2017 Nebraska Farm Real Estate Report

2017 Nebraska Farm Real Estate Report

Marking the third consecutive year of value decline from the record high of 2014, the all-land category across Nebraska for the year ending February 1, 2017 averaged about 9 percent lower than the prior year.

The state average was $2,820 per acre or about a 9 percent ($295 per acre) decline to the prior year’s value of $3,115 per acre.

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Contact

Jim Jansen

402-261-7572
jjansen4@unl.edu

Highlights

  • The western two-thirds of Nebraska, which includes the Northwest, North, Central, Southwest, and South Districts, averaged around 5 to 10 percent lower. The Northeast, East, and Southwest regions declined between 10 to 15 percent, respectively.
  • Survey panel members listed current crop and livestock prices being the most negative factors leading to the decline in the current market value of land. Additional concerns included current property tax levels, farm input costs, and financial health of current owners.
  • Panel members were not optimistic about the possibility of future increases in the market value of agricultural land in Nebraska. Non-farmer investor interest in land purchases and 1031 tax exchanges were listed as the only slightly positive factors lending to future land value gains.
  • Based on 2017 market values, the estimated total value of agricultural land and buildings in Nebraska fell to approximately $127.7 billion. Between 2016 and 2017, the decline in agricultural land and building values totaled about $5.6 billion.




Average Value of Nebraska Farmland, February 1, 2017 and Percent Change From Year Earlier

Map of Nebraska depicting Average Value of Nebraska Farmland, February 1, 2017 and Percent Change From Year Earlier

State

Land Type$/Acre% Change

All Land Average

2,820 -9

Center Pivot Irrigated Cropland

6,295 -9

Gravity Irrigated Cropland

6,070 -6

Dryland Cropland (Irrigation Potential)

4,225 -12

Dryland Cropland (No Irrigation Potential)

3,145 -9

Grazing Land (Tillable)

1,335 -11

Grazing Land (Nontillable)

895 -8

Hayland

1,815 -8



Northwest

Land Type$/Acre% Change

All Land Average

755 -8

Center Pivot Irrigated Cropland

2,815 -14

Gravity Irrigated Cropland

2,580 -13

Dryland Cropland (Irrigation Potential)

765 -3

Dryland Cropland (No Irrigation Potential)

715 -4

Grazing Land (Tillable)

530 -6

Grazing Land (Nontillable)

465 -3

Hayland

795 -11

Counties:

Banner

Box Butte

Cheyenne

Dawes

Deuel

Garden

Kimball

Morrill

Scotts Bluff

Sheridan

Scotts Bluff

Sioux

North

Land Type$/Acre% Change

All Land Average

1,170 -6

Center Pivot Irrigated Cropland

4,150 -5

Gravity Irrigated Cropland

3,835 -3

Dryland Cropland (Irrigation Potential)

2,110 -2

Dryland Cropland (No Irrigation Potential)

1,560 -5

Grazing Land (Tillable)

1,170 -12

Grazing Land (Nontillable)

705 -5

Hayland

1,370 -6

Counties

Arthur

Blaine

Boyd

Brown

Cherry

Garfield

Grant

Holt

Hooker

Keya Paha

Logan

Loup

McPherson

Rock

Thomas

Wheeler

Northeast

Land Type$/Acre% Change

All Land Average

5,505 -8

Center Pivot Irrigated Cropland

7,445 -6

Gravity Irrigated Cropland

6,890 -5

Dryland Cropland (Irrigation Potential)

5,980 -11

Dryland Cropland (No Irrigation Potential)

5,410 -6

Grazing Land (Tillable)

3,665 -7

Grazing Land (Nontillable)

2,230 -10

Hayland

3,295 -4

Counties:

Antelope

Boone

Burt

Cedar

Cuming

Dakota

Dixon

Knox

Madison

Pierce

Stanton

Thurston

Wayne

Central

Land Type$/Acre% Change

All Land Average

3,385 -10

Center Pivot Irrigated Cropland

6,885 -9

Gravity Irrigated Cropland

6,195 -6

Dryland Cropland (Irrigation Potential)

3,220 -16

Dryland Cropland (No Irrigation Potential)

2,785 -14

Grazing Land (Tillable)

2,155 -12

Grazing Land (Nontillable)

1,685 -12

Hayland

2,170 -16

Counties

Buffalo

Custer

Dawson

Greeley

Hall

Howard

Sherman

Valley

East

Land Type$/Acre% Change

All Land Average

6,395 -9

Center Pivot Irrigated Cropland

8,700 -8

Gravity Irrigated Cropland

7,640 -6

Dryland Cropland (Irrigation Potential)

6,455 -10

Dryland Cropland (No Irrigation Potential)

5,790 -9

Grazing Land (Tillable)

3,765 -14

Grazing Land (Nontillable)

2,495 -11

Hayland

3,090 -3

Counties

Butler

Cass

Colfax

Dodge

Douglas

Hamilton

Lancaster

Merrick

Nance

Polk

Sarpy

Saunders

Seward

Washington

York

Southwest

Land Type$/Acre% Change

All Land Average

1,745 -11

Center Pivot Irrigated Cropland

4,510 -15

Gravity Irrigated Cropland

4,155 -5

Dryland Cropland (Irrigation Potential)

1,720 -5

Dryland Cropland (No Irrigation Potential)

1,710 -13

Grazing Land (Tillable)

975 -9

Grazing Land (Nontillable)

820 -10

Hayland

1,485 -13

Counties

Chase

Dundy

Frontier

Hayes

Hitchcock

Keith

Lincoln

Perkins

Red Willow

South

Land Type$/Acre% Change

All Land Average

3,875 -9

Center Pivot Irrigated Cropland

6,700 -7

Gravity Irrigated Cropland

6,020 -4

Dryland Cropland (Irrigation Potential)

3,750 -13

Dryland Cropland (No Irrigation Potential)

3,045 -15

Grazing Land (Tillable)

2,040 -9

Grazing Land (Nontillable)

1,500 -11

Hayland

2,160 -8

Counties

Adams

Franklin

Furnas

Gosper

Harlan

Kearney

Phelps

Webster

Southeast

Land Type$/Acre% Change

All Land Average

4,880 -14

Center Pivot Irrigated Cropland

7,820 -15

Gravity Irrigated Cropland

6,615 -10

Dryland Cropland (Irrigation Potential)

5,390 -16

Dryland Cropland (No Irrigation Potential)

4,285 -12

Grazing Land (Tillable)

2,780 -13

Grazing Land (Nontillable)

2,005 -9

Hayland

2,680 -4

Counties

Clay

Fillmore

Gage

Jefferson

Johnson

Nemaha

Nuckolls

Otoe

Pawnee

Richardson

Saline

Thayer

Due to the inherent limitations of this survey, information in this report should not be used to set a specific rental rate or value a particular parcel of real property for sale or property taxes, security for a loan, and other related legal matters.