Farm Real Estate Values in Utah & Nevada
Posted on: Sep 12, 2017
Each year the United States Department of Agriculture National Agricultural Statistics Service releases their Land Values Summary. As part of the summary, they report values per acre of farm real estate, cropland, cropland split into irrigated and non-irrigated where applicable, pastureland, and the value of farmland and buildings.
The report divides the country into economic regions: Northeast, Lake States, Corn Belt, Northern Plains, Appalachian, Southeast, Delta States, Southern Plains, Mountain, and Pacific.
The Mountain region includes Utah, Nevada, Arizona, Idaho, Montana, Wyoming, Colorado, and New Mexico. Values of farm real estate climbed from $1,010 per acre in 2013 to $1,130 per acre in 2017. The 2017 figure represents a 1.8% increase from 2016. The changes in value across the various states that make up the Mountain region ranged from a 7.9% increase in Arizona where average values are $4,100 to a lack of change (0.0% change) in both Nevada and Wyoming where values are $1,110 and $600 per acre respectively.
Cropland values rose modestly in the Mountain region. The 2017 average value of $1,780 per acre represented a 1.1% decrease from 2016. The 2017 figure is the same as the average value in 2013.
The average value per acre for land in pasture increased by 1.3% in 2017 to $625 per acre, the highest value in the 2013 to 2017 period.
Farm real estate average value per acre increased 1.5% from 2016 to 2017, with an average value per acre statewide of $2,070. The 2017 figure is the highest in the 2013 to 2017 period.
Cropland values in Utah increased more than the region as a large. In 2017, the average value of cropland is $3,420, a 2.4% increase from 2016. The 2017 value is a peak during the 2013 to 2017. In 2013 the average value per acre of cropland was only $3,230. The value per acre is a blend of irrigated and non-irrigated properties. The 2017 values for each were $5,500 and $1,180 per acre respectively.
Pasture values increased to $1,050 per acre, a 1.0% increase from 2016.
The 2017 average value per acre for farm real estate is held steady at $1,110, the same value as in 2016. Values have remained relatively steady since 2013 with a tight range over the last five years of $1,040 to $1,130.
Cropland values in Nevada were not reported in 2017 or 2016.
Pasture values have not been reported for Nevada for any of the years in the 2013 to 2017 period.
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