The cost of land, including farmland, in the United States in 2020 averaged $3,160 per acre. Crop land averaged $4,100. Both were unchanged from 2019.
In 2020, the highest farm and crop land values were in states such as Massachusetts, New Jersey, California, Iowa, Illinois, Indiana and Ohio.
Land prices have remained fairly consistent over the past few years and the expectations for 2021 are that they will continue to be strong. Factors that are supporting the strong market include low interest rates, a low supply of land for sale and a high demand for high-quality all types of land nationwide. Amidst the pandemic that hit in 2020, many individuals are seeking land as an investment either as a retreat outside of the urban areas or cropland as a longer-term investment.
As the leader in land sales nationwide for nearly a century, United Country Real Estate has land professionals, including ALC (Accredited Land Consultant) certified, across the United States who can help you sell your land for top dollar, or buy your next piece of land. Visit www.UnitedCountry.com to find an agent near you.
Sources:
https://www.profarmer.com/land/market-trends/will-recent-surge-land-prices-continue-2021
