Unlocking the Value of Nebraska Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - October 2023 Report
Welcome to Our Monthly Nebraska Farmland Value Report
In this monthly report, Jason Smith, Nebraska Land Broker and Auctioneer dives into Nebraska farmland values, helping you understand the factors that determine what your farm is potentially worth. Our goal as auctioneers and farmland real estate agents is to provide you with up-to-date information, recent sales data, expert insights, and tips for maximizing the potential value of your farmland sale. Let us answer the questions you have about selling farmland in Nebraska. Contact us today for a free consultation.
Jason J Smith
Auctioneer & Land Broker
Jason is an experienced farmland broker and auctioneer with extensive experience in farmland sales across this Midwest. Jason has worked with hundreds of clients to create advantageous outcomes. If you are selling land schedule a consultation with Jason by calling or using the calendar.
Phone: 515-537-6633 Email: [email protected]
Understanding Nebraska Farmland Values:
Factors Influencing Farmland Values in Nebraska
Nebraska’s agricultural landscape is influenced by a multitude of factors. In this blog, we will explore how commodity prices, interest rates, government policies, and regional conditions impact the current market values.
According to Creighton University Rural Mainstreet Index (RMI) Survey Nebraska’s RMI for October fell to 44.3 from 48.0 in September. In the agriculture sector, the region’s farmland prices are experiencing solid yet slowing growth, dropping to 55.6 from September’s 65.4 on Creighton’s index due to weakening farm commodity prices. Farm equipment sales, reflected in the index, slightly increased to 48.0 from September’s 44.0, with higher borrowing costs negatively impacting purchases.
Recent Farmland Sales Data
Let’s dive into the latest sales data, including county location, land size by acre amount, soil productivity ratings, and sale prices per acre and total price in the table below. By analyzing this data, you can get a clearer picture of how your property may be valued in the current market.
Average Price of Farmland in Nebraska
In the month of October, a total of 2,307.89 acres were sold in Nebraska from auction sales data. The current average per acre price for land in Nebraska according to these October sales is $6,837.63. The highest selling fam in Nebraska in the month of October 2023 sold on October 30th in Filmore County for $14,985 per acre. This farm was sold by the auction method and was 319 acre of pivot-irrigated farmland.
| County | Total Acres | $/Acre | Soil Score NCCPI | Total Price | Date Sold |
|---|---|---|---|---|---|
| Buffalo | 238.5 | $4,300.00 | 62.5 | $1,025,550.00 | 10/12/2023 |
| Cuming | 160 | $13,300.00 | 76.5 | $2,128,000.00 | 10/17/2023 |
| Adams | 68.3 | $7,321.00 | 73 | $500,000.00 | 10/19/2023 |
| Nance | 80 | $8,800.00 | 64 | $704,000.00 | 10/19/2023 |
| Nance | 80 | $8,700.00 | 64.3 | $696,000.00 | 10/19/2023 |
| Hitchcock | 160 | $6,000.00 | 58.5 | $960,000.00 | 10/23/2023 |
| Merick | 74.68 | $8,500.00 | 36.63 | $634,780.00 | 10/24/23 |
| Merrick | 77.81 | $5,200.00 | 77.81 | $404,612.00 | 10/24/2023 |
| Gage | 152.2 | $7,227.33 | $1,100,000.00 | 10/24/2023 | |
| Stanton | 60 | $11,400.00 | 72.6 | $684,000.00 | 10/26/2023 |
| Holt | 158.4 | $1,125.00 | 19.4 | $178,211.00 | 10/27/2023 |
| Holt | 320 | $1,250.00 | 18.3 | $400,000.00 | 10/27/2023 |
| Holt | 160 | $1,100.00 | 17.5 | $176,000.00 | 10/27/2023 |
| Pawnee | 199 | $3,355.78 | 69 | $667,799.82 | 10/30/2023 |
| Fillmore | 319 | $14,985.33 | $4,780,320.27 | 10/30/2023 | |
| Average Dollars Per Acre | $6,837.63 |
Call us about selling your Nebraska land at 402-739-8696 We can help you safely transition your land ownership using a private sale, public auction or even a private land auction.
Market Trends and Future Projections:
Nebraska Land Market Trends
Each month we like discuss current trends in Nebraska farmland sales, highlighting patterns, emerging opportunities, and potential challenges.
According to the USDA-National Agricultural Statistics Services (USDA-NASS) survey, in 2023, Nebraska’s farm real estate value experienced a substantial 13.1% increase, averaging $4,240 per acre—an annual growth of $490/acre. The state ranked fifth in the nation for the highest percentage increase in farm real estate. Additionally, Nebraska’s cropland values reported the third-highest surge in the country, rising by 13.8% to reach an average of $6,830 per acre. These statistics highlight the robust growth and market dynamics within Nebraska’s agricultural real estate landscape in 2023.
Assessing Your Farm’s Worth:
Nebraska Land Market Analysis Appraisal Technique
Curious what your farm could sell for? We prepare market analysis for each of our farmland sellers to help you discover and learn what your farm is worth from our market based research and expertise. Fill out our form here to request a market analysis of your Nebraska farmland or call us at 402-739-8696
Future Predictions for Farmland Values
Here you will gain insights into the future of Nebraska’s farmland market with our expert forecasts. Understand what to expect in the coming months and years. Here’s what we are predicting:
Despite drought conditions in July, harvest in their area is underway with yields equal to or better than 2022. Higher interest rates, lower crop prices, high input costs, and trade barriers are challenging the farming economy and land prices in the coming months. We are starting to see farmland prices plateau and we do not expect to see a sharp increase or decrease in prices in the next few months. We know where the market is today, and now is still a good time to sell farmland.
Navigating the Selling Process:
Tips for Selling Your Farm in Nebraska
Explore a set of practical tips for successfully selling your farmland by downloading our free eBooks here. Schedule a non obligatory consultation with us today and we will cover everything from when is the best time to sell, a customized marketing plan, sales methods, how we can help you find the right buyer, and answer your questions.
Farm Real Estate Experts in Nebraska
Meet our team of Nebraska farm real estate and auction experts who can provide you with valuable guidance and personalized assistance throughout the selling process. If you’re looking to uncover the true value of your Nebraska farm or are considering selling, don’t hesitate to reach out to our experienced team. We’re here to provide you with a customized plan to meet your goals. Contact us today to get started.
Alyssa Bromm
Nebraska Farm and Ranch Agent
Alyssa graduated from the University of Nebraska-Lincoln, where she received her Bachelor’s in Business Administration with a focus on Management and a minor in Economics. She is a Nebraska Native, originally from a small town in the northeast part of the state. One of the most appreciated aspects of her job is getting to know each owner individually; the sense of community in this industry drives her dedication to maximizing your potential.
Alyssa is excited for the opportunity to earn your business. If you are curious about selling or would like to talk about your options, please reach out to her at (402) 870-2975 or [email protected].