The United States Department of Agriculture (USDA) released their Land Values 2013 Summary last month based on surveys conducted in early June. This report provides some unbiased averages that could provide a helpful starting place for land sale negotiations, but is most helpful for showing the general market trends over the past four years. As you can see from the chart above, land values are still declining in Florida, but appear to be slowing down. If the economy continues to improve, land values may start to rise once more.
The following charts are summaries from the four southeastern states of Alabama, Florida, Georgia, and South Carolina. Interestingly, the trends in the Southeast do not completely match the general trends in other regions of the country.
USDA Agricultural Land Value Highlights
The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $2,900 per acre for 2013, up 9.4percent from revised 2012 values. Regional changes in the average value of farm real estate ranged from a 23.1 percent increase in the Northern Plains region to no change in the Southeast region. The highest farm real estate values were in the Corn-belt region at $6,400 per acre. The Mountain region had the lowest farm real estate value at $1,020 per acre.
The United States cropland value increased by $460 per acre (13.0percent) to $4,000 per acre. In the Northern Plains and Corn-belt regions, the average cropland value increased 25.0 and 16.1 percent, respectively, from the previous year. However, in the Southeast region, cropland values decreased by 2.8 percent.
The United States pasture value increased to $1,200 per acre, or 4.3 percent above 2012. The Southeast region had the largest percentage decrease in pasture value, 1.5 percent below 2012. The Northern Plains had the highest increase at 18.4 percent.
To see the USDA summary for the entire US download: 2013 USDA Ag Land Value Report