Agricultural land values in Nebraska increased about 4.4 percent in the last year, with rises in cropland values offsetting declines in rangeland, according to preliminary findings from the 2010 Nebraska Farm Real Estate Survey.
Overall, agricultural land values statewide increased from $1,431 per acre to $1,494 in the year ending Feb. 1, said Bruce Johnson, the University of Nebraska-Lincoln agricultural economist who conducts the annual survey.
The increase follows on the heels of a year of little to no value change across most of the state.
Dryland cropland with no irrigation potential increased an average of 6.4 percent, while statewide averages for gravity-irrigated cropland and center-pivot irrigated cropland climbed 5.2 and 6.1 percent, respectively.
Meantime, dryland cropland with potential to be developed for irrigation increased about 7.3 percent in value, though values varied considerably across the state depending on development restrictions and opportunities.
While average cropland values saw increases, the value of nontillable grazing land fell 5.6 percent statewide, with even larger declines recorded in major range areas of the state. For example, the North region, which comprises much of the Sandhills, saw a 10.1 percent decline.
For the complete story, subscribe to The Elgin Review.