By: Jim Jansen, Jeff Stokes and Jessica Groskopf, UNL Ag Economists

The market value of farmland in Nebraska increased five percent from the previous year to an average of $4,015 per acre, according to preliminary results from the 2024 Nebraska Farm Real Estate Market Survey. This marks the third consecutive year of increases in Nebraska’s farmland market value, setting a new high in non-inflation-adjusted statewide land values ​​in the survey’s 46-year history.

The University of Nebraska-Lincoln’s Department of Agricultural Economics annually surveys Nebraska agricultural industry professionals, including appraisers, farm and ranch managers, agricultural bankers, and related industry professionals. Survey results are divided by land class and summarized by Nebraska’s eight Agricultural Statistical Districts.

Final 2024 results showed that most Northwest Nebraska farmland values ​​were higher for the reporting year ending February 1, 2024. The Northwest region includes Banner, Box Butte, Cheyenne, Dawes, Deuel, Garden, Kimball, Morrill, Scotts Bluff, Sheridan and Sioux counties. The average farmland value in the region is estimated at $960 per acre, which is 3% higher than the previous year.

Table 1 shows the eight major land types reported in the survey and the average value of each type for the Northwest region. Table 2 shows the reported cash rents for various land types. Values ​​are reported in dollars per acre unless otherwise noted. Actual farmland values ​​or rents for an individual parcel will vary from reported figures depending on the quality characteristics of the area and local market forces.

Land industry professionals who responded to the annual survey attributed the increase in Nebraska agricultural real estate values ​​to purchases for farm expansion, current livestock prices, 1031 tax exchanges, the number of tracts of land offered for sale and as a hedge against inflation.

Farmland rents moderated across Nebraska in 2024. Survey responses indicated that lower crop prices led to reported changes and moderation in cash farmland rents. Favorable crop yields across the United States in 2023 increased grain inventories and drove grain prices down from near-record levels. Input prices for seeds, fertilizers, and chemicals stabilized but remained elevated for specific key inputs.

Pasture and cow-calf pair rents trended upward throughout Nebraska in 2024. Increasing cash rents for pasture follow higher cattle prices as national inventories decline. Cash rent negotiations should include provisions for early removal when considering drought considerations for the upcoming growing season.

For the full report, visit: https://cap.unl.edu/realestate or contact Jessica Groskopf, 308-632-1247,