January 29, 2018
Fargo, ND – The North Dakota Chapter of the American Society of Farm Managers and Rural Appraisers (ASFMRA) has released their 21st Annual Agricultural Land Price and Cash Rent Survey.
Thirty-four land professionals across the great State of North Dakota contributed land sales and rental data to this year’s report. The report includes reported data from actual 2017 land sales and new or existing (multi-year) cash rental contracts.
High and low cropland, pasture, and cash rent by county are provided on a per acre basis. The statistical mean (or average) and median is calculated for reported cropland and pasture prices.
Report readers are asked to keep in mind any assumptions made from the report could be misleading, especially given the wide variety of physical characteristics found in each county. Additionally, reported sales are from January 1st, 2017 to December 31st, 2017, and there is no consideration given for changes in market conditions during the calendar year. Therefore, this report should never take the place of a well-trained land professional.
A regional cropland index calculated for five geographical areas indicates moderate decline in the Red River Valley (minus 9%) with only minor change (minus 2% to plus 3%) for the other regions.
The Chapter’s State Cropland Index, of which gives equal weight to 55 reporting counties and/or market areas, indicates a minor decrease of 3% for reported 2017 North Dakota Cropland Prices, of which follows a moderate 8% and 9% decrease the prior two years.