By: Jessica Groskopf and Jim Jansen, Extension Educators
Preliminary results from the Nebraska Farm Real Estate Market Survey released by the University of Nebraska-Lincoln revealed that Nebraska Panhandle agricultural land declined in value for the reporting year ending Feb. 1, 2018.
The average farmland value in the region is estimated to be $720 per acre. This is 5 percent lower than the prior year. This is the fourth consecutive year of market value decline.
The eight major types of land reported in the survey declined in value from 2017-18 across the state. In the Panhandle, gravity irrigated cropland saw the largest declines in value, dropping 8 percent. These losses however, were less than those experienced from 2016-17.
Rental rates often lag behind land value trends. The preliminary results showed the third consecutive year of rental rate declines. The only exception to this decline was the increase in cow-calf pair rates, which was up 2 percent over the previous year to an average of $35.75 per pair per month or $178.75 per pair for a 5-month grazing season.
To view the report visit: http://agecon.unl.edu/realestate.