UNL releases Farm Real Estate Market Survey results

Northwest Nebraska agricultural land values were steady for the reporting year ending Feb. 1, according to Nebraska Farm Real Estate Market Survey results released recently by the University of Nebraska-Lincoln.

The average farmland value in the region is estimated to be $685 per acre. This is 1 percent higher than the previous year.

For the eight major types of land reported in the survey, the average value of each type for the northwest region is reported in table 1. The report also gathers cash rental rates for various types of land (table 2). Values are reported in dollars per acre, unless otherwise noted.

The northwest region includes Banner, Box Butte, Cheyenne, Dawes, Deuel, Garden, Kimball, Morrill, Scotts Bluff, Sheridan and Sioux counties. Actual agricultural land values or rental rates for an individual parcel will vary from reported figures depending on quality attributes and local market forces of the area.

Economic events surrounding the COVID-19 pandemic have introduced an unprecedented level of uncertainty, and price declines in commonly grown crops or livestock produced across the state of Nebraska. Many lease provisions and cash rental rates were set prior to the economic shocks caused by COVID-19. The survey may not fully account for possible adjustments made because of the economic shocks.

To view the complete report, go to http://agecon.unl.edu/realestate or contact Jessica Groskopf at (308) 632-1247 or jgroskopf2@unl.edu. ❖