2018 Nebraska Farm Real Estate Report

2018 Nebraska Farm Real Estate Report

Final results from the Nebraska Farm Real Estate Survey show a fourth consecutive year of declining Nebraska agricultural land values. The statewide average value dropped 4 percent to $2,720 per acre. This is an 18 percent reduction since land values peaked in 2014.

Download Report

Highlights

  • Average land value changes by district varied from a 7 percent reduction in the North to 1 percent in the Southeast.
  • Tillable grazing land saw the greatest decline of 7 percent. The changes were particularly notable in the East and Central districts where values dropped 11 and 10 percent, respectively. However, tillable grazing land in the Southeast district was an exception and increased 2 percent.
  • Two other categories, dryland cropland with no irrigation potential in the Northeast and nontillable grazing land in the Southeast, were the only others to see an increase.
  • Survey participants identified crop prices and property tax levels as significantly contributing to the drop in land values.

Average Value of Nebraska Farmland, February 1, 2018 and Percent Change From Year Earlier

Map of Nebraska depicting Average Value of Nebraska Farmland, February 1, 2018 and Percent Change From Year Earlier

State

Land Type$/Acre% Change

All Land Average

2,720 -4

Center Pivot Irrigated Cropland

6,130 -3

Gravity Irrigated Cropland

5,795 -5

Dryland Cropland (Irrigation Potential)

4,115 -3

Dryland Cropland (No Irrigation Potential)

3,100 -1

Grazing Land (Tillable)

1,250 -6

Grazing Land (Nontillable)

835 -7

Hayland

1,710 -6



Northwest

Land Type$/Acre% Change

All Land Average

715 -5

Center Pivot Irrigated Cropland

2,700 -4

Gravity Irrigated Cropland

2,340 -9

Dryland Cropland (Irrigation Potential)

730 -5

Dryland Cropland (No Irrigation Potential)

670 -6

Grazing Land (Tillable)

510 -6

Grazing Land (Nontillable)

435 -6

Hayland

765 -4

Counties:

Banner

Box Butte

Cheyenne

Dawes

Deuel

Garden

Kimball

Morrill

Scotts Bluff

Sheridan

Sioux

North

Land Type$/Acre% Change

All Land Average

1,090 -7

Center Pivot Irrigated Cropland

4,020 -3

Gravity Irrigated Cropland

3,645 -5

Dryland Cropland (Irrigation Potential)

1,985 -6

Dryland Cropland (No Irrigation Potential)

1,515 -3

Grazing Land (Tillable)

1,075 -8

Grazing Land (Nontillable)

640 -9

Hayland

1,265 -8

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

5,395 -2

Center Pivot Irrigated Cropland

7,310 -2

Gravity Irrigated Cropland

6,680 -3

Dryland Cropland (Irrigation Potential)

5,800 -3

Dryland Cropland (No Irrigation Potential)

5,530 2

Grazing Land (Tillable)

3,330 -9

Grazing Land (Nontillable)

2,135 -4

Hayland

3,155 -4

Counties:

Antelope

Boone

Burt

Cedar

Cuming

Dakota

Dixon

Knox

Madison

Pierce

Platte

Stanton

Thurston

Wayne

Central

Land Type$/Acre% Change

All Land Average

3,165 -6

Center Pivot Irrigated Cropland

6,510 -5

Gravity Irrigated Cropland

5,775 -7

Dryland Cropland (Irrigation Potential)

3,095 -4

Dryland Cropland (No Irrigation Potential)

2,720 -2

Grazing Land (Tillable)

1,935 -10

Grazing Land (Nontillable)

1,545 -8

Hayland

1,980 -9

Counties

Buffalo

Custer

Dawson

Greeley

Hall

Howard

Sherman

Valley

East

Land Type$/Acre% Change

All Land Average

6,240 -2

Center Pivot Irrigated Cropland

8,645 -1

Gravity Irrigated Cropland

7,455 -2

Dryland Cropland (Irrigation Potential)

6,280 -3

Dryland Cropland (No Irrigation Potential)

5,675 -2

Grazing Land (Tillable)

3,335 -11

Grazing Land (Nontillable)

2,345 -6

Hayland

2,990 -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

1,650 -5

Center Pivot Irrigated Cropland

4,265 -5

Gravity Irrigated Cropland

3,910 -6

Dryland Cropland (Irrigation Potential)

1,635 -5

Dryland Cropland (No Irrigation Potential)

1,585 -7

Grazing Land (Tillable)

950 -3

Grazing Land (Nontillable)

785 -4

Hayland

1,365 -8

Counties

Chase

Dundy

Frontier

Hayes

Hitchcock

Keith

Lincoln

Perkins

Red Willow

South

Land Type$/Acre% Change

All Land Average

3,750 -3

Center Pivot Irrigated Cropland

6,520 -3

Gravity Irrigated Cropland

5,795 -4

Dryland Cropland (Irrigation Potential)

3,620 -3

Dryland Cropland (No Irrigation Potential)

2,965 -3

Grazing Land (Tillable)

1,950 -4

Grazing Land (Nontillable)

1,460 -3

Hayland

2,060 -5

Counties

Adams

Franklin

Furnas

Gosper

Harlan

Kearney

Phelps

Webster

Southeast

Land Type$/Acre% Change

All Land Average

4,815 -1

Center Pivot Irrigated Cropland

7,720 -1

Gravity Irrigated Cropland

6,295 -5

Dryland Cropland (Irrigation Potential)

5,345 -1

Dryland Cropland (No Irrigation Potential)

4,205 -2

Grazing Land (Tillable)

2845 2

Grazing Land (Nontillable)

2,045 2

Hayland

2,615 -2

Counties

Clay

Fillmore

Gage

Jefferson

Johnson

Nemaha

Nuckolls

Otoe

Pawnee

Richardson

Saline

Thayer

Cash Rental Rates: 2018 Averages, Percent Change from 2017 and Quality Ranges by Agricultural Statistics District
Type of LandNorthwestNorthNortheastCentralEastSouthwestSouthSoutheast
Dryland Cropland
Average 28 53 210 89 190 41 76 160
% Change -3 -4 -2 1 -3 5 6 3
High Third Quality 42 87 255 115 230 56 100 205
Low Third Quality 21 28 175 72 150 35 53 125
Gravity Irrigated Cropland
Average 115 170 250 205 255 165 200 225
% Change -4 3 -2 -7 -2 -3 -2 -4
High Third Quality 140 200 285 235 300 200 245 265
Low Third Quality 96 130 220 175 220 130 175 200
Center Pivot Irrigated Croplanda
Average 150 200 290 220 280 190 215 260
% Change -3 -2 -5 -4 -3 -5 -4 -2
High Third Quality 190 240 330 255 315 215 255 310
Low Third Quality 115 145 245 195 245 165 180 215
Pasture
Average 10 26 61 33 49 21 36 47
% Change -5 2 -2 -3 -8 -5 1 -4
High Third Quality 19 37 82 47 74 28 45 66
Low Third Quality 7 15 48 29 38 17 23 38

a Cash rents on center pivot land assumes landowners own total irrigation system.

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.