Farm Land Value Up in North Dakota (complete article from source)
Source: Chron.com
August 06, 2007
FARGO, N.D. — The value of North Dakota farm land has risen 13 percent in the past year to an average of $650 per acre, the federal Agriculture Department says.
It marks the eighth consecutive year of an increase.
The average value of crop land this year was $670 per acre, up 10 percent from 2006 and 23 percent from 2005, USDA said. Pasture values increased 15 percent from 2006 and 35 percent from 2005, to an average of $300.
The average cash rent for crop land in North Dakota was $41 per acre, up 5 percent from 2006. Cash rent for pasture averaged $12.50, up from $11.30 in 2006 and $10.60 in 2005, the report said.
The Agriculture Department said the increase in farm real estate values continues to be driven by strong commodity prices and farm programs, outside investments, favorable interest rates, tax incentives and commercial and residential development.
Recreational use and strong livestock prices helped drive the increase in pasture land values, the report said.
Nationally, farm real estate values rose 14 percent, to a record $2,160 per acre, USDA said. Crop land values were up 13 percent, to a record $2,700 per acre and pasture values were up 16 percent to $1,160 per acre, also a record.
Cash rents for crop land nationwide increased 7 percent, to an average of $85 per acre while cash rents for pasture land averaged $12 per acre, up $1.20 from 2006.
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