Primary surveys are conducted in early June, and farm real estate values measure the value of all land and buildings on farm. Reported values for cropland and pasture are also included, both of which reached record highs. Cropland averaged $5,830 per acre, up $260 from 2024, rising by $510 in the last two years. The last five years have shown the sharpest incline in prices, leaping by $1,770 since 2020. Pasture values averaged $1,920, which was a $90 bump from last year.
Michigan leads the way in year-over-year growth in reported farm real estate value, with a 7.8% leap from 2024, bringing the cost per acre to $6,800. Tennessee took second place for the second year in a row, as values jump 7.7% in the Volunteer State. Rounding out the largest percentage increases is a rapidly growing dairy region, South Dakota, with a 6.8% spike in the Mount Rushmore State. Average real estate values did not decline in any state, but the lowest growth was shown in Connecticut at a 0.7% rise.
Once again, the Northeast, the most densely populated region of the nation, leads the country in real estate land values. Rhode Island takes the top spot with a reported value of $22,500 per acre, edging out New Jersey at $16,600, followed by Massachusetts at $14,900, with Connecticut $500 behind at $14,400.
California is still the only state outside of the Northeast with averages edging closer to the East, at $13,700 per acre. The Corn Belt has begun to close the gap on the seven-digit mark with the 2025 report, as Iowa and Ohio reach averages just under $10,000 per acre.
Use of farmland
Cropland has a similar story to report, with a U.S. average that has also more than doubled since 2010, with values skyrocketing from then $2,700 per acre average. In the last year, cropland grew at the same pace as in 2024, jumping 4.7%. Utah farmers felt this incline the most, with a 9.7% climb over last year. Michigan followed with an 8.2% leap over 2024.
Pastureland saw a higher percentage growth over cropland, leaping 4.9% across the U.S. in the last 12 months. Once again, the New England and Northeastern states see the highest values per acre for pastures, followed by Florida, which fetches the highest value.
The combination of high yields and limited availability is showing reported values reaching new levels in regions of the country that have historically been more isolated from drastic growth.
