Going rates for agricultural cropland dropped in both Wisconsin and Michigan over the past year. Wisconsin farmland values fell from $4,870 to $4,740 — $130 per acre — from 2017 to 2018. This was a 2.7 percent reduction in value.

Michigan’s reduced prices followed a longer-term trend in that state, according to USDA’s Agricultural Land Values. While land values only fell 1.5 percent from 2017 to 2018, prices remained static dating back to 2014, hovering between $4,510 and $4,530 per acre.

The values in Wisconsin and Michigan slipped due to the depressed dairy economy and both states dependence on dairy farming for economic activity.

Here are the trends in the top dairy states:

1. California, $12,170 per acre in 2018; $11,630 per acre in 2017; and $10,230 per acre in 2014.

a. Golden State land values climbed 4.6 percent in one year.

b. California land values skyrocketed 19 percent over five years.

2. Wisconsin, $4,740 per acre in 2018; $4,870 in 2017; and $4,280 in 2014.

a. Badger State land values dropped 2.7 percent in one year.

b. Wisconsin land values grew 10.7 percent over five years.

3. Idaho, $3,740 per acre in 2018; $3,570 in 2017; and $3,080 per acre in 2014.

a. Gem State land values grew 4.8 percent in one year.

b. Idaho land values jumped 21.4 percent over five years.

4. New York, $2,800 per acre in 2018; $2,740 in 2017; and $2,570 in 2014.

a. New York land values rose 2.2 percent in one year.

b. Empire State ground values expanded 8.9 percent over five years.

5. Texas, $1,890 per acre in 2018; $1,850 in 2017; and $1,640 in 2014.

a. Lone Star State land prices appreciated 2.2 percent in one year.

b. Texas land values spiked 15.2 percent over five years.

6. Michigan, $4,510 per acre in 2018; $4,580 in 2017; and $4,530 in 2014.

a. Wolverine State land values slid 1.5 percent in one year.

b. Michigan land prices slipped 0.4 percent over five years.

7. Pennsylvania, $6,890 per acre in 2018; $6,470 in 2017; and $5,950 in 2014.

a. Keystone cropland rose 6.5 percent in one year.

b. Pennsylvania farmland value jumped 15.8 percent over five years.

8. Minnesota, $4,950 per acre in 2018; $4,920 in 2017; and $4,900 in 2014.

a. North Star State land prices inched up 0.6 percent in one year.

b. Minnesota cropland values crawled up 1 percent over five years.

9. New Mexico, $1,580 per acre in 2018; $1,560 in 2017; and $1,470 in 2014.

a. Land of Enchantment farmland rose 1.3 percent in one year.

b. New Mexico land values grew 7.5 percent over five years.

10. Washington, $2,630 per acre in 2018; $2,660 in 2017; and $2,510 in 2014

a. Evergreen State farmland values were off 1.1 percent in one year.

b. Washington land value rose 4.8 percent over five years.

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(c) Hoard's Dairyman Intel 2019
June 24, 2019
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