Nebraska Farmland Values and Cash Rental Rates
2023 Preliminary Results
Updated March 15, 2023.
The market value of agricultural land in Nebraska increased by 14% over the prior year, to an average of $3,835 per acre, according to the University of Nebraska-Lincoln’s 2023 Nebraska Farm Real Estate Market Survey preliminary report. This marks the second-largest increase in the market value of agricultural land in Nebraska since 2014 and the highest non-inflation-adjusted statewide land value in the 45-year history of the survey.
Results are published by region and land type below.
Final 2023 data will be published in June 2023.
2023 Analysis in Cornhusker Economics 2023 Preliminary Estimates PDF
Final 2022 Report Previous Years About the Survey
Nebraska Agriculture Land Studies Fund
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2023 Survey Highlights
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The statewide all-land average value for the year ending February 1, 2023, averaged $3,835 per acre, about a 14% increase over the prior year.
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The survey attributes the rise in agricultural real estate values to higher commodity prices, purchases for operation expansion, favorable financial situations for current owners and an increase in buyers acquiring land as a hedge against inflation.
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Dryland cropland with irrigation potential experienced the largest statewide increase on cropland, up 16% for all land classes. Increases between 17% and 21% led the category in the northeast, southwest and southeast districts.
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The estimated value of dryland cropland without irrigation potential rose by 13% across the state, with the largest gains — between 15% and 21% — reported in the northwest, south and southeast districts.
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Center pivot irrigated cropland averaged 13% higher, with the northeast, east and southeast regions leading Nebraska in market value increases between 14% and 19%. The value of gravity irrigated cropland rose by 12% across the state, including gains between 14% and 20% in the east and south regions.
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The gain in statewide grazing land and hayland market values ranged from 14% to 17%. Hayland led at 17%, as operators competed for additional acres during expansive drought across the state. Nontillable grazing land followed hayland with an increase of 15%. Major grazing regions in the northwest, north, central and southwest led the gains, ranging from 13% to 20%. Cow-calf producers competed for grazing properties during the drought and tillable grazing land also trended higher at 14% across the state.
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Cash rental rates for dryland cropland rose between 7% and 11% across the state, which survey responses attributed to challenges related to drought, input expenses and water availability. Pasture and cow-calf pair monthly rental rates trended steady-to-higher across Nebraska, rising between 6% to 7% over the previous grazing season.
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 |
8,890 |
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 |
2,610 |
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.