United States Department of Agriculture National Agricultural Statistics Service Sp Sy 3 (01) Agricultural Land Values August 2001 Average Farm Real Estate Values Continue Upward The U.S. farm real estate value, including all land and buildings, averaged $1,130 per acre on January 1, 2001, up 4.6 percent from January 1, 2000. The $50 per acre increase in farm real estate value during 2000 continued the climb that began in 1987. The overall increase was driven by cropland and pasture which rose 3.4 and 4.4 percent respectively. Regional increases in values of farm real estate during 2000 ranged from 1.4 to 8.2 percent. The Southeast and Appalachian regions, at $2,100 and $2,150 per acre, showed the largest percentage gains at 8.2 and 8.0 percent, respectively. All regions continued to post 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 $2,640 per acre. While the Mountain region with its extensive pasture and rangeland has the lowest value at $486 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 Southeast produced the largest gain 8.2% from $1,940 to $2,100. The Southern Plains had the smallest gain for 2001 of 1.4% increasing from $631 to $640 per acre. The average value of cropland in the U.S. rose 3.4 percent to a value of $1,540 per acre. The largest percent increases, at 9.5 and 7.3 percent, were in the Appalachian and Lake Regions, respectively. Cropland values were highest in the Pacific region at $3,420 per acre and lowest in the Northern Plains at $688 per acre. Cropland values varied widely across States as each State confronts different circumstances. The impact of urban influences in States such as Wisconsin, Kentucky, and North Carolina, resulted in continued above average gains in cropland values. California, Texas, and Washington had a slight decrease in cropland value. Pasture average value per acre for the U.S. increased 4.4 percent, with most States going up. The Mountain and Southern Plains accounting for half of the pastureland in the U.S. both showed increases in 2001. Pasture values were highest in the Northeast, at $2,160 per acre, and lowest in the Northern Plains at $244 per acre. Farm Real Estate: Average Value per Acre, by Region and State, January 1, 1997-01 -------------------------------------------------------------------------------- : : : : : : Change State : 1997 : 1998 : 1999 : 2000 : 2001 : 00-01 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,240 2,280 2,370 2,520 2,640 4.8 CT : 5,950 5,950 6,300 6,600 6,900 4.5 DE : 2,580 2,660 2,750 2,800 2,830 1.1 ME : 1,170 1,190 1,200 1,250 1,300 4.0 MD : 3,150 3,180 3,300 3,600 3,800 5.6 MA : 5,150 5,210 5,500 5,900 6,000 1.7 NH : 2,250 2,250 2,250 2,300 2,400 4.3 NJ : 7,100 7,000 7,000 7,100 7,400 4.2 NY : 1,250 1,280 1,340 1,410 1,500 6.4 PA : 2,300 2,390 2,500 2,720 2,840 4.4 RI : 6,500 6,500 6,500 6,600 6,700 1.5 VT : 1,500 1,520 1,570 1,650 1,750 6.1 Lake States: : 1,200 1,280 1,390 1,570 1,690 7.6 MI : 1,530 1,670 1,850 2,150 2,250 4.7 MN : 1,090 1,160 1,230 1,280 1,320 3.1 WI : 1,170 1,240 1,370 1,700 2,000 17.6 Corn Belt: : 1,610 1,730 1,830 1,930 2,020 4.7 IL : 1,980 2,130 2,250 2,380 2,450 2.9 IN : 1,870 2,060 2,220 2,350 2,450 4.3 IA : 1,600 1,700 1,770 1,820 1,860 2.2 MO : 1,010 1,070 1,130 1,250 1,380 10.4 OH : 1,890 2,040 2,220 2,300 2,400 4.3 Northern Plains: : 481 499 510 526 547 4.0 KS : 565 577 580 590 605 2.5 NE : 620 645 670 695 725 4.3 ND : 390 401 406 415 425 2.4 SD : 325 348 360 380 405 6.6 Appalachian: : 1,630 1,720 1,840 1,990 2,150 8.0 KY : 1,350 1,450 1,530 1,600 1,770 10.6 NC : 2,000 2,080 2,250 2,500 2,800 12.0 TN : 1,650 1,810 1,950 2,150 2,240 4.2 VA : 1,880 1,920 2,040 2,200 2,300 4.5 WV : 1,050 1,090 1,070 1,150 1,220 6.1 Southeast: : 1,630 1,700 1,770 1,940 2,100 8.2 AL : 1,360 1,440 1,520 1,680 1,800 7.1 FL : 2,200 2,240 2,260 2,400 2,570 7.1 GA : 1,430 1,510 1,630 1,880 2,100 11.7 SC : 1,400 1,480 1,520 1,600 1,650 3.1 Delta States: : 1,070 1,130 1,180 1,230 1,270 3.3 AR : 1,070 1,150 1,220 1,250 1,300 4.0 LA : 1,190 1,210 1,210 1,250 1,270 1.6 MS : 980 1,050 1,100 1,180 1,220 3.4 Southern Plains: : 557 596 613 631 640 1.4 OK : 570 610 625 634 640 0.9 TX : 554 593 610 630 640 1.6 Mountain: : 399 415 426 462 486 5.2 AZ 1/ : 920 987 1,070 1,180 1,300 10.2 CO : 590 618 630 670 695 3.7 ID : 960 1,020 1,090 1,170 1,210 3.4 MT : 291 294 296 350 375 7.1 NV 1/ : 366 392 420 440 460 4.5 NM 1/ : 215 217 217 217 224 3.2 UT 1/ : 780 807 855 900 975 8.3 WY : 215 222 220 240 260 8.3 Pacific: : 1,730 1,780 1,870 1,900 1,940 2.1 CA : 2,500 2,610 2,770 2,850 2,910 2.1 OR : 960 960 1,000 1,020 1,050 2.9 WA : 1,160 1,190 1,190 1,200 1,190 -0.8 : 48 Sts : 926 974 1,020 1,080 1,130 4.6 -------------------------------------------------------------------------------- 1/ Excludes Native American Reservation Land. Cropland: Average Value per Acre, by Region and State, January 1, 1997-01 -------------------------------------------------------------------------------- : : : : : : Change State : 1997 : 1998 : 1999 : 2000 : 2001 : 00-01 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,590 2,620 2,700 2,870 2,990 4.2 DE : 2,500 2,620 2,700 2,750 2,780 1.1 MD : 3,050 3,100 3,200 3,500 3,700 5.7 NJ : 8,500 8,000 7,800 7,900 8,100 2.5 NY : 1,020 1,040 1,100 1,160 1,240 6.9 PA : 2,650 2,740 2,870 3,120 3,260 4.5 Oth Sts 1/ : 4,260 4,290 4,360 4,550 4,610 1.3 Lake States: : 1,130 1,220 1,340 1,500 1,610 7.3 MI : 1,360 1,480 1,670 2,000 2,100 5.0 MN : 1,090 1,160 1,230 1,270 1,300 2.4 WI : 1,040 1,130 1,300 1,600 1,900 18.8 Corn Belt: : 1,760 1,910 2,030 2,120 2,190 3.3 IL : 2,070 2,240 2,370 2,500 2,570 2.8 IN : 1,900 2,100 2,270 2,400 2,500 4.2 IA : 1,700 1,860 1,930 1,970 2,000 1.5 MO : 1,040 1,130 1,190 1,290 1,390 7.8 OH : 1,990 2,150 2,350 2,420 2,500 3.3 Northern Plains: : 633 648 658 668 688 3.0 KS : 649 655 659 666 680 2.1 NE : 1,020 1,040 1,080 1,110 1,140 2.7 ND : 427 440 435 425 430 1.2 SD : 456 480 491 510 555 8.8 Appalachian: : 1,730 1,830 1,930 2,100 2,300 9.5 KY : 1,500 1,620 1,630 1,750 2,000 14.3 NC : 1,880 1,950 2,130 2,400 2,700 12.5 TN : 1,830 1,970 2,100 2,240 2,320 3.6 VA : 1,820 1,880 1,980 2,150 2,300 7.0 WV : 1,540 1,600 1,570 1,600 1,700 6.3 Southeast: : 1,610 1,670 1,720 1,850 1,970 6.5 AL : 1,200 1,260 1,320 1,460 1,600 9.6 FL : 3,280 3,230 3,190 3,340 3,540 6.0 GA : 1,060 1,140 1,250 1,400 1,530 9.3 SC : 1,090 1,160 1,200 1,240 1,250 0.8 Delta States: : 956 996 1,030 1,060 1,100 3.8 AR : 968 1,030 1,080 1,080 1,140 5.6 LA : 1,080 1,060 1,060 1,110 1,140 2.7 MS : 821 878 925 983 1,010 2.7 Southern Plains: : 641 667 681 708 709 0.1 OK : 553 577 558 548 556 1.5 TX : 674 701 728 770 768 -0.3 Mountain: : 904 936 968 1,030 1,080 4.9 AZ 2/ : 3,700 3,800 4,100 4,600 5,000 8.7 CO : 772 809 833 887 911 2.7 ID : 1,320 1,370 1,420 1,490 1,570 5.4 MT : 458 463 461 486 502 3.3 NV 2/ : 1,700 1,850 1,900 1,900 2,000 5.3 NM 2/ : 1,330 1,380 1,420 1,440 1,500 4.2 UT 2/ : 2,300 2,390 2,610 2,740 2,955 7.8 WY : 744 777 781 815 866 6.3 Pacific: : 3,030 3,150 3,350 3,460 3,420 -1.2 CA : 5,080 5,260 5,700 5,960 5,870 -1.5 OR : 1,430 1,430 1,520 1,570 1,650 5.1 WA : 1,340 1,430 1,410 1,340 1,310 -2.2 : 48 Sts : 1,270 1,340 1,410 1,490 1,540 3.4 -------------------------------------------------------------------------------- 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, 1997-01 -------------------------------------------------------------------------------- : : : : : : Change State : 1997 : 1998 : 1999 : 2000 : 2001 : 00-01 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 1,990 2,030 2,060 2,120 2,160 1.9 MD : 3,300 3,350 3,400 3,400 3,450 1.5 NJ : 9,100 8,800 8,800 8,900 9,100 2.2 NY : 515 530 550 560 590 5.4 PA : 1,630 1,740 1,790 1,920 2,000 4.2 Oth Sts 1/ : 3,910 3,900 3,910 3,950 3,900 -1.3 Lake States: : 486 520 574 659 739 12.1 MI : 800 890 980 1,080 1,120 3.7 MN : 360 380 400 440 480 9.1 WI : 520 550 630 760 900 18.4 Corn Belt: : 756 813 859 955 1,030 7.9 IL : 870 940 1,000 1,080 1,100 1.9 IN : 1,160 1,270 1,400 1,540 1,700 10.4 IA : 615 665 660 700 710 1.4 MO : 660 700 750 860 950 10.5 OH : 1,280 1,410 1,480 1,600 1,700 6.3 Northern Plains: : 206 216 222 231 244 5.6 KS : 365 367 370 375 390 4.0 NE : 200 210 220 230 245 6.5 ND : 141 144 146 155 165 6.5 SD : 155 173 180 190 200 5.3 Appalachian: : 1,510 1,600 1,700 1,810 1,890 4.4 KY : 1,210 1,320 1,400 1,400 1,450 3.6 NC : 2,020 2,100 2,270 2,400 2,600 8.3 TN : 1,720 1,860 2,000 2,240 2,320 3.6 VA : 1,780 1,800 1,900 2,050 2,100 2.4 WV : 840 860 825 900 950 5.6 Southeast: : 1,340 1,410 1,490 1,600 1,740 8.8 AL : 990 1,100 1,170 1,300 1,450 11.5 FL : 1,430 1,450 1,500 1,570 1,680 7.0 GA : 1,650 1,770 1,950 2,150 2,400 11.6 SC : 1,220 1,340 1,380 1,450 1,500 3.4 Delta States: : 955 971 992 1,030 1,050 1.9 AR : 890 910 960 1,000 1,000 0.0 LA : 1,210 1,200 1,160 1,150 1,160 0.9 MS : 860 890 910 1,000 1,040 4.0 Southern Plains: : 484 523 533 543 552 1.7 OK : 361 395 410 415 420 1.2 TX : 510 550 560 570 580 1.8 Mountain: : 219 231 233 251 264 5.2 AZ 2/ : 300 320 340 360 380 5.6 CO : 320 335 340 360 370 2.8 ID : 640 700 780 850 850 0.0 MT : 190 197 200 230 255 10.9 NV 2/ : 220 230 250 270 270 0.0 NM 2/ : 150 160 155 150 150 0.0 UT 2/ : 395 400 400 420 450 7.1 WY : 150 160 150 165 180 9.1 Pacific: : 754 731 729 698 718 2.9 CA : 1,100 1,050 1,050 1,000 1,040 4.0 OR : 400 400 400 405 405 0.0 WA : 550 550 540 490 500 2.0 : 48 Sts : 466 489 503 524 547 4.4 -------------------------------------------------------------------------------- 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, 1997-01 1/ -------------------------------------------------------------------------------- : : : : : : Change State and Land Type: 1997 : 1998 : 1999 : 2000 : 2001 : 00-01 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Corn Belt: : MO Cropland : 1,040 1,130 1,190 1,290 1,390 7.8 Irrigated : 1,600 1,670 1,820 1,910 1,940 1.6 Non-Irrigated : 1,000 1,090 1,150 1,250 1,350 8.0 : Northern Plains: : KS Cropland : 649 655 659 666 680 2.1 Irrigated : 990 1,010 1,020 1,030 1,080 4.9 Non-Irrigated : 615 620 623 630 640 1.6 NE Cropland : 1,020 1,040 1,080 1,110 1,140 2.7 Irrigated : 1,500 1,510 1,550 1,580 1,600 1.3 Non-Irrigated : 775 799 840 860 900 4.7 SD Cropland : 456 480 491 510 555 8.8 Irrigated : 710 810 770 740 780 5.4 Non-Irrigated : 451 473 485 505 550 8.9 : Southeast: : FL Cropland : 3,280 3,230 3,190 3,340 3,540 6.0 Irrigated : 4,100 4,000 3,950 4,120 4,370 6.1 Non-Irrigated : 1,550 1,600 1,600 1,680 1,800 7.1 GA Cropland : 1,060 1,140 1,250 1,400 1,530 9.3 Irrigated : 1,230 1,290 1,380 1,500 1,700 13.3 Non-Irrigated : 1,020 1,110 1,220 1,380 1,500 8.7 : Delta States: : AR Cropland : 968 1,030 1,080 1,080 1,140 5.6 Irrigated : 1,070 1,140 1,180 1,190 1,260 5.9 Non-Irrigated : 880 940 1,000 980 1,030 5.1 LA Cropland : 1,080 1,060 1,060 1,110 1,140 2.7 Irrigated : 920 928 990 1,060 1,070 0.9 Non-Irrigated : 1,120 1,100 1,080 1,120 1,160 3.6 MS Cropland : 821 878 925 983 1,010 2.7 Irrigated : 964 1,010 1,080 1,100 1,120 1.8 Non-Irrigated : 780 840 880 950 980 3.2 : Southern Plains: : OK Cropland : 553 577 558 548 556 1.5 Irrigated : 800 810 790 780 760 -2.6 Non-Irrigated : 540 564 545 535 545 1.9 TX Cropland : 674 701 728 770 768 -0.3 Irrigated : 800 780 830 880 870 -1.1 Non-Irrigated : 540 564 545 535 545 1.9 : Mountain: : AZ Cropland : 3,700 3,800 4,100 4,600 5,000 8.7 Irrigated : 3,700 3,800 4,100 4,600 5,000 8.7 CO Cropland : 772 809 833 887 911 2.7 Irrigated : 1,500 1,580 1,600 1,700 1,750 2.9 Non-Irrigated : 380 395 420 450 460 2.2 -------------------------------------------------------------------------------- --continued Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, 1997-01 1/ -------------------------------------------------------------------------------- : : : : : : Change State and Land Type: 1997 : 1998 : 1999 : 2000 : 2001 : 00-01 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : ID Cropland : 1,320 1,370 1,420 1,490 1,570 5.4 Irrigated : 1,700 1,760 1,820 1,900 2,020 6.3 Non-Irrigated : 660 680 730 770 790 2.6 MT Cropland : 458 463 461 486 502 3.3 Irrigated : 1,290 1,310 1,310 1,440 1,500 4.2 Non-Irrigated : 340 343 340 350 360 2.9 NV Cropland : 1,700 1,850 1,900 1,900 2,000 5.3 Irrigated : 1,700 1,850 1,900 1,900 2,000 5.3 NM Cropland : 1,330 1,380 1,420 1,440 1,500 4.2 Irrigated : 2,400 2,490 2,550 2,600 2,700 3.8 Non-Irrigated : 247 255 260 260 275 5.8 UT Cropland : 2,300 2,390 2,610 2,740 2,955 7.8 Irrigated : 2,700 2,800 3,080 3,250 3,500 7.7 Non-Irrigated : 700 730 700 670 750 11.9 WY Cropland : 744 777 781 815 866 6.3 Irrigated : 900 940 940 980 1,040 6.1 Non-Irrigated : 220 230 245 260 280 7.7 : Pacific: : CA Cropland : 5,080 5,260 5,700 5,960 5,870 -1.5 Irrigated : 5,400 5,600 6,100 6,400 6,300 -1.6 Non-Irrigated : 1,830 1,700 1,580 1,400 1,400 0.0 OR Cropland : 1,430 1,430 1,520 1,570 1,650 5.1 Irrigated : 2,000 2,000 2,100 2,150 2,300 7.0 Non-Irrigated : 980 980 1,050 1,100 1,120 1.8 WA Cropland : 1,340 1,430 1,410 1,340 1,310 -2.2 Irrigated : 3,200 3,400 3,600 3,500 3,400 -2.9 Non-Irrigated : 790 840 760 700 680 -2.9 -------------------------------------------------------------------------------- 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 survey is 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. 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