The average value of cropland in Minnesota and Iowa slid this year, but continues to be more than the national average.
The USDA land value study, released this month, says that the average value of an acre of Minnesota cropland is $4,810. In Iowa, that value is much higher — $7,260. The national average is $4,100.
Those same acres in Minnesota were valued at $4,950 in 2018, a 2.8% drop. In Iowa, the value dropped 0.4%, from $7,290.
Overall, cropland values in the United States are up, from 5.3% in the Pacific states to 1.2% in the Appalachian states. However, values in the Corn Belt — Illinois, Indiana, Iowa, Missouri and Ohio — were down 0.2% and in the Great Lake states of Michigan, Wisconsin and Minnesota were down 1.0%
Farmland in California is the nation's most expensive at $12,830 per acre. The cheapest acreage is in Montana at $1,040.
In another report, the average cropland rental rental rates also dropped, down from $167 per Minnesota acre in 2018 to $164 per acre in 2019. In Iowa, rental rates stayed about the same, $230 this year compared to $231 last year.
In 2016, the Iowa Chapter of the Realtors Land Institute released a study about trends in farmland there. Among the findings:
• Farmers are still the primary buyers.
• There is good competition for high-quality farms.
• Recreational land is selling.
For land values:
For rental rates: