On August 3, the USDA released data pertaining to farmland values in the US. Overall, the report indicated US Farmland values increased 11%. Arkansas Irrigated and Non-irrigated cropland increased 12.2% and 11.4%, respectively on average. Mississippi Irrigated and Non-irrigated cropland increased 3.1% and 2.1%, respectively on average. Missouri Irrigated and Non-irrigated cropland increased 11.4% and 13.8%, respectively on average.
Discussing land values with a few appraisers and other real estate professionals, it appears USDA values might be on the low side. With last year’s land price boom it is hard to believe Mississippi land values increased a mere 3.1% on irrigated cropland? The USDA may need to reevaluatetheir data. View Report (PDF)
By Jeffrey Hignight, Farm Manager and Real Estate Broker at Glaub Farm Management. Serving Landowners in Arkansas, Mississippi, Missouri, and Tennessee.