Nebraska Farm Real Estate

2021 Preliminary Results

The full report is expected to be published in early June

The market value of agricultural land in Nebraska increased by 6% over the prior year to an average of $2,895 per acre, according to the 2021 Nebraska Farm Real Estate Market Survey. This improvement marks the second consecutive gain in the market value of agricultural land in Nebraska since 2019.

Results are published by region and land type below.


2021 Preliminary Results PDF

2020 Final Report Previous Years

Contact

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

Highlights

  • Land industry professionals responding to the annual survey attributed the rise in Nebraska farm real estate values to current interest rate levels, crop prices, and COVID-19 disaster assistance payments provided to operators across the sate.
  • Operators faced an exceptional amount of risk and uncertainty when navigating production decisions during the height of the COVID-19 pandemic. Lower interest rates and disaster assistance payments provided stability to an industry facing an economic shutdown and disruptions of supply chains.
  • The estimated market value of center pivot irrigated cropland rose by about 8% across the state.
  • Dryland cropland without irrigation potential reported an increase of about 7%.
  • Dryland cropland with irrigation potential showed a renewed interest with higher commodity prices. This land class indicated a 6% increase for the state.
  • Improvements in grazing land and hayland market values range around 3% to 5%.
  • Cropland and grazing land rental rates in 2021 were higher than those reported in the prior year. Reports by survey participants indicate higher crop prices are a driving force for the higher rates.
Map of Nebraska depicting Average Value of Nebraska Farmland, February 1, 2021 and Percent Change From Year Earlier
Average Value of Nebraska Farmland by Land Type
Land Type $/Acre %Change
All Land Average 2,895 6
Center Pivot Irrigated Cropland 6,610 8
Gravity Irrigated Cropland 6,095 6
Dryland Cropland (Irrigation Potential) 4,390 6
Dryland Cropland (No Irrigation Potential) 3,380 7
Grazing Land (Tillable) 1,300 5
Grazing Land (Nontillable) 860 4
Hayland 1,695 3

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 3,395 7
Center Pivot Irrigated Cropland 7,270 9
Gravity Irrigated Cropland 6,180 -6
Dryland Cropland (Irrigation Potential) 3,575 11
Dryland Cropland (No Irrigation Potential) 3,080 8
Grazing Land (Tillable) 1,965 5
Grazing Land (Nontillable) 1,490 2
Hayland 1,980 3
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 235 2
Gravity Irrigated Cropland 215 5
Dryland Cropland 98 8
Pasture 37 6

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 58.85

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



East

Average Value of Farmland by Land Type
Land Type $/Acre % Change
All Land Average 6,850 5
Center Pivot Irrigated Cropland 9,545 7
Gravity Irrigated Cropland 8,110 5
Dryland Cropland (Irrigation Potential) 6,835 4
Dryland Cropland (No Irrigation Potential) 6,485 6
Grazing Land (Tillable) 3,380 6
Grazing Land (Nontillable) 2,575 7
Hayland 3,070 4
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 290 4
Gravity Irrigated Cropland 260 2
Dryland Cropland 220 7
Pasture 53 3

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 55.20

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 1,160 6
Center Pivot Irrigated Cropland 4,285 8
Gravity Irrigated Cropland 3,790 4
Dryland Cropland (Irrigation Potential) 2,115 7
Dryland Cropland (No Irrigation Potential) 1,650 9
Grazing Land (Tillable) 1,180 7
Grazing Land (Nontillable) 690 5
Hayland 1,200 3
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 210 8
Gravity Irrigated Cropland 180 6
Dryland Cropland 57 11
Pasture 28 8

Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 63.15

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 5,755 7
Center Pivot Irrigated Cropland 8,145 10
Gravity Irrigated Cropland 7,325 9
Dryland Cropland (Irrigation Potential) 6,200 8
Dryland Cropland (No Irrigation Potential) 5,765 5
Grazing Land (Tillable) 3,245 1
Grazing Land (Nontillable) 2,120 4
Hayland 3,230 5
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 305 5
Gravity Irrigated Cropland 280 8
Dryland Cropland 225 5
Pasture 66 4

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 60.75

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 715 4
Center Pivot Irrigated Cropland 2,560 4
Gravity Irrigated Cropland 2,245 5
Dryland Cropland (Irrigation Potential) 760 9
Dryland Cropland (No Irrigation Potential) 635 4
Grazing Land (Tillable) 540 4
Grazing Land (Nontillable) 440 7
Hayland 775 8
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 150 7
Gravity Irrigated Cropland 115 10
Dryland Cropland 30 9
Pasture 13 10

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 39.60

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 3,805 5
Center Pivot Irrigated Cropland 6,885 6
Gravity Irrigated Cropland 5,735 5
Dryland Cropland (Irrigation Potential) 3,605 3
Dryland Cropland (No Irrigation Potential) 3,070 3
Grazing Land (Tillable) 1,990 8
Grazing Land (Nontillable) 1,465 6
Hayland 1,925 1
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 235 7
Gravity Irrigated Cropland 210 2
Dryland Cropland 83 10
Pasture 38 4

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 49.80

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

Southeast

Average Value of Farmland by Land Type
Land Type $/Acre % Change
All Land Average 5,230 8
Center Pivot Irrigated Cropland 8,380 9
Gravity Irrigated Cropland 6,710 8
Dryland Cropland (Irrigation Potential) 5,655 6
Dryland Cropland (No Irrigation Potential) 4,935 11
Grazing Land (Tillable) 2,985 2
Grazing Land (Nontillable) 2,135 4
Hayland 2,800 3
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 280 6
Gravity Irrigated Cropland 240 4
Dryland Cropland 170 3
Pasture 49 1

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 54.80

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 1,600 3
Center Pivot Irrigated Cropland 4,170 5
Gravity Irrigated Cropland 3,775 6
Dryland Cropland (Irrigation Potential) 1,620 5
Dryland Cropland (No Irrigation Potential) 1,440 2
Grazing Land (Tillable) 950 3
Grazing Land (Nontillable) 755 1
Hayland 1,310 2
Average Cash Rental Rates by Land Type
Land Type $/Acre % Change
Center Pivot Irrigated Cropland 195 5
Gravity Irrigated Cropland 170 6
Dryland Cropland 42 12
Pasture 22 7

Average Monthly Cash Rental Rates for Pasture
Land Type $/Month
Cow-Calf Pairs 51.60

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