North Dakota farmland value has increased more than 10% for the third year in a row – Agweek

Farmland values ​​in North Dakota have increased more than 10% for the third straight year, according to an annual survey.

North Dakota farmland values ​​increased 11.59% through spring 2024, from 2,863 per acre to 3,174 per acre, said Bryon Parman, North Dakota State University Extension agricultural finance specialist.

The increase follows a 10.92% and 13.46% increase in farmland values ​​in 2022 and 2023, respectively.

Rental rates for farmland rose between 3.12% and 6.82% in these years.

The national average cash rental price increased from $75.90 per acre to $78.70 per acre.

“Such a large increase in land values ​​in North Dakota is somewhat surprising given the decline in net farm income from 2022 to 2023 and the U.S. Department of Agriculture projected decline from 2023 to 2024,” Parman said in a news release. “It is also a little surprising that such a sharp increase in land prices has not led to an increase in rental rates, particularly given that interest rates have risen significantly in recent years.”

Data is based on the North Dakota Department of Trust Lands' annual land survey. The original survey data can be found at: .

The largest increase in land prices occurred in the North Central and South Central regions, both rising by more than 20%. The largest increase in farmland rental prices was in the Southwest and South Central regions, where rental prices increased by more than 8% in both regions.

Farmland values ​​in the northern Red River Valley and northwest regions also each increased by more than 10% in 2024, while the rest of the state's regions saw mid- to high-single-digit increases.

The last time North Dakota farmland saw a rapid increase in land values ​​between 2008 and 2013 followed about seven years later, when land prices and lease prices completely flattened from 2014 to 2020.

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