Farmland values grew at the slowest pace in about six years, with some regions such as the Corn Belt showing declines, according to a government report released late Wednesday.
Nationwide, farm real estate values (including all land and buildings on farms) rose 2.4 percent to an average of $3,020 per acre in the 12 months ended June 1, according to the U.S. Department of Agriculture's 2015 Land Values report. That represents a deceleration from the 8.1 percent growth rate reported in 2014 and the slowest pace since 2010.
According to the report, the average value of cropland nationally increased by 0.7 percent to $4,130 per acre in fiscal 2015, well below the brisk 7.6 percent pace of the prior year. The average value for pastureland nationally increased to $1,330 per acre, or 2.3 percent from 2014.
(USDA analyst Rachel Antzak said the overall farm real estate category that saw 2.4 percent growth includes the value of all farmlands—not just cropland and pastureland—as well as "other things," including buildings.) The report excludes Hawaii and Alaska farmland.