Farm real estate (land and structures) accounted for a forecasted $3.67 trillion (83.6 percent) of the total value of U.S. farm assets in 2025 (see more on farm assets and debt, including real estate.) Following a period of stabilization in farmland values from 2014 to 2020, farmland values began to appreciate in 2021, even after adjusting for inflation. The trend continued into 2025. The value of U.S. farmland averaged $4,350 per acre, an increase of 4.3 percent over 2024 values, or 1.9 percent when adjusted for inflation. Over the previous 5-year period (2019 to 2024), the compound annualized growth rate (CAGR) was 5.8 percent, or 2.0 percent after adjusting for inflation.
The USDA, Economic Research Service studies trends in farmland values, assessing the impact of both macroeconomic factors (such as interest rates and the prices of alternative investments) and parcel-specific attributes (such as soil quality, government payments, rural amenity value, and urban proximity). Regional farmland real estate values vary widely because of differences in general economic conditions, local farm economic conditions, and local geographic conditions that affect returns to farming. For example, farm real estate values in the Corn Belt are nearly twice the national average, while farmland real estate values in the Mountain region are less than half the national average.
In addition to regional differences in the value of land, the rate of growth varies by region. While farm real estate values increased in all economic regions between 2024 and 2025, the inflation-adjusted growth ranged from a 0.3-percent decline in the Pacific region to a 3.4-percent increase in the Southern Plains region. Over the preceding 5-year period (2019 to 2024), the Northern Plains region experienced the highest average real annualized growth rate (3.5 percent) and rose the least in the Delta States region (0.1 percent).
Farm real estate values also vary according to agricultural land use. Cropland values maintain a premium over pastureland due to cropland’s higher per-acre returns. Between 2024 and 2025, inflation-adjusted U.S. average cropland values increased by 2.2 percent to $5,830 per acre, compared to a 2.5-percent compound annualized growth rate (CAGR) over the previous 5 years (2019 to 2024). Meanwhile, average pastureland values increased by 2.4 percent to $1,920 per acre, compared to 1.8 percent per year over the previous 5 years (all values are adjusted for inflation). The difference between cropland and pastureland values also varies by region. Cropland values are higher than pastureland values in every region. In the Pacific region, the average cropland value per acre ($9,830) was slightly more than 4 times higher than the average pastureland value per acre ($2,450) in 2025.
Another measure of value is the annual rental cost of using land for agricultural production. Between 2024 and 2025, average inflation-adjusted U.S. cropland rental rates decreased by 1.7 percent to $161, while pastureland rental rates decreased by 2.4 percent to $15.5 per acre.
| Economic Region | Farm real estate value | Cropland value | Cropland rent | Pasture value | Pasture rent |
|---|---|---|---|---|---|
| Corn Belt | 8,250 | 8,940 | 240 | 3,120 | 46 |
| Pacific | 8,210 | 9,830 | 281 | 2,450 | 14 |
| Northeast | 7,300 | 7,900 | 102 | 4,750 | 41 |
| Lake States | 6,690 | 6,940 | 183 | 2,830 | 38 |
| Southeast | 5,750 | 5,860 | 109 | 5,720 | 23.5 |
| Appalachian | 5,590 | 5,950 | 117 | 4,680 | 28 |
| Delta States | 3,930 | 3,750 | 134 | 3,360 | 22.5 |
| Northern Plains | 3,200 | 4,220 | 123 | 1,560 | 26.5 |
| Southern Plains | 2,880 | 2,640 | 46 | 2,260 | 9.4 |
| Mountain | 1,660 | 2,800 | 106 | 946 | 7 |
| United States (48 States) | 4,350 | 5,830 | 161 | 1,920 | 15.5 |
| Source: Land Values, 2025 Summary, USDA, National Agricultural Statistics Service, August 2025. Annual data by region and State are available from QuickStats. Alaska and Hawaii are excluded due to data availability. | |||||