August 3, 2007

Wyoming Ag Real Estate Values Up 24 Percent

The average value of farm and ranch real estate in Wyoming on January 1, 2007 was $560 per acre, up 24 percent from $450 per acre a year earlier, according to Nancy Hussey with the Wyoming Field Office of USDA NASS. Agricultural real estate values include farm and ranch land and buildings. Farm real estate values in Wyoming have risen 51 percent or $190 per acre since 2005. Average value per acre was the lowest in the nation (excluding Alaska and Hawaii) with New Mexico second at $610 per acre.

Cropland value on January 1 showed a 12 percent increase, from $1,185 on January 1, 2006 to $1,330 on January 1, 2007. Irrigated cropland averaged $2,150 per acre and dryland cropland was valued at $800 per acre. The value of pastureland averaged $480 per acre on January 1, 2007, up 33 percent from $360 on January 1, 2006.

UNITED STATES: Farm real estate values, a measurement of the value of all land and buildings on farms, averaged $2,160 per acre on January 1, 2007, up 14 percent from 2006. The $2,160 per acre is a record high and $260 more than a year earlier.

Both cropland and pasture values for 2007 are record highs. Cropland values rose by 13 percent to $2,700 per acre, up from the previous high of $2,390 in 2006. Pasture value rose by 16 percent to $1,160 per acre.

The increase in farm real estate values continues to be driven by a combination of many factors, which include strong commodity prices and farm programs, outside investments, favorable interest rates and tax incentives, and continued commercial and residential development. Livestock prices and recreational use remain the predominant influences that increase pasture land values.

Regional increases in the average value of farm real estate ranged from 9 percent in the Southeast region to 18 percent in the Mountain region. The highest farm real estate values remained in the Northeast region, where development pressure continued to push the average value to $5,000 per acre. The Northern Plains region had the lowest farm real estate value, at $961 per acre, up 14 percent from the previous year.