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Agricultural Land Values Continue to Rise

By Jennifer M. Latzke, KansasFarmer

 

USDA National Agricultural Statistics Service reported in August that U.S. farm real estate value, the value of all land and buildings on farms, averaged $3,800 per acre for 2022. That’s up $420 per acre, or 12.4%, from last year.

Cropland value averaged $5,050 per acre, which is up $650 per acre, or 14.3%, from last year. Even pasture value rose $170 per acre, or 11.5% from last year, to an average of $1,650 per acre in 2022.

In Kansas, cropland value averaged $2,950 per acre, up 24.5% from last year, even with drought concerns in much of the state. To the west, Colorado land values also rose — but just by 10.7% — to an average of $2,450 per acre. Nebraska cropland averaged $6,000 per acre, up 21%. And Oklahoma and Texas, which have also faced historic drought, saw 12.2% and 12.6% rise in their average cropland values, respectively.

To the east, Missouri cropland value averaged $4,320 per acre, a rise of 13.4% from 2021. And Iowa farmers paid an average $9,350 per acre for cropland, up 19.7% from the previous year.

Pasture values rose as well. In Kansas, pasture sold for an average of $1,850 per acre, up 23.3% from last year. Average values rose in all of the Plains states, from a high of $2,050 per acre average in Texas to $940 per acre average in Colorado.

Washington County

About 239 acres of cropland and wildlife habitat northeast of Haddam, Kan., sold at auction July 27 in the sale of the quarter. With 81 tillable acres and the remainder in grassland and wildlife habitat, it was attractive to sportsmen looking for an investment. The tillable ground was under crop-share lease, and a portion of the hayable acres could be converted to crop production at the buyer’s discretion. With a creek and a rebuilt pond, there were excellent water sources for wildlife. It sold for $600,000. The seller was the Hardenburger Living Trust. Farmers National Co. handled the sale.

Jewell County

A 79-acre parcel of pasture ground, suitable for deer and wildlife cover in Jewell County, Kan., sold by online auction and closed Sept. 15. The parcel, which has ideal views, rural water and high-speed fiber internet availability, could also be ideal for development. It sold for $3,417 per acre. The seller was Bernard Kohn. The auction was handled by Farmers National Co.

Phillips County

An excellent quarter-section of cropland northeast of Logan, Kan., was sold at auction Sept. 30. The single tract had 157 acres of cropland that had been planted to soybeans. It included a water well that had been pumped by a solar system, but all minerals were reserved due to a unitization agreement with several adjoining landowners. The tract sold for $4,000 per acre. Farm and Ranch Realty Inc., Colby, Kan., handled the sale.

Barton County

About 240 acres of dryland, west of Ellinwood, Kan., sold at auction Sept 20 for $3,000 per acre. The land was in summer fallow and wheat stubble, and offered ideal access to good roads. The seller was Jean Marie Horning. Carr Auction and Real Estate Inc., Larned, Kan., handled the sale.

Cheyenne County

About 320 acres of cropland and grass near Bird City, Kan., sold at auction Sept. 23. Tract 1 was 175 acres of level to rolling farm ground with mostly Class II and III soils. It sold for $2,400 per acre. Tract 2 was about 57 acres of fenced grass with 82 acres of sprayed wheat stubble, and sold for $1,650 per acre. The sellers were Joe and Jo Ann Wahrman. Farm and Ranch Realty Inc., Colby, Kan., handled the sale.

Lane County

About 460 acres of cropland near Dighton, Kan., in Lane County, sold at auction Sept. 28. Both tracts had wheat, grain sorghum, sunflowers and barley base acres. Tract 1 sold for $2,300 per acre and Tract 2 sold for $2,350 per acre. Farm and Ranch Realty Inc., Colby, Kan., handled the sale.

Sheridan County

About 800 acres of cropland and grass in Sheridan County sold at auction Oct. 4, in four tracts. Tract 1 was 246 acres of grass with 75 acres of cropland, and sold for $1,600 per acre. Tract 2 was 162 acres of grass with 78 acres of cropland, and sold for $1,300 per acre. Tract 3 was 160 acres of cropland, planted to corn, and sold for $3,100 per acre. Tract 4 was 160 acres planted to wheat, with possession after the 2023 wheat harvest and the buyer to receive the $60-per-acre cash rent for 2023. It sold for $2,300. The sellers were Glenda Schaffer and Sherman Wu. Farm and Ranch Realty Inc., Colby, Kan., handled the sale.

Farm ProgressLand sales map

Kansas counties with land transactions are in burnt orange. The star indicates the county with the sale of the quarter.

Pawnee County

A tract of 175 acres of flood-irrigated land in Pawnee County sold at auction Oct. 10 for $4,100 per acre. The property sold with irrigation pipe and a water permit for 160 acre-feet. It was a mix of planted soybeans, 26 acres of open dryland, and the balance Pawnee River ground. Sellers were Shane and Darin Hinnergardt. Carr Auction and Real Estate Inc., Larned, Kan., handled the sale.

Sherman County

Two tracts, totaling 640 acres, of irrigated, dryland, grass, and wildlife habitat on the Kansas-Colorado border in Sherman County, sold at auction Oct. 14. Mineral rights were 100% intact and transferred to the buyers at closing. Tract 1 was 310 acres of level to rolling dryland, and sold for $2,400 per acre. Tract 2 included 107 acres of dryland planted to wheat, about 70 acres of Pheasants Forever Corners for Wildlife land, 100 acres under pivot irrigation, and the balance in grass. One irrigation well, permitted for 261 acre-feet at 515 gallons per minute, as well as a Valley electric pivot, was included in Tract 2, which sold for $2,600 per acre. The sellers were WUS Farmland Ltd. Farm and Ranch Realty Inc., Colby, Kan., handled the sale.

Wichita County

A quarter of land near the Leoti, Kan., city limits was sold at auction Oct. 11. The 160 acres had been in the Conservation Reserve Program for many years, and could be broken out into cropland if the buyer chooses. Or, with its proximity to the Leoti city limits, it could be developed, with irrigation well and water rights protected. The single tract sold for $5,900 per acre. The seller was Doris Weiss. Farm and Ranch Realty Inc., Colby, Kan., handled the sale.

Thomas County

Two tracts of 400 total acres of cropland and CRP in Thomas County, Kan., sold at auction Oct. 25. Both tracts were located along blacktop road south of Brewster, close to markets and minerals, were intact and transferred to the buyer at closing. Tract 1 was 80 acres of cropland and sold for $2,900 per acre. Tract 2 was 320 acres of mostly cropland with a few acres of CRP, and sold for $2,900 per acre. The sellers were Chris and Stefanie Falk. Farm and Ranch Realty Inc., Colby, Kan., handled the sale.

Trego County

About 1,120 acres of Trego County cropland, grass and CRP sold at auction Oct. 18. The land sold in six tracts. The tilled acres consisted largely of Class II and III soils. All the land was in good farming condition, with good roads and access in the heart of Trego County, and some of the land had mineral rights. Tract 1, 160 acres of cropland and CRP, sold for $3,150 per acre. Tract 2 was 160 acres of cropland and some CRP, and sold for $1,900 per acre. Tract 3 was 160 acres of cropland and CRP, and sold for $1,800 per acre. Tract 4 was 160 acres of cropland and grass acres, and sold for $1,800 per acre. Tract 5 was 150 acres of cropland and grassland and sold for $2,550 per acre. Tract 6 was 305 acres of mostly grassland with some cropland, and it sold for $1,150 per acre. The sellers were Larry Richmeier, John Fabrizius and the Cheryl Ann Fabrizius Trust. Farm and Ranch Realty Inc., Colby, Kan., handled the sale.

Neosho County

A tract of 56 acres of producing native and grafted pecan trees, as well as hay meadow, south of Erie, Kan., sold Sept. 29 by private treaty for $182,000. The parcels included four city lots that adjoin the farm and have utilities in place. Farmers National Co. handled the sale.

Baca County, Colo.

About 640 acres of irrigated and dryland cropland, east of Walsh, Colo., sold at auction Sept. 16. There were four permitted irrigation wells associated with the property that were commingled, and one domestic well. The land sold in three tracts. Tract 1, 160 acres, had a permitted well for 560 acre-feet, at 800 gallons per minute, and it sold for $1,700 per acre. Tract 2, 320 acres, had two permits for 560 acre-feet each, with one well rated at 800 gallons per minute and the other at 1,200 gallons per minute, as well as a domestic well permit. It sold for $950 per acre. Tract 3, 160 acres, had one permit for 560 acre-feet, rated at 1,400 gallons per minute, and sold for $750 per acre.  The seller was the Lenard Dale White Estate. Farm and Ranch Realty Inc., Colby, Kan., handled the sale.

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