The U.S. farm real estate value, a measurement of the value of all land and buildings on farms, averaged $4,080 per acre for 2023. That’s up $280 per acre, or 7.4 percent, from 2022. The U.S. cropland value averaged $5,460 per acre, an increase of $410 per acre, or 8.1 percent, from the previous year. The U.S. pasture value averaged $1,760 per acre, up $110 per acre, or 6.7 percent from 2022.

Among the notable state-level data, the NASS Iowa Field Office says that “Cropland cash rent paid to Iowa landlords in 2023 averaged $269 per acre. Non-irrigated cropland rent averaged $269 per acre, while irrigated cropland averaged $271 an acre, $13 and $19 higher, respectively, compared to last year. Cropland was valued at $10,100 per acre, $750 higher than 2022. In Minnesota, cropland cash rent averaged $198 per acre. Cropland, at $6,820 an acre, was $620 higher than 2022.