The U.S. Department of Agriculture's National Agricultural Statistics Service (NASS) has released its 2023 Land Values Summary. The report shows that land values across the United States increased in 2023, with the average farm real estate value reaching $4,080 per acre. This is up $280 per acre, or 7.4 percent, from 2022.
The increase in land values was driven by strong demand for agricultural products, as well as low interest rates. Cropland values increased the most, with the average value reaching $5,460 per acre. This is up $410 per acre, or 8.1 percent, from 2022. Pasture values also increased in 2023, with the average value reaching $1,760 per acre. This is up $110 per acre, or 6.7 percent, from 2022.
Indiana saw some of the biggest increases in land values in the country. The average farm real estate value in Indiana reached $9,100 per acre in 2023, up 13.8 percent from 2022. Cropland values in Indiana also increased significantly, reaching $8,400 per acre in 2023. This is up 8.4 percent from the previous year.
The increase in land values is good news for farmers, as it means that they can expect to receive higher prices for their crops and livestock. However, it could also lead to higher costs for farmers, as they will need to pay more for land and inputs.
The 2023 Land Values Summary shows that land values are on the rise in the United States. This is good news for farmers, but it could also lead to higher costs for them.
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Categories: Indiana, General