For the fifth consecutive year, the all-land average value in Nebraska rose for the year ending February 1, 2024, to $4,015 per acre, averaging approximately 5% higher than the prior year.
2024 Survey Highlights:
The statewide all-land average value for the year ending February 1, 2024, averaged $4,015 per acre, or about a 5% ($180 per acre) increase from the prior year’s value of $3,835 per acre (Figure 2).
Rates of increase were the highest in the North and Northeast Districts, as these areas averaged 6% to 7% higher than the all-land average. These Districts trended slightly higher than the rate of increase of 5% for the state. The Central District also averaged 5% higher.
The other five regions of Nebraska, including the Northwest, East, Southwest, South, and Southeast Districts, reported smaller increases ranging between 2% and 4%. The Southwest District reported the smallest increase at 2%. Overall, increases across the state range from 2% to 7% in 2024.
Panel members reported in 2024 that purchases for farm expansion, current livestock prices, and 1031 tax exchanges as major economic forces guiding the market value of land higher across the state. The amount of land offerings for sale and non-farmer investor interest in land as additional positive forces.
The outlook for future gains in farm real estate values continues to trend higher as only six economic forces were noted as somewhat negatively impacting farm real estate values. Interest rate levels, farm input costs, and property tax levels were reported as major economic forces weighing down on the agricultural land market.
Based on 2024 market values, Nebraska's estimated total value of agricultural land and buildings rose to approximately $179.2 billion. Appendix Table 1 gives a historical perspective on the state's estimated land and related building market value. Between 2023 and 2024, the market value increase in agricultural land and buildings totaled about $11.1 billion.
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