Unlocking the Value of Nebraska Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - October 2024 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. You can reach us by phone at 402-739-8696.
Factors Influencing Farmland Values in Nebraska
In October 2024, the Creighton University Rural Mainstreet Index (RMI) showed ongoing challenges in rural farm economy. For the 14th consecutive month, the RMI stayed below growth neutral (50), reflecting tough conditions in the 10-state agricultural and energy-dependent region.
Nebraska’s Rural Mainstreet Index (RMI) painted a mixed picture of the state’s agricultural economy. The RMI dropped to 33.5, down from 35.1 in September, reflecting persistent economic challenges. Farmland prices followed a similar downward trend, with the state’s farmland price index declining to 36.9 from 42.7 the previous month. However, Nebraska saw a slight improvement in employment, as the new hiring index rose to 45.8 from September’s 42.7. Notably, regional exports of agricultural goods and livestock provided a bright spot, surging 44.6% year-to-date, reaching $571.8 million compared to $395.3 million in the same period in 2023. Despite the export growth, Nebraska’s agricultural sector remains under pressure due to weak commodity prices and high operational costs.
The study also explored which presidential candidate bank CEOs believe would most support the rural economy. An overwhelming 85.2% of CEOs favored former President Trump, with only 3.7% supporting Vice President Harris and the remainder selecting other candidates. Now, with President Trump’s recent election victory as of November, there’s hope among these leaders that his policies will persue growth in the rural economy over the next four years.
For more detailed information, visit the Creighton University Rural Mainstreet Economy page
Jason J Smith, Auctioneer
515-537-6633
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 – 80% or more Tillable Land
- In the month of October, a total of 1,241.91 acres were sold in Nebraska.
- The current average per acre price for land in Nebraska according to these October sales is $5,204.04 dollars per acre.
- The highest selling farm that sold in Nebraska in October went to 147.97 acres in Colfax County, NE that sold on October 4th for $1,200,000 or $8,109.75/acre. This farm has 145 tillable acres and 76.9 NCCPI rating which makes it $105/NCCPI.
- The highest dollars per acre selling farm went to 86.27 acres that sold in Richardson County on October 29th. This farm is 95% tillable and has a NCCPI rating of 71.6.
- Scroll down to see results of all the farms that sold by auction this month and also graphs with 12 months of data for Nebraska Farmland sales.
Monthly Farmland Recent Sales in Nebraska
| Date Sold | County | Total Price | Total Acres | $/Acre | Tillable Acres | % Tillable | Soil Score | Soil Score Index | $/NCCPI | Primary Crop (2023) |
|---|---|---|---|---|---|---|---|---|---|---|
| 10/29/2024 | Richardson | $923,089 | 86.27 | $10,700.00 | 82.61 | 95.8 | 71.6 | NCCPI | $149.44 | Grassland/Pasture |
| 10/23/2024 | Cheyenne | $240,000 | 160.00 | $1,500.00 | 158.70 | 99.2 | 53.0 | NCCPI | $28.30 | Millet |
| 10/23/2024 | Cheyenne | $254,768 | 159.23 | $1,600.00 | 158.09 | 99.3 | 56.5 | NCCPI | $28.32 | Corn |
| 10/23/2024 | Cheyenne | $238,880 | 149.30 | $1,600.00 | 147.00 | 98.5 | 57.6 | NCCPI | $27.78 | Millet |
| 10/23/2024 | Cheyenne | $240,000 | 160.00 | $1,500.00 | 157.62 | 98.5 | 50.4 | NCCPI | $29.76 | Corn |
| 10/10/2024 | Gage | $1,125,000 | 160.00 | $7,031.25 | 151.98 | 95.0 | 61.5 | NCCPI | $114.33 | Corn |
| 10/04/2024 | Colfax | $637,963 | 72.91 | $8,750.01 | 70 | 96.0 | 76.7 | NCCPI | $114.08 | Corn |
| 10/04/2024 | Colfax | $1,200,000 | 147.97 | $8,109.75 | 145 | 98.0 | 76.9 | NCCPI | $105.46 | Soybeans |
| 10/02/2024 | Otoe | $1,000,000 | 146.23 | $6,838.54 | 140 | 95.7 | 67.2 | NCCPI | $101.76 | Corn |
| Averages/Totals | $5,859,700 | 1,241.91 | $5,204.04 | 1,211 | 97.3 | 63.5 | $77.69 |
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.
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 nonobligatory 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.
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