According to the USDA's recently released Land Value 2024 Summary, U.S. cropland is worth an average of $5,570 an acre, an increase of $1,510, or 37 percent, since 2020. The report also showed that California cropland was worth $17,330 an acre, the highest average value in the country.
The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $4,170 per acre for 2024, up $200 per acre (5.0 percent) from 2023. The United States cropland value averaged $5,570 per acre, an increase of $250 per acre (4.7 percent) from the previous year. The United States pasture value averaged $1,830 per acre, an increase of $90 per acre (5.2 percent) from 2023.
According to the graph above, most states saw cropland values increase. The exceptions are Colorado, down 2.1%; Montana, down 0.8%; and New Jersey, down 0.6%. Tennessee saw the largest year-over-year increase at 10.9%, and the USDA noted that "Appalachian states (Kentucky, North Carolina, Tennessee, Virginia, West Virginia) saw the highest average increase over the past year at 8.4%.”
