Lincoln, Neb., – The 2015 state average for Nebraska agricultural land values declined 2 percent from 2014, according to the final results of the University of Nebraska-Lincoln Farm Real Estate Market Survey.
The statewide all-land average value for the year ending Feb. 1 averaged $3,250 per acre, down $65 per acre from 2014.
Land used for irrigated and dryland crop production showed the greatest percentage decline. This change was driven by a decrease in crop prices.
Hayland and grassland values, meanwhile, were up significantly from 2014. Record cattle prices fueled the increase.
The changes in land values were also reflected in cash rental rates. Cropland rental rates declined in all areas, while pasture rates were up across the state.
The 2015 Nebraska Farm Real Estate Market Survey covers Feb. 1, 2014, to Feb.1 1, 2015. Over 100 agricultural land market experts provided their insights. The full report is available at http://agecon.unl.edu/realestate.