Agricultural Economics Department
Date of this Version
6-15-2024
Document Type
Article
Citation
Nebraska Farm Real Estate Market Highlights 2023-2024 by Jim Jansen and Jeffrey Stokes (2024).
Abstract
For the fifth consecutive year, the all-land average value in Nebraska rose for the year ending February 1, 2024, averaging approximately 5% higher than the prior year. Figure 2 summarizes these figures and trends along with the percent changes over the preceding year’s all-land average for the eight districts in the state.
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. 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,