After several years of strong gains, Kansas farmland dropped in value in 2013, according to land brokerage and management company Farmers National.
High quality farm land fell from about $5,000 in 2012 to $4,500 an acre, correlating with declines in crop prices, according to the company. Other farmers continue to be the main buyers of farmland in the state.
The decline comes after several years of substantial increases in land values. Those increases were in double digits many years, and the jumps in farmland values were seen across the Midwest and Plains states.
The end of the drought on the southern Plains will help support the price of farm land, said Farmers National area vice president Brock Thurman, although he expects land prices to drop up to 10 percent more in Kansas during 2014.