2020 Nebraska Farm Real Estate Report

Preliminary Results

The full report is expected to be published in early June

Nebraska agricultural land values increased by 3% over the last year, to a statewide average of $2,650 per acre, according to preliminary results from the University of Nebraska-Lincoln’s Farm Real Estate Market Survey. This marks the first year-to-year increase since land values in the state peaked at $3,315 per acre in 2014.

Preliminary Results PDF

Contact

Jim Jansen
402-261-7572
jjansen4@unl.edu

Share

Highlights

  • Survey participants reported that economic forces providing stability in the market included the limited supply of land for sale, strong demand for purchases and disaster assistance payments over the last year.
  • Estimated dryland cropland values in the state rose between 3% and 4%, while the values of gravity and center pivot irrigated cropland rose 2% and 3%, respectively. However, the Northwest and Southwest Districts saw declines between 2% and 5% for the two land classes.
  • Grazing land and hayland value estimates also rose between 2% and 5% over the last year, with slight declines in two districts. Major cow-calf pair regions, including the Northwest, North and Central Districts, led the increase in market values, with growth between 6% and 8%.
  • The survey also revealed a high degree of concern between many landlords and tenants when working to agree on an equitable rental rate, generally attributed to landlords facing high property taxes and producers facing low commodity prices.
Map of Nebraska depicting Average Value of Nebraska Farmland, February 1, 2020 and Percent Change From Year Earlier
Average Value of Nebraska Farmland by Land Type
Land Type $/Acre %Change
All Land Average 2,730 3
Center Pivot Irrigated Cropland 6,120 3
Gravity Irrigated Cropland 5,780 2
Dryland Cropland (Irrigation Potential) 4,140 3
Dryland Cropland (No Irrigation Potential) 3,165 4
Grazing Land (Tillable) 1250 5
Grazing Land (Nontillable) 830 4
Hayland 1,645 2

Video

Agricultural Economist Jim Jansen summarizes 2020 results for both land values and cash rents.


Due to the inherent limitations of this survey, the 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.


Central

Average Value of Farmland by Land Type
Land Type $/Acre % Change
All Land Average 3,180 3
Center Pivot Irrigated Cropland 6,660 4
Gravity Irrigated Cropland 5,825 -1
Dryland Cropland (Irrigation Potential) 3,200 5
Dryland Cropland (No Irrigation Potential) 2,850 3
Grazing Land (Tillable) 1,870 7
Grazing Land (Nontillable) 1,460 4
Hayland 1,915 2
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 230 7
Gravity Irrigated Cropland 205 5
Dryland Cropland 92 9
Pasture 35 12

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 54.95

Counties: Buffalo, Custer, Dawson, Greeley, Hall, Howard, Sherman, Valley



East

Average Value of Farmland by Land Type
Land Type $/Acre % Change
All Land Average 6,510 5
Center Pivot Irrigated Cropland 8,905 5
Gravity Irrigated Cropland 7,765 2
Dryland Cropland (Irrigation Potential) 6,560 7
Dryland Cropland (No Irrigation Potential) 6,130 6
Grazing Land (Tillable) 3,310 8
Grazing Land (Nontillable) 2,375 5
Hayland 2,965 -2
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 280 -2
Gravity Irrigated Cropland 250 2
Dryland Cropland 205 2
Pasture 51 9

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 51.30

Counties: Butler, Cass, Colfax, Dodge, Douglas, Hamilton, Lancaster, Merrick, Nance, Polk, Sarpy, Saunders, Seward, Washington, York



North

Average Value of Farmland by Land Type
Land Type $/Acre % Change
All Land Average 1,090 4
Center Pivot Irrigated Cropland 3,940 1
Gravity Irrigated Cropland 3,650 2
Dryland Cropland (Irrigation Potential) 1,975 3
Dryland Cropland (No Irrigation Potential) 1,520 2
Grazing Land (Tillable) 1,100 6
Grazing Land (Nontillable) 655 5
Hayland 1,175 3
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 195 5
Gravity Irrigated Cropland 175 6
Dryland Cropland 51 3
Pasture 26 6

Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 60.55

Counties: Arthur, Blaine, Boyd, Brown, Cherry, Garfield, Grant, Holt, Hooker, Keya Paha, Logan, Loup, McPherson, Rock, Thomas, Wheeler



Northeast

Average Value of Farmland by Land Type
Land Type $/Acre % Change
All Land Average 5,375 3
Center Pivot Irrigated Cropland 7,395 3
Gravity Irrigated Cropland 6,680 3
Dryland Cropland (Irrigation Potential) 5,740 2
Dryland Cropland (No Irrigation Potential) 5,640 -3
Grazing Land (Tillable) 3,210 3
Grazing Land (Nontillable) 2,120 6
Hayland 3,070 2
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 290 4
Gravity Irrigated Cropland 250 -2
Dryland Cropland 220 7
Pasture 63 8

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 57.70

Counties: Antelope, Boone, Burt, Cedar, Cuming, Dakota, Dixon, Knox, Madison, Pierce, Stanton, Thurston, Wayne



Northwest

Average Value of Farmland by Land Type
Land Type $/Acre % Change
All Land Average 690 1
Center Pivot Irrigated Cropland 2,435 -5
Gravity Irrigated Cropland 2,180 -3
Dryland Cropland (Irrigation Potential) 700 3
Dryland Cropland (No Irrigation Potential) 610 -5
Grazing Land (Tillable) 540 8
Grazing Land (Nontillable) 440 7
Hayland 715 1
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 140 -3
Gravity Irrigated Cropland 105 -5
Dryland Cropland 28 2
Pasture 12 9

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 37.45

Counties: Banner, Box Butte, Cheyenne, Dawes, Deuel, Garden, Kimball, Morrill, Scotts Bluff, Sheridan, Sioux



South

Average Value of Farmland by Land Type
Land Type $/Acre % Change
All Land Average 3,620 2
Center Pivot Irrigated Cropland 6,425 4
Gravity Irrigated Cropland 5,485 2
Dryland Cropland (Irrigation Potential) 3,480 1
Dryland Cropland (No Irrigation Potential) 2,960 3
Grazing Land (Tillable) 1,855 -1
Grazing Land (Nontillable) 1,385 4
Hayland 1,940 -3
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 220 9
Gravity Irrigated Cropland 205 8
Dryland Cropland 80 10
Pasture 37 10

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 49.55

Counties: Adams, Franklin, Furnas, Gosper, Harlan, Kearney, Phelps, Webster

Southeast

Average Value of Farmland by Land Type
Land Type $/Acre % Change
All Land Average 4,875 4
Center Pivot Irrigated Cropland 7,700 3
Gravity Irrigated Cropland 6,230 6
Dryland Cropland (Irrigation Potential) 5,335 1
Dryland Cropland (No Irrigation Potential) 4,425 7
Grazing Land (Tillable) 2,930 6
Grazing Land (Nontillable) 2,125 8
Hayland 2,735 3
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 260 4
Gravity Irrigated Cropland 230 5
Dryland Cropland 165 6
Pasture 48 4

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 51.40

Counties: Clay, Fillmore, Gage, Jefferson, Johnson, Nemaha, Nuckolls, Otoe, Pawnee, Richardson, Saline, Thayer



Southwest

Average Value of Farmland by Land Type
Land Type $/Acre % Change
All Land Average 1,545 -1
Center Pivot Irrigated Cropland 3,985 -3
Gravity Irrigated Cropland 3,630 -2
Dryland Cropland (Irrigation Potential) 1,560 -2
Dryland Cropland (No Irrigation Potential) 1,365 -6
Grazing Land (Tillable) 920 5
Grazing Land (Nontillable) 750 2
Hayland 1,340 7
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 185 5
Gravity Irrigated Cropland 160 3
Dryland Cropland 37 -3
Pasture 20 5

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 49.90

Counties: Chase, Dundy, Frontier, Hayes, Hitchcock, Keith, Lincoln, Perkins, Red Willow