Nebraska Farmland Values and Cash Rental Rates
2023 Final Results
Updated June 30, 2023.
The February 1, 2023, Nebraska all-land average value of $3,835 per acre marks a 14% increase from the prior year. This marks the second-largest increase in the market value of agricultural land since 2014 and the highest non-inflation-adjusted statewide land value in the survey's history.
Results are published by region and land type below.
2023 Full Report PDF
Previous Years Reports About the Survey
Nebraska Agriculture Land Studies Fund
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2023 Survey Highlights
- The statewide all-land average value for the year ending February 1, 2023, averaged $3,835 per acre, or about a 14% ($475 per acre) increase from the prior year’s value of $3,360 per acre.
- Rates of increase were the highest in the northeast, east, and southeast districts, as these areas averaged 15% to 17% higher than the all-land average. These districts trended slightly higher than the rate of increase of 14% for the state.
- Western regions of Nebraska, including the northwest, north, central, southwest, and south districts, reported smaller increases ranging between 10% to 13%. The central district reported the smallest increase at 10%. Overall, increases across the state range from 10% to 17% in 2023.
- Panel members reported in 2023 that current crop prices, purchases for farm expansion, and non-farmer investor interest in land purchases as major economic forces guiding the market value of land higher across the state. Current crop prices and the financial health of current owners as additional positive forces.
- The outlook for future gains in farm real estate values remains relatively strong as only four economic forces were noted as somewhat negatively impacting farm real estate values. Interest rate levels, property tax levels, farm input expenses and future property tax policies were reported as weighing down on the market.
- Based on 2023 market values, Nebraska's estimated total value of agricultural land and buildings rose to approximately $191.8 billion. Between 2022 and 2023, the market value increase in agricultural land and buildings totaled about $23.8 billion.
Values by Region
Average Value of Nebraska Farmland by Land Type
| Land Type | $/Acre | %Change |
|---|
| All Land Average |
3,835 |
14 |
| Center Pivot Irrigated Cropland |
8,760 |
13 |
| Gravity Irrigated Cropland |
7,905 |
12 |
| Dryland Cropland (Irrigation Potential) |
6,070 |
16 |
| Dryland Cropland (No Irrigation Potential) |
4,395 |
13 |
| Grazing Land (Tillable) |
1,680 |
14 |
| Grazing Land (Nontillable) |
1,090 |
15 |
| Hayland |
2,210 |
17 |
Click a region to jump to the corresponding land value and rental rate information.
Due to the inherent limitations of this survey, the information in this report should not be used to set a specific rental rate or value a particular parcel of real property for sale or property taxes, security for a loan, and other related legal matters.
Central
Average Value of Farmland by Land Type
| Land Type | $/Acre | % Change |
|---|
| All Land Average |
4,210 |
10 |
| Center Pivot Irrigated Cropland |
8,895 |
10 |
| Gravity Irrigated Cropland |
7,235 |
3 |
| Dryland Cropland (Irrigation Potential) |
4,255 |
10 |
| Dryland Cropland (No Irrigation Potential) |
3,830 |
8 |
| Grazing Land (Tillable) |
2,620 |
21 |
| Grazing Land (Nontillable) |
2,030 |
20 |
| Hayland |
2,605 |
17 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
305 |
11 |
| Gravity Irrigated Cropland |
270 |
10 |
| Dryland Cropland |
135 |
12 |
| Pasture |
46 |
13 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
66.70 |
Counties: Buffalo, Custer, Dawson, Greeley, Hall, Howard, Sherman, Valley
East
Average Value of Farmland by Land Type
| Land Type | $/Acre | % Change |
|---|
| All Land Average |
9,320 |
15 |
| Center Pivot Irrigated Cropland |
12,970 |
19 |
| Gravity Irrigated Cropland |
11,290 |
20 |
| Dryland Cropland (Irrigation Potential) |
9,535 |
13 |
| Dryland Cropland (No Irrigation Potential) |
8,365 |
11 |
| Grazing Land (Tillable) |
4,615 |
18 |
| Grazing Land (Nontillable) |
2,865 |
5 |
| Hayland |
3,980 |
15 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
345 |
5 |
| Gravity Irrigated Cropland |
305 |
7 |
| Dryland Cropland |
245 |
4 |
| Pasture |
60 |
9 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
62.55 |
Counties: Butler, Cass, Colfax, Dodge, Douglas, Hamilton, Lancaster, Merrick, Nance, Platte, Polk, Sarpy, Saunders, Seward, Washington, York
North
Average Value of Farmland by Land Type
| Land Type | $/Acre | % Change |
|---|
| All Land Average |
1,450 |
12 |
| Center Pivot Irrigated Cropland |
5,065 |
4 |
| Gravity Irrigated Cropland |
4,455 |
6 |
| Dryland Cropland (Irrigation Potential) |
2,365 |
5 |
| Dryland Cropland (No Irrigation Potential) |
1,960 |
7 |
| Grazing Land (Tillable) |
1,550 |
13 |
| Grazing Land (Nontillable) |
870 |
17 |
| Hayland |
1,680 |
23 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
240 |
5 |
| Gravity Irrigated Cropland |
210 |
8 |
| Dryland Cropland |
76 |
17 |
| Pasture |
33 |
10 |
Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
69.80 |
Counties: Arthur, Blaine, Boyd, Brown, Cherry, Garfield, Grant, Holt, Hooker, Keya Paha, Logan, Loup, McPherson, Rock, Thomas, Wheeler
Northeast
Average Value of Farmland by Land Type
| Land Type | $/Acre | % Change |
|---|
| All Land Average |
8,035 |
16 |
| Center Pivot Irrigated Cropland |
11,710 |
16 |
| Gravity Irrigated Cropland |
9,800 |
9 |
| Dryland Cropland (Irrigation Potential) |
8,890 |
19 |
| Dryland Cropland (No Irrigation Potential) |
7,845 |
13 |
| Grazing Land (Tillable) |
4,185 |
15 |
| Grazing Land (Nontillable) |
2,695 |
9 |
| Hayland |
3,845 |
11 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
365 |
7 |
| Gravity Irrigated Cropland |
315 |
5 |
| Dryland Cropland |
265 |
9 |
| Pasture |
72 |
4 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
67.35 |
Counties: Antelope, Boone, Burt, Cedar, Cuming, Dakota, Dixon, Knox, Madison, Pierce, Stanton, Thurston, Wayne
Northwest
Average Value of Farmland by Land Type
| Land Type | $/Acre | % Change |
|---|
| All Land Average |
935 |
13 |
| Center Pivot Irrigated Cropland |
3,280 |
7 |
| Gravity Irrigated Cropland |
2,760 |
10 |
| Dryland Cropland (Irrigation Potential) |
985 |
15 |
| Dryland Cropland (No Irrigation Potential) |
905 |
21 |
| Grazing Land (Tillable) |
735 |
18 |
| Grazing Land (Nontillable) |
575 |
13 |
| Hayland |
930 |
12 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
190 |
9 |
| Gravity Irrigated Cropland |
145 |
12 |
| Dryland Cropland |
37 |
10 |
| Pasture |
15 |
7 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
46.05 |
Counties: Banner, Box Butte, Cheyenne, Dawes, Deuel, Garden, Kimball, Morrill, Scotts Bluff, Sheridan, Sioux
South
Average Value of Farmland by Land Type
| Land Type | $/Acre | % Change |
|---|
| All Land Average |
4,850 |
11 |
| Center Pivot Irrigated Cropland |
8,370 |
8 |
| Gravity Irrigated Cropland |
7,820 |
14 |
| Dryland Cropland (Irrigation Potential) |
4,535 |
9 |
| Dryland Cropland (No Irrigation Potential) |
3,990 |
15 |
| Grazing Land (Tillable) |
2,595 |
13 |
| Grazing Land (Nontillable) |
1,685 |
7 |
| Hayland |
2,270 |
9 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
315 |
13 |
| Gravity Irrigated Cropland |
260 |
6 |
| Dryland Cropland |
115 |
15 |
| Pasture |
41 |
2 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
56.85 |
Counties: Adams, Franklin, Furnas, Gosper, Harlan, Kearney, Phelps, Webster
Southeast
Average Value of Farmland by Land Type
| Land Type | $/Acre | % Change |
|---|
| All Land Average |
7,090 |
17 |
| Center Pivot Irrigated Cropland |
11,415 |
14 |
| Gravity Irrigated Cropland |
8,485 |
11 |
| Dryland Cropland (Irrigation Potential) |
8,110 |
21 |
| Dryland Cropland (No Irrigation Potential) |
6,425 |
17 |
| Grazing Land (Tillable) |
3,460 |
6 |
| Grazing Land (Nontillable) |
2,750 |
10 |
| Hayland |
3,695 |
18 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
335 |
6 |
| Gravity Irrigated Cropland |
290 |
11 |
| Dryland Cropland |
200 |
5 |
| Pasture |
56 |
5 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
60.20 |
Counties: Clay, Fillmore, Gage, Jefferson, Johnson, Nemaha, Nuckolls, Otoe, Pawnee, Richardson, Saline, Thayer
Southwest
Average Value of Farmland by Land Type
| Land Type | $/Acre | % Change |
|---|
| All Land Average |
2,025 |
12 |
| Center Pivot Irrigated Cropland |
5,495 |
12 |
| Gravity Irrigated Cropland |
4,350 |
5 |
| Dryland Cropland (Irrigation Potential) |
2,080 |
17 |
| Dryland Cropland (No Irrigation Potential) |
1,720 |
10 |
| Grazing Land (Tillable) |
1,150 |
9 |
| Grazing Land (Nontillable) |
945 |
15 |
| Hayland |
1,755 |
14 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
230 |
2 |
| Gravity Irrigated Cropland |
195 |
9 |
| Dryland Cropland |
56 |
13 |
| Pasture |
26 |
6 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
58.60 |
Counties: Chase, Dundy, Frontier, Hayes, Hitchcock, Keith, Lincoln, Perkins, Red Willow
About the Nebraska Farm Real Estate Market Survey
The Nebraska Farm Real Estate Market Survey is an annual survey of land professionals, including appraisers, farm and ranch managers and agricultural bankers. It is conducted by the Center for Agricultural Profitability, which is based in the Department of Agricultural Economics at the University of Nebraska-Lincoln. Results from the survey are divided by land class and agricultural statistic district. Land values and rental rates presented in the report are averages of survey participants’ responses by district. Actual land values and rental rates may vary depending upon the quality of the parcel and local market for an area. Preliminary land values and rental rates are subject to change as additional surveys are returned.
