Farmland values remain stable across Iowa, Kansas, Minnesota, Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming, the eight states served by AgCountry Farm Credit Services (AgCountry), Farm Credit Services of America (FCSAmerica) and Frontier Farm Credit. While sales activity has slowed, cropland is showing pockets of strength, according to the latest Benchmark Farm Value Trends Report jointly issued by the collaborating Associations.
Over the last six months, the average of the benchmark value changes ranged from -2.8% to 5.7% with an overall average of 0.9%. The 12-month value changes ranged from -5.1% to 9.5% with an overall average of 1.6%. The major factors affecting the agricultural real estate market are lower commodity prices, profitability in the cattle market and limited supply of real estate for sale. Farmers and ranchers continue to be the predominant buyers.
Above: Six-month average benchmark land values change
Benchmark Cropland Value Trends
| STATE | 6-Month | 1-Year | 2-Years | 5-Years | 10-Years |
|---|---|---|---|---|---|
| Minnesota (10) | 1.60% | 1.60% | 4.70% | 80.90% | 58.70% |
| North Dakota (11) | 0.80% | 0.80% | 8.30% | 73.20% | 71.40% |
| Wisconsin (2) | 0.00% | 0.00% | 14.80% | 30.80% | 38.00% |
| Average % Change | 1.1% | 1.1% | 7.3% | 72.9% | 63.0% |
*The average change in benchmark farm values is shown with the number of benchmark farms shown in parenthesis after each state. In January 2025, Minnesota, North Dakota, and Wisconsin (AgCountry) were added. Previously, these states had reported benchmarks on an annual basis (July 1). Due to this, the July values of the respective year are utilized for January trending purposes. | |||||
The chart below illustrates the average $/acre of all the benchmarks over the past 15 years.
“There is general price stability within our marketplace for land right now,” said Marc Knisely, executive vice president of business development for AgCountry. “While we occasionally see pricing exceptions, buyers are being reasonably cautious and very thoughtful in their purchasing plans given the current headwinds across many ag sectors.”
“Farmers are being smart with their money,” continues Knisely. “Many are financially well-positioned and don’t want to deplete their working capital unless a land purchase helps achieve their sustainable long-term goals and the math supports the purchase.”
Interest rates are not expected to have a significant impact on the market, states Knisely. “The availability of equity capital is the largest driver of land sales right now. Rates are part of the conversation, but not the primary focus of most established buyers.”
Cropland Benchmarks
The summary below highlights the average value trends of the 17 predominantly cropland benchmark farms.
Six Minnesota cropland benchmarks were relatively stable with value changes from -4.9% to 0.0%. One benchmark increased 16.1% but does not reflect the overall market.
North Dakota cropland benchmark values had a 1% increase over the past 6 and 12 months. Six of the Nine benchmarks did not change. Two increased 7.6% and 15.2%, and one decreased -13.8%.
The Wisconsin cropland benchmark did not change over the past 6 and 12 months.
Benchmark Pastureland Value Trends
The North Dakota pasture benchmark did not change over the past 6 and 12 months.
