Unlocking the Value of Nebraska Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - September 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.
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 September, a total of 771.83 acres were sold in Nebraska.
- The current average per acre price for land in Nebraska according to these September sales is $6,745 dollars per acre.
- the highest selling farm that sold in Nebraska in September went to 152.49 acres in Richardson County, NE that sold on September 9th for $8,500/acre. This farm has 123.23 tillable acres and 63.6 NCCPI rating which makes it $134/NCCPI.
Monthly Farmland Recent Sales in Nebraska
| County | Date Sold | Total Price | Total Acres | $/Acre | Tillable Acres | % Tillable | Soil Score | Soil Score Index | $/NCCPI | Primary Crop (2023) |
|---|---|---|---|---|---|---|---|---|---|---|
| Furnas | 09/17/2024 | $1,059,615 | 156.98 | $6,750 | 151.13 | 96.27 | 64.5 | NCCPI | $105 | Soybeans |
| Furnas | 09/17/2024 | $1,174,275 | 153.50 | $7,650 | 143.26 | 93.33 | 68.5 | NCCPI | $112 | Corn |
| Richardson | 09/09/2024 | $1,296,165 | 152.49 | $8,500 | 123.23 | 80.81 | 63.6 | NCCPI | $134 | Soybeans |
| Fillmore | 09/06/2024 | $1,170,898 | 152.56 | $7,675 | 152.23 | 99.78 | 59.1 | NCCPI | $130 | Soybeans |
| Dawson | 09/04/2024 | $1,250,000 | 156.30 | $7,997 | 150 | 95.97 | 60.3 | NCCPI | $133 | Corn |
| Totals/Averages | $5,950,953 | 771.83 | $6,745 | 719.85 | 93.23 | 63.2 | $122 |
pMarket Trends and Future Projections:
Creighton University Rural Mainstreet Index (RMI)
The Nebraska RMI for September dropped from 36.5 in August to 35.1. The state’s farmland price index for September decreased as well from 43.6 in August to 42.7. Nebraska’s September new-hiring index dropped to 42.7.
Nebraska farmland prices have generally been strong in 2024, with a few key trends and regional variations shaping the market:
-
Steady to Rising Prices in Key Regions: Nebraska’s eastern and central regions, where some of the most productive farmland is located, have seen consistent demand, particularly for irrigated cropland. Prices in these areas have been stable or rising slightly due to strong interest from farmers and investors, especially with competitive crop yields and high soil productivity.
-
Impact of Irrigation and Water Rights: Irrigated land in Nebraska often results in a premium price, especially in areas with reliable water access. Water scarcity or restrictions can affect land values in certain regions, making properties with secure water rights or efficient irrigation infrastructure more valuable. Non-irrigated land may face softer prices, especially if yields have been inconsistent.
-
Influence of Commodity Prices and Input Costs: Higher input costs, like fuel and fertilizer, have pressured profit margins for some farmers. However, as long as commodity prices remain strong, demand for land may continue at a steady pace, keeping values stable.
-
Interest from Investors: Nebraska farmland has seen increased interest from institutional buyers and investors, similar to other Midwest states. This interest, fueled by farmland’s reputation as a solid inflation hedge, has helped support values. Prime properties and large contiguous tracts tend to attract the most attention.
-
Regional Differences and Rural Depopulation: Western Nebraska, which has more marginal and non-irrigated land, typically sees softer prices than the eastern regions. Rural depopulation and economic shifts can also play a role in holding prices down in certain areas where agricultural productivity isn’t as high.
In summary, Nebraska’s farmland market has remained resilient, especially for high-quality, irrigated land in productive regions. While interest rates could temper demand in the near term, strong investor and farmer interest may keep prices relatively stable for the remainder of the year.
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