Nebraska Farm Real Estate Report

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Nebraska Farmland Values and Cash Rental Rates

2024 Results

Updated June 28, 2024

For the fifth consecutive year, the all-land average value in Nebraska rose for the year ending February 1, 2024, to $4,015 per acre, averaging approximately 5% higher than the prior year.

Results are published by region and land type below.

2024 Final Report PDF

2024 Prelimary Report PDF Previous Years Reports 


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.
Nebraska map of land values by region 2024

Contact

Jim Jansen
402-261-7572
jjansen4@unl.edu

Nebraska Agriculture Land Studies Fund

Interested in helping support the Nebraska Farm Real Estate Survey & Report? Please consider donating to help cover future expenses.

Average Value of Nebraska Farmland by Land Type
Land Type$/Acre%Change
All Land Average4,0155
Center Pivot Irrigated Cropland9,1154
Gravity Irrigated Cropland8,1453
Dryland Cropland (Irrigation Potential)6,3905
Dryland Cropland (No Irrigation Potential)4,5303
Grazing Land (Tillable)1,7907
Grazing Land (Nontillable)1,1758
Hayland2,3506

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

Counties: Buffalo, Custer, Dawson, Greeley, Hall, Howard, Sherman, Valley

Average Value of Farmland by Land Type
Land Type$/Acre% Change
All Land Average4,4355
Center Pivot Irrigated Cropland9,6408
Gravity Irrigated Cropland7,4253
Dryland Cropland (Irrigation Potential)4,4154
Dryland Cropland (No Irrigation Potential)4,0706
Grazing Land (Tillable)2,8659
Grazing Land (Nontillable)2,0702
Hayland2,8158
Average Cash Rental Rates by Land Type
Land Type$/Acre% Change
Center Pivot Irrigated Cropland290-5
Gravity Irrigated Cropland265-2
Dryland Cropland130-4
Pasture498


 

Average Monthly Cash Rental Rates for Pasture
Land Type$/Month
Cow-Calf Pairs68.05

East

Counties: Butler, Cass, Colfax, Dodge, Douglas, Hamilton, Lancaster, Merrick, Nance, Platte, Polk, Sarpy, Saunders, Seward, Washington, York

Average Value of Farmland by Land Type
Land Type$/Acre% Change
All Land Average9,7304
Center Pivot Irrigated Cropland13,6906
Gravity Irrigated Cropland11,7154
Dryland Cropland (Irrigation Potential)9,9755
Dryland Cropland (No Irrigation Potential)8,5102
Grazing Land (Tillable)4,8104
Grazing Land (Nontillable)3,1259
Hayland4,42011

 

Average Cash Rental Rates by Land Type
Land Type$/Acre% Change
Center Pivot Irrigated Cropland3553
Gravity Irrigated Cropland3205
Dryland Cropland240-2
Pasture657


 

Average Monthly Cash Rental Rates for Pasture
Land Type$/Month
Cow-Calf Pairs66.45

North

Counties: Arthur, Blaine, Boyd, Brown, Cherry, Garfield, Grant, Holt, Hooker, Keya Paha, Logan, Loup, McPherson, Rock, Thomas, Wheeler

Average Value of Farmland by Land Type
Land Type$/Acre% Change
All Land Average1,5557
Center Pivot Irrigated Cropland5,1452
Gravity Irrigated Cropland4,6304
Dryland Cropland (Irrigation Potential)2,4704
Dryland Cropland (No Irrigation Potential)2,0505
Grazing Land (Tillable)1,6557
Grazing Land (Nontillable)98013
Hayland1,7907
Average Cash Rental Rates by Land Type
Land Type$/Acre% Change
Center Pivot Irrigated Cropland2452
Gravity Irrigated Cropland200-5
Dryland Cropland793
Pasture3711


 

Monthly Cash Rental Rates for Pasture
Land Type$/Month
Cow-Calf Pairs73.95

Northeast

Counties: Antelope, Boone, Burt, Cedar, Cuming, Dakota, Dixon, Knox, Madison, Pierce, Stanton, Thurston, Wayne

Average Value of Farmland by Land Type
Land Type$/Acre% Change
All Land Average8,5406
Center Pivot Irrigated Cropland12,3355
Gravity Irrigated Cropland9,8851
Dryland Cropland (Irrigation Potential)9,7259
Dryland Cropland (No Irrigation Potential)8,1354
Grazing Land (Tillable)4,2802
Grazing Land (Nontillable)2,8104
Hayland3,9753
Average Cash Rental Rates by Land Type
Land Type$/Acre% Change
Center Pivot Irrigated Cropland3701
Gravity Irrigated Cropland3305
Dryland Cropland2702
Pasture755

 

Average Monthly Cash Rental Rates for Pasture
Land Type$/Month
Cow-Calf Pairs70.10

Northwest

Counties: Banner, Box Butte, Cheyenne, Dawes, Deuel, Garden, Kimball, Morrill, Scotts Bluff, Sheridan, Sioux

Average Value of Farmland by Land Type
Land Type$/Acre% Change
All Land Average9603
Center Pivot Irrigated Cropland3,3753
Gravity Irrigated Cropland2,7901
Dryland Cropland (Irrigation Potential)980-1
Dryland Cropland (No Irrigation Potential)9202
Grazing Land (Tillable)7553
Grazing Land (Nontillable)6055
Hayland9452
Average Cash Rental Rates by Land Type
Land Type$/Acre% Change
Center Pivot Irrigated Cropland185-3
Gravity Irrigated Cropland135-7
Dryland Cropland36-1
Pasture169


 

Average Monthly Cash Rental Rates for Pasture
Land Type$/Month
Cow-Calf Pairs51.20

South

Counties: Adams, Franklin, Furnas, Gosper, Harlan, Kearney, Phelps, Webster

Average Value of Farmland by Land Type
Land Type$/Acre% Change
All Land Average5,0604
Center Pivot Irrigated Cropland8,6854
Gravity Irrigated Cropland8,0102
Dryland Cropland (Irrigation Potential)4,7455
Dryland Cropland (No Irrigation Potential)4,3058
Grazing Land (Tillable)2,8359
Grazing Land (Nontillable)1,7403
Hayland2,3805
Average Cash Rental Rates by Land Type
Land Type$/Acre% Change
Center Pivot Irrigated Cropland3202
Gravity Irrigated Cropland2704
Dryland Cropland1204
Pasture446


 

Average Monthly Cash Rental Rates for Pasture
Land Type$/Month
Cow-Calf Pairs57.30

Southeast

Counties: Clay, Fillmore, Gage, Jefferson, Johnson, Nemaha, Nuckolls, Otoe, Pawnee, Richardson, Saline, Thayer

Average Value of Farmland by Land Type
Land Type$/Acre% Change
All Land Average7,3203
Center Pivot Irrigated Cropland11,6102
Gravity Irrigated Cropland8,9556
Dryland Cropland (Irrigation Potential)8,3703
Dryland Cropland (No Irrigation Potential)6,4951
Grazing Land (Tillable)3,7408
Grazing Land (Nontillable)3,05011
Hayland3,8304
Average Cash Rental Rates by Land Type
Land Type$/Acre% Change
Center Pivot Irrigated Cropland3401
Gravity Irrigated Cropland285-2
Dryland Cropland195-3
Pasture619


 

Average Monthly Cash Rental Rates for Pasture
Land Type$/Month
Cow-Calf Pairs64.35

Southwest

Counties: Chase, Dundy, Frontier, Hayes, Hitchcock, Keith, Lincoln, Perkins, Red Willow

Average Value of Farmland by Land Type
Land Type$/Acre% Change
All Land Average2,0652
Center Pivot Irrigated Cropland5,340-3
Gravity Irrigated Cropland4,280-2
Dryland Cropland (Irrigation Potential)2,1302
Dryland Cropland (No Irrigation Potential)1,8256
Grazing Land (Tillable)1,2206
Grazing Land (Nontillable)1,0157
Hayland1,93510
Average Cash Rental Rates by Land Type
Land Type$/Acre% Change
Center Pivot Irrigated Cropland220-5
Gravity Irrigated Cropland190-3
Dryland Cropland595
Pasture2810


 

Average Monthly Cash Rental Rates for Pasture
Land Type$/Month
Cow-Calf Pairs60.55

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.