Nebraska Farmland Values and Cash Rental Rates
2024 Preliminary Results
Updated June 28, 2024
Nebraska Agriculture Land Studies Fund
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2024 Survey Highlights
- The statewide all-land average value for the year ending February 1, 2024, averaged $4,015 per acre, or about a 5% ($180 per acre) increase from the prior year’s value of $3,835 per acre (Figure 2).
- Rates of increase were the highest in the North and Northeast Districts, as these areas averaged 6% to 7% higher than the all-land average. These Districts trended slightly higher than the rate of increase of 5% for the state. The Central District also averaged 5% higher.
- The other five regions of Nebraska, including the Northwest, East, Southwest, South, and Southeast Districts, reported smaller increases ranging between 2% and 4%. The Southwest District reported the smallest increase at 2%. Overall, increases across the state range from 2% to 7% in 2024.
- Panel members reported in 2024 that purchases for farm expansion, current livestock prices, and 1031 tax exchanges as major economic forces guiding the market value of land higher across the state. The amount of land offerings for sale and non-farmer investor interest in land as additional positive forces.
- The outlook for future gains in farm real estate values continues to trend higher as only six economic forces were noted as somewhat negatively impacting farm real estate values. Interest rate levels, farm input costs, and property tax levels were reported as major economic forces weighing down on the agricultural land market.
- Based on 2024 market values, Nebraska's estimated total value of agricultural land and buildings rose to approximately $179.2 billion. Appendix Table 1 gives a historical perspective on the state's estimated land and related building market value. Between 2023 and 2024, the market value increase in agricultural land and buildings totaled about $11.1 billion.
Values by Region
Average Value of Nebraska Farmland by Land Type
| Land Type | $/Acre | %Change |
|---|
| All Land Average |
4,015 |
5 |
| Center Pivot Irrigated Cropland |
9,115 |
4 |
| Gravity Irrigated Cropland |
8,145 |
3 |
| Dryland Cropland (Irrigation Potential) |
6,390 |
5 |
| Dryland Cropland (No Irrigation Potential) |
4,530 |
3 |
| Grazing Land (Tillable) |
1,790 |
7 |
| Grazing Land (Nontillable) |
1,175 |
8 |
| Hayland |
2,350 |
6 |
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 |
4,435 |
5 |
| Center Pivot Irrigated Cropland |
9,640 |
8 |
| Gravity Irrigated Cropland |
7,425 |
3 |
| Dryland Cropland (Irrigation Potential) |
4,415 |
4 |
| Dryland Cropland (No Irrigation Potential) |
4,070 |
6 |
| Grazing Land (Tillable) |
2,865 |
9 |
| Grazing Land (Nontillable) |
2,070 |
2 |
| Hayland |
2,815 |
8 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
290 |
-5 |
| Gravity Irrigated Cropland |
265 |
-2 |
| Dryland Cropland |
130 |
-4 |
| Pasture |
49 |
8 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
68.05 |
Counties: Buffalo, Custer, Dawson, Greeley, Hall, Howard, Sherman, Valley
East
Average Value of Farmland by Land Type
| Land Type | $/Acre | % Change |
|---|
| All Land Average |
9,730 |
4 |
| Center Pivot Irrigated Cropland |
13,690 |
6 |
| Gravity Irrigated Cropland |
11,715 |
4 |
| Dryland Cropland (Irrigation Potential) |
9,975 |
5 |
| Dryland Cropland (No Irrigation Potential) |
8,510 |
2 |
| Grazing Land (Tillable) |
4,810 |
4 |
| Grazing Land (Nontillable) |
3,125 |
9 |
| Hayland |
4,420 |
11 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
355 |
3 |
| Gravity Irrigated Cropland |
320 |
5 |
| Dryland Cropland |
240 |
-2 |
| Pasture |
65 |
7 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
66.45 |
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 |
1,555 |
7 |
| Center Pivot Irrigated Cropland |
5,145 |
2 |
| Gravity Irrigated Cropland |
4,630 |
4 |
| Dryland Cropland (Irrigation Potential) |
2,470 |
4 |
| Dryland Cropland (No Irrigation Potential) |
2,050 |
5 |
| Grazing Land (Tillable) |
1,655 |
7 |
| Grazing Land (Nontillable) |
980 |
13 |
| Hayland |
1,790 |
7 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
245 |
2 |
| Gravity Irrigated Cropland |
200 |
-5 |
| Dryland Cropland |
79 |
3 |
| Pasture |
37 |
11 |
Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
73.95 |
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 |
8,540 |
6 |
| Center Pivot Irrigated Cropland |
12,335 |
5 |
| Gravity Irrigated Cropland |
9,885 |
1 |
| Dryland Cropland (Irrigation Potential) |
9,725 |
9 |
| Dryland Cropland (No Irrigation Potential) |
8,135 |
4 |
| Grazing Land (Tillable) |
4,280 |
2 |
| Grazing Land (Nontillable) |
2,810 |
4 |
| Hayland |
3,975 |
3 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
370 |
1 |
| Gravity Irrigated Cropland |
330 |
5 |
| Dryland Cropland |
270 |
2 |
| Pasture |
75 |
5 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
70.10 |
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 |
960 |
3 |
| Center Pivot Irrigated Cropland |
3,375 |
3 |
| Gravity Irrigated Cropland |
2,790 |
1 |
| Dryland Cropland (Irrigation Potential) |
980 |
-1 |
| Dryland Cropland (No Irrigation Potential) |
920 |
2 |
| Grazing Land (Tillable) |
755 |
3 |
| Grazing Land (Nontillable) |
605 |
5 |
| Hayland |
945 |
2 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
185 |
-3 |
| Gravity Irrigated Cropland |
135 |
-7 |
| Dryland Cropland |
36 |
-1 |
| Pasture |
16 |
9 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
51.20 |
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 |
5,060 |
4 |
| Center Pivot Irrigated Cropland |
8,685 |
4 |
| Gravity Irrigated Cropland |
8,010 |
2 |
| Dryland Cropland (Irrigation Potential) |
4,745 |
5 |
| Dryland Cropland (No Irrigation Potential) |
4,305 |
8 |
| Grazing Land (Tillable) |
2,835 |
9 |
| Grazing Land (Nontillable) |
1,740 |
3 |
| Hayland |
2,380 |
5 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
320 |
2 |
| Gravity Irrigated Cropland |
270 |
4 |
| Dryland Cropland |
120 |
4 |
| Pasture |
44 |
6 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
57.30 |
Counties: Adams, Franklin, Furnas, Gosper, Harlan, Kearney, Phelps, Webster
Southeast
Average Value of Farmland by Land Type
| Land Type | $/Acre | % Change |
|---|
| All Land Average |
7,320 |
3 |
| Center Pivot Irrigated Cropland |
11,610 |
2 |
| Gravity Irrigated Cropland |
8,955 |
6 |
| Dryland Cropland (Irrigation Potential) |
8,370 |
3 |
| Dryland Cropland (No Irrigation Potential) |
6,495 |
1 |
| Grazing Land (Tillable) |
3,740 |
8 |
| Grazing Land (Nontillable) |
3,050 |
11 |
| Hayland |
3,830 |
4 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
340 |
1 |
| Gravity Irrigated Cropland |
285 |
-2 |
| Dryland Cropland |
195 |
-3 |
| Pasture |
61 |
9 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
64.35 |
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 |
2,065 |
2 |
| Center Pivot Irrigated Cropland |
5,340 |
-3 |
| Gravity Irrigated Cropland |
4,280 |
-2 |
| Dryland Cropland (Irrigation Potential) |
2,130 |
2 |
| Dryland Cropland (No Irrigation Potential) |
1,825 |
6 |
| Grazing Land (Tillable) |
1,220 |
6 |
| Grazing Land (Nontillable) |
1,015 |
7 |
| Hayland |
1,935 |
10 |
Average Cash Rental Rates by Land Type
| Land Type | $/Acre | % Change |
|---|
| Center Pivot Irrigated Cropland |
220 |
-5 |
| Gravity Irrigated Cropland |
190 |
-3 |
| Dryland Cropland |
59 |
5 |
| Pasture |
28 |
10 |
Average Monthly Cash Rental Rates for Pasture
| Land Type | $/Month |
|---|
| Cow-Calf Pairs |
60.55 |
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.
