Benchmark farmland values continued to tick up in the last half of 2022, supported by high commodity prices and demand from buyers with strong liquidity. The pace of increase, however, has slowed. The steep hikes of 2020 and 2021 tapered to single digits in Iowa, Nebraska and South Dakota at the close of 2022. Farm Credit Services of America (FCSAmerica), a financial cooperative serving agriculture, appraises the same 63 farms and ranches every six months to track trends in the real estate market. The six-month change below reflects values as of January 1, 2023.                                                                                                                        Nebraska 18 properties appraised:

Six-month change up 5.1%

One-year change 14.3.%

Five-year change 38.2%

Ten-year change up 28.6%

South Dakota 22 properties appraised

Six-month change uo 9.2%

One year change 17.3%

Five year change 34.6%

10 year change up 51.7%

Values are up for both cropland and pasture. Some of the pastureland in the benchmark study sits in areas hit hard by the 2022 drought. Limited supply and continued demand for pasture helped to keep values stable.