Lincoln, Neb. — Final results from the 2018 Nebraska Farm Real Estate Survey show a fourth consecutive year of declining Nebraska agricultural land values. The statewide average value dropped 4 percent to $2,270 per acre. This is an 18 percent reduction since land values peaked in 2014.
Average land value changes by district varied from a 7 percent reduction in the North to a drop of 1 percent in the Southeast.
Tillable grazing land saw the greatest decline of seven percent. The changes were particularly notable in the East and Central districts where values dropped 11 and 10 percent, respectively. However, tillable grazing land in the Southeast district was an exception and increased 2 percent.
Two other categories, dryland cropland with no irrigation potential in the Northeast and nontillable grazing land in the Southeast, were the only others to see an increase.
Survey participants identified crop prices and property tax levels as significantly contributing to the drop in land values.
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.
The complete results with Nebraska land values and cash rents are available online at https://agecon.unl.edu/realestate/2018-farm-real-estate-report