Agriculture

Farmland values fall 1 percent from last year

While farm income appears to be falling sharply this year, the value of farm real estate in Kansas has dropped very slightly, according to the U.S. Department of Agriculture.

According to the agency, the value of all Kansas farm and buildings averaged $2,030 per acre in 2015, down $20 per acre, or 1 percent, from 2014.

That comes after about a decade of strong crop prices, strong farm income and profits and rising prices for agricultural land.

In Kansas, land used for crops fell 2 percent from last year, to $2,210 per acre. Non-irrigated land was down $60 per acre, to $2,090. Irrigated cropland fell $10 an acre, to average $3,270.

Cash rents paid to landlords in 2015 for cropland were mixed from last year. Irrigated cropland rent averaged $124 per acre, a decline of $2 from last year. Dryland cropland rent averaged $58 per acre, up $4 from a year earlier.

Most livestock ranchers, on the other hand, are enjoying a profitable year after many difficult years. Pastureland for cattle, at $1,390 per acre, increased $90 from a year ago. Pasture rented for cash averaged $20 per acre, up $2.50 from the previous year.

For the Northern Plains as a whole, the average value of farm real estate increased 2.6 percent in 2015. Nationally, the value of farmland and buildings averaged $3,020 per acre for 2015, up 2.4 percent.

Value of all Kansas farmland (per acre)

2011

2012

2013

2014

2015

Percent change over five years

$1,240

$1,510

$1,750

$2,050

$2,030

64 percent

Source: U.S. Department of Agriculture

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