Cropland now at all-time highs
The U.S. Department of Agriculture’s annual land values report is complete, and it found the value of American cropland increased to an all-time high in 2021.
The Aug. 6 report indicated U.S. cropland now is valued at an average of $4,420 per acre, up almost 8% from $4,100 in 2020. The 2020 average previously was the highest on record. Additionally, the 8% jump was the highest since land values spiked by 14% in 2013.
USDA also reported that farm real estate value, which measures the value of all land and buildings on farms, also increased to a record-high $3,380 per acre from $3,160 in 2020. The 7% increase in this category was the largest since 2014.
Virginia cropland values came in ahead of the national average, increasing over 2% from $4,680 per acre in 2020 to $4,790 in 2021. Virginia’s real estate value also was higher than the national average at $4,700 per acre, up 1.7% from 2020.