The market value of agricultural land in Nebraska increased by 5% over the prior year to an average of $4,015 per acre, according to the 2024 Nebraska Farm Real Estate Market Survey (Figure 1 and Table 1). This marks the third consecutive year of increases in the market value of agricultural land in Nebraska, setting another high in the non-inflation-adjusted statewide land value in the survey’s 46-year history.
Land industry professionals responding to the annual survey attributed the rise in Nebraska agricultural real estate values to purchases for farm expansion, current livestock prices, 1031 tax exchanges, the amount of land offerings for sale, and as a hedge against inflation.
In the Northern District, dry-land farm ground was valued at $2,050 per acre, up 5%, Grazing land was valued at $980 per acre, up 13%. Hay ground was $1,780 per acre up 7%, Center pivot irrigation was $5,145 per acre in the Northern district up just 2%. Monthly cow/calf pasture rental was figured at $73.95 per unit.
Statewide irrigated farmland value was a little over $9,100 per acre and grazing land was averaged at $1,175 per acres.
For a full report visit agecon.unl.edu/2024-nebraska-farmland-values-and-cash-rental-rates