.3 SD : 456 480 491 510 3.9 Appalachian: : 1,730 1,830 1,930 1,980 2.6 KY : 1,500 1,620 1,630 1,630 0.0 NC : 1,880 1,950 2,130 2,300 8.0 TN : 1,830 1,970 2,100 2,150 2.4 VA : 1,820 1,880 1,980 1,980 0.0 WV : 1,540 1,600 1,570 1,500 -4.5 Southeast: : 1,610 1,670 1,720 1,850 7.6 AL : 1,200 1,260 1,320 1,460 10.6 FL : 3,280 3,230 3,190 3,340 4.7 GA : 1,060 1,140 1,250 1,400 12.0 SC : 1,090 1,160 1,200 1,240 3.3 Delta States: : 956 996 1,030 1,060 2.9 AR : 968 1,030 1,080 1,080 0.0 LA : 1,080 1,060 1,060 1,110 4.7 MS : 821 878 925 983 6.3 Southern Plains: : 641 667 681 708 4.0 OK : 553 577 558 548 -1.8 TX : 674 701 728 770 5.8 Mountain: : 904 936 968 993 2.6 AZ 2/ : 3,700 3,800 4,100 4,300 4.9 CO : 772 809 833 852 2.3 ID : 1,320 1,370 1,420 1,490 4.9 MT : 458 463 461 458 -0.7 NV 2/ : 1,700 1,850 1,900 1,900 0.0 NM 2/ : 1,330 1,380 1,420 1,370 -3.5 UT 2/ : 2,300 2,390 2,610 2,740 5.0 WY : 744 777 781 815 4.4 Pacific: : 3,030 3,150 3,350 3,460 3.3 CA : 5,080 5,260 5,700 5,960 4.6 OR : 1,430 1,430 1,520 1,570 3.3 WA : 1,340 1,430 1,410 1,340 -5.0 : 48 Sts : 1,270 1,340 1,410 1,440 2.1 -------------------------------------------------------------------------------- 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, 1997-00 -------------------------------------------------------------------------------- : : : : : Change State : 1997 : 1998 : 1999 : 2000 : 99-00 -------------------------------------------------------------------------------- : ---------------- Dollars ---------------- Percent : Northeast: : 1,990 2,030 2,060 2,090 1.5 MD : 3,300 3,350 3,400 3,400 0.0 NJ : 9,100 8,800 8,800 8,900 1.1 NY : 515 530 550 560 1.8 PA : 1,630 1,740 1,790 1,820 1.7 Oth Sts 1/ : 3,910 3,900 3,910 3,990 2.0 Lake States: : 486 520 574 629 9.6 MI : 800 890 980 1,080 10.2 MN : 360 380 400 410 2.5 WI : 520 550 630 720 14.3 Corn Belt: : 756 813 859 883 2.8 IL : 870 940 1,000 1,040 4.0 IN : 1,160 1,270 1,400 1,440 2.9 IA : 615 665 660 650 -1.5 MO : 660 700 750 790 5.3 OH : 1,280 1,410 1,480 1,450 -2.0 Northern Plains: : 206 216 222 231 4.1 KS : 365 367 370 375 1.4 NE : 200 210 220 230 4.5 ND : 141 144 146 155 6.2 SD : 155 173 180 190 5.6 Appalachian: : 1,510 1,600 1,700 1,800 5.9 KY : 1,210 1,320 1,400 1,450 3.6 NC : 2,020 2,100 2,270 2,400 5.7 TN : 1,720 1,860 2,000 2,150 7.5 VA : 1,780 1,800 1,900 2,050 7.9 WV : 840 860 825 820 -0.6 Southeast: : 1,340 1,410 1,490 1,600 7.4 AL : 990 1,100 1,170 1,300 11.1 FL : 1,430 1,450 1,500 1,570 4.7 GA : 1,650 1,770 1,950 2,150 10.3 SC : 1,220 1,340 1,380 1,450 5.1 Delta States: : 955 971 992 1,030 3.8 AR : 890 910 960 1,000 4.2 LA : 1,210 1,200 1,160 1,150 -0.9 MS : 860 890 910 1,000 9.9 Southern Plains: : 484 523 533 543 1.9 OK : 361 395 410 415 1.2 TX : 510 550 560 570 1.8 Mountain: : 219 231 233 241 3.4 AZ 2/ : 300 320 340 360 5.9 CO : 320 335 340 345 1.5 ID : 640 700 780 850 9.0 MT : 190 197 200 205 2.5 NV 2/ : 220 230 250 270 8.0 NM 2/ : 150 160 155 150 -3.2 UT 2/ : 395 400 400 420 5.0 WY : 150 160 150 160 6.7 Pacific: : 754 731 729 698 -4.3 CA : 1,100 1,050 1,050 1,000 -4.8 OR : 400 400 400 405 1.3 WA : 550 550 540 490 -9.3 : 48 Sts : 466 489 503 517 2.8 -------------------------------------------------------------------------------- 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, 1997-00 1/ -------------------------------------------------------------------------------- : : : : : Change State : 1997 : 1998 : 1999 : 2000 : 99-00 -------------------------------------------------------------------------------- : --------------- Dollars -------------- Percent : Corn Belt: : MO Cropland : 1,040 1,130 1,190 1,250 5.0 Irrigated : 1,600 1,670 1,820 1,900 4.4 Non-Irrigated : 1,000 1,090 1,150 1,210 5.2 : Northern Plains: : KS Cropland : 649 655 659 666 1.1 Irrigated : 990 1,010 1,020 1,030 1.0 Non-Irrigated : 615 620 623 630 1.1 NE Cropland : 1,020 1,040 1,080 1,110 2.8 Irrigated : 1,500 1,510 1,550 1,580 1.9 Non-Irrigated : 775 799 840 860 2.4 SD Cropland : 456 480 491 510 3.9 Irrigated : 710 810 770 740 -3.9 Non-Irrigated : 451 473 485 505 4.1 : Southeast: : FL Cropland : 3,280 3,230 3,190 3,340 4.7 Irrigated : 4,100 4,000 3,950 4,120 4.3 Non-Irrigated : 1,550 1,600 1,600 1,680 5.0 GA Cropland : 1,060 1,140 1,250 1,400 12.0 Irrigated : 1,230 1,290 1,380 1,500 8.7 Non-Irrigated : 1,020 1,110 1,220 1,380 13.1 : Delta States: : AR Cropland : 968 1,030 1,080 1,080 0.0 Irrigated : 1,070 1,140 1,180 1,190 0.8 Non-Irrigated : 880 940 1,000 980 -2.0 LA Cropland : 1,080 1,060 1,060 1,110 4.7 Irrigated : 920 928 990 1,060 7.1 Non-Irrigated : 1,120 1,100 1,080 1,120 3.7 MS Cropland : 821 878 925 983 6.3 Irrigated : 964 1,010 1,080 1,100 1.9 Non-Irrigated : 780 840 880 950 8.0 : Southern Plains: : OK Cropland : 553 577 558 548 -1.8 Irrigated : 800 810 790 780 -1.3 Non-Irrigated : 540 564 545 535 -1.8 TX Cropland : 674 701 728 770 5.8 Irrigated : 800 780 830 880 6.0 Non-Irrigated : 540 564 545 535 -1.8 : Mountain: : AZ Cropland : 3,700 3,800 4,100 4,300 4.9 Irrigated : 3,700 3,800 4,100 4,300 4.9 CO Cropland : 772 809 833 852 2.3 Irrigated : 1,500 1,580 1,600 1,600 0.0 Non-Irrigated : 380 395 420 450 7.1 -------------------------------------------------------------------------------- --continued Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, 1997-00 1/ -------------------------------------------------------------------------------- : : : : : Change State and Land Type : 1997 : 1998 : 1999 : 2000 : 99-00 -------------------------------------------------------------------------------- : --------------- Dollars -------------- Percent : ID Cropland : 1,320 1,370 1,420 1,490 4.9 Irrigated : 1,700 1,760 1,820 1,900 4.4 Non-Irrigated : 660 680 730 770 5.5 MT Cropland : 458 463 461 458 -0.7 Irrigated : 1,290 1,310 1,310 1,320 0.8 Non-Irrigated : 340 343 340 335 -1.5 NV Cropland : 1,700 1,850 1,900 1,900 0.0 Irrigated : 1,700 1,850 1,900 1,900 0.0 NM Cropland : 1,330 1,380 1,420 1,370 -3.5 Irrigated : 2,400 2,490 2,550 2,480 -2.7 Non-Irrigated : 247 255 260 245 -5.8 UT Cropland : 2,300 2,390 2,610 2,740 5.0 Irrigated : 2,700 2,800 3,080 3,250 5.5 Non-Irrigated : 700 730 700 670 -4.3 WY Cropland : 744 777 781 815 4.4 Irrigated : 900 940 940 980 4.3 Non-Irrigated : 220 230 245 260 6.1 : Pacific: : CA Cropland : 5,080 5,260 5,700 5,960 4.6 Irrigated : 5,400 5,600 6,100 6,400 4.9 Non-Irrigated : 1,830 1,700 1,580 1,450 -8.2 OR Cropland : 1,430 1,430 1,520 1,570 3.3 Irrigated : 2,000 2,000 2,100 2,150 2.4 Non-Irrigated : 980 980 1,050 1,100 4.8 WA Cropland : 1,340 1,430 1,410 1,340 -5.0 Irrigated : 3,200 3,400 3,600 3,500 -2.8 Non-Irrigated : 790 840 760 700 -7.9 -------------------------------------------------------------------------------- 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 base primarily on National Agricultural Statistics Service's (NASS) area frame agriculture surveys. These surveyis 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 survey contact all farmers having operations within the sampled segments and collect land values for their operation. 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 Agriculture Surveys are calculated and those percentage changes are applied to the Census benchmark. Cropland and Pasture values are collected only on the Area Agriculture Surveys. 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 1999 area frame survey for U.S. land values was 3.1 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. 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.) Persons with disabilities who require alternative means for communication of program information (braille, large print, audiotape, etc.) should contact the USDA's TARGET Center at 202-720-2600 (voice and TDD). To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, Room 326-W, Whitten Building, 14th and Independence Avenue, SW, Washington, D.C., 20250-9410, or call 202-720-5964 (voice or TDD). USDA is an equal opportunity provider and employer. ACCESS TO REPORTS!! 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