Nebraska Farmland Values and Cash Rental Rates
2024 Preliminary Results
Updated March 12, 2024. Final results will be published in June 2024.
The February 1, 2024, Nebraska all-land average value of $4,015 per acre marks a 5% increase from the prior year. This marks the third consecutive year of increases in the market value of agricultural land in Nebraska, setting another high in the non-inflation-adjusted statewide land value in the survey's 46-year history.
Results are published by region and land type below.
2024 Prelimary Report PDF
2023 Full Report PDF Previous Years Reports About the Survey
Nebraska Agriculture Land Studies Fund
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2024 Survey Highlights
- Land industry professionals responding to the annual survey attributed the rise in Nebraska agricultural real estate values to purchases for farm expansion, current livestock prices, 1031 tax exchanges, the amount of land offerings for sale, and as a hedge against inflation.
- Competition in the industry remained strong as operators faced lower land offerings available for sale. Inflation pressure continued from the prior year as many operations invested in land or purchased agricultural equipment to hedge against future increases.
- The estimated market value of dryland cropland without irrigation potential rose 3% across the state compared to the prior year.
- Center pivot irrigated cropland averaged 4% higher over 2023, with the Northeast, Central, and East leading Nebraska from 5% to 8%. The Northwest, North, South, and Southeast rose between 2% and 4%, while the Southeast declined 3%.
- Modest gains also carried over to gravity-irrigated cropland, with an average increase of 3% in 2024.
- The gains in the grazing land and hayland market values ranged from 6% to 8%. Nontillable grazing land led the three land classes at 8% as operators competed for additional acres due to rising cattle prices.
- Cash rental rates for dryland and irrigated cropland reported changes ranging from a 7% decline to a 5% gain over the prior growing season. Survey participants expressed concerns about drought, input expenses, and water availability for the upcoming growing season in certain regions.
- Pasture and cow-calf pair rental rates trended higher across Nebraska in 2024. The rates increased by approximately 5% to 8% compared to the previous grazing season. Rising grazing land cash rental rates follow higher cattle prices with the decline in national inventories.
Values by Region
Average Value of Nebraska Farmland by Land Type
Land Type | $/Acre | %Change |
All Land Average |
4,015 |
5 |
Center Pivot Irrigated Cropland |
9,115 |
4 |
Gravity Irrigated Cropland |
8,145 |
3 |
Dryland Cropland (Irrigation Potential) |
6,390 |
5 |
Dryland Cropland (No Irrigation Potential) |
4,530 |
3 |
Grazing Land (Tillable) |
1,790 |
7 |
Grazing Land (Nontillable) |
1,175 |
8 |
Hayland |
2,350 |
6 |
Click a region to jump to the corresponding land value and rental rate information.
Due to the inherent limitations of this survey, the information in this report should not be used to set a specific rental rate or value a particular parcel of real property for sale or property taxes, security for a loan, and other related legal matters.
Central
Average Value of Farmland by Land Type
Land Type | $/Acre | % Change |
All Land Average |
4,435 |
5 |
Center Pivot Irrigated Cropland |
9,640 |
8 |
Gravity Irrigated Cropland |
7,425 |
3 |
Dryland Cropland (Irrigation Potential) |
4,415 |
4 |
Dryland Cropland (No Irrigation Potential) |
4,070 |
6 |
Grazing Land (Tillable) |
2,865 |
9 |
Grazing Land (Nontillable) |
2,070 |
2 |
Hayland |
2,815 |
8 |
Average Cash Rental Rates by Land Type
Land Type | $/Acre | % Change |
Center Pivot Irrigated Cropland |
290 |
-5 |
Gravity Irrigated Cropland |
265 |
-2 |
Dryland Cropland |
130 |
-4 |
Pasture |
49 |
8 |
Average Monthly Cash Rental Rates for Pasture
Land Type | $/Month |
Cow-Calf Pairs |
68.05 |
Counties: Buffalo, Custer, Dawson, Greeley, Hall, Howard, Sherman, Valley
East
Average Value of Farmland by Land Type
Land Type | $/Acre | % Change |
All Land Average |
9,730 |
4 |
Center Pivot Irrigated Cropland |
13,690 |
6 |
Gravity Irrigated Cropland |
11,715 |
4 |
Dryland Cropland (Irrigation Potential) |
9,975 |
5 |
Dryland Cropland (No Irrigation Potential) |
8,510 |
2 |
Grazing Land (Tillable) |
4,810 |
4 |
Grazing Land (Nontillable) |
3,125 |
9 |
Hayland |
4,420 |
11 |
Average Cash Rental Rates by Land Type
Land Type | $/Acre | % Change |
Center Pivot Irrigated Cropland |
355 |
3 |
Gravity Irrigated Cropland |
320 |
5 |
Dryland Cropland |
240 |
-2 |
Pasture |
65 |
7 |
Average Monthly Cash Rental Rates for Pasture
Land Type | $/Month |
Cow-Calf Pairs |
66.45 |
Counties: Butler, Cass, Colfax, Dodge, Douglas, Hamilton, Lancaster, Merrick, Nance, Platte, Polk, Sarpy, Saunders, Seward, Washington, York
North
Average Value of Farmland by Land Type
Land Type | $/Acre | % Change |
All Land Average |
1,555 |
7 |
Center Pivot Irrigated Cropland |
5,145 |
2 |
Gravity Irrigated Cropland |
4,630 |
4 |
Dryland Cropland (Irrigation Potential) |
2,470 |
4 |
Dryland Cropland (No Irrigation Potential) |
2,050 |
5 |
Grazing Land (Tillable) |
1,655 |
7 |
Grazing Land (Nontillable) |
980 |
13 |
Hayland |
1,790 |
7 |
Average Cash Rental Rates by Land Type
Land Type | $/Acre | % Change |
Center Pivot Irrigated Cropland |
245 |
2 |
Gravity Irrigated Cropland |
200 |
-5 |
Dryland Cropland |
79 |
3 |
Pasture |
37 |
11 |
Monthly Cash Rental Rates for Pasture
Land Type | $/Month |
Cow-Calf Pairs |
73.95 |
Counties: Arthur, Blaine, Boyd, Brown, Cherry, Garfield, Grant, Holt, Hooker, Keya Paha, Logan, Loup, McPherson, Rock, Thomas, Wheeler
Northeast
Average Value of Farmland by Land Type
Land Type | $/Acre | % Change |
All Land Average |
8,540 |
6 |
Center Pivot Irrigated Cropland |
12,335 |
5 |
Gravity Irrigated Cropland |
9,885 |
1 |
Dryland Cropland (Irrigation Potential) |
9,725 |
9 |
Dryland Cropland (No Irrigation Potential) |
8,135 |
4 |
Grazing Land (Tillable) |
4,280 |
2 |
Grazing Land (Nontillable) |
2,815 |
4 |
Hayland |
3,975 |
3 |
Average Cash Rental Rates by Land Type
Land Type | $/Acre | % Change |
Center Pivot Irrigated Cropland |
370 |
1 |
Gravity Irrigated Cropland |
330 |
5 |
Dryland Cropland |
270 |
2 |
Pasture |
75 |
5 |
Average Monthly Cash Rental Rates for Pasture
Land Type | $/Month |
Cow-Calf Pairs |
70.10 |
Counties: Antelope, Boone, Burt, Cedar, Cuming, Dakota, Dixon, Knox, Madison, Pierce, Stanton, Thurston, Wayne
Northwest
Average Value of Farmland by Land Type
Land Type | $/Acre | % Change |
All Land Average |
960 |
3 |
Center Pivot Irrigated Cropland |
3,375 |
3 |
Gravity Irrigated Cropland |
2,790 |
1 |
Dryland Cropland (Irrigation Potential) |
980 |
-1 |
Dryland Cropland (No Irrigation Potential) |
920 |
2 |
Grazing Land (Tillable) |
755 |
3 |
Grazing Land (Nontillable) |
605 |
5 |
Hayland |
945 |
2 |
Average Cash Rental Rates by Land Type
Land Type | $/Acre | % Change |
Center Pivot Irrigated Cropland |
185 |
-3 |
Gravity Irrigated Cropland |
135 |
-7 |
Dryland Cropland |
36 |
-1 |
Pasture |
16 |
9 |
Average Monthly Cash Rental Rates for Pasture
Land Type | $/Month |
Cow-Calf Pairs |
51.20 |
Counties: Banner, Box Butte, Cheyenne, Dawes, Deuel, Garden, Kimball, Morrill, Scotts Bluff, Sheridan, Sioux
South
Average Value of Farmland by Land Type
Land Type | $/Acre | % Change |
All Land Average |
5,060 |
4 |
Center Pivot Irrigated Cropland |
8,685 |
4 |
Gravity Irrigated Cropland |
8,010 |
2 |
Dryland Cropland (Irrigation Potential) |
4,745 |
5 |
Dryland Cropland (No Irrigation Potential) |
4,305 |
8 |
Grazing Land (Tillable) |
2,835 |
9 |
Grazing Land (Nontillable) |
1,740 |
3 |
Hayland |
2,380 |
5 |
Average Cash Rental Rates by Land Type
Land Type | $/Acre | % Change |
Center Pivot Irrigated Cropland |
320 |
2 |
Gravity Irrigated Cropland |
270 |
4 |
Dryland Cropland |
120 |
4 |
Pasture |
44 |
6 |
Average Monthly Cash Rental Rates for Pasture
Land Type | $/Month |
Cow-Calf Pairs |
57.30 |
Counties: Adams, Franklin, Furnas, Gosper, Harlan, Kearney, Phelps, Webster
Southeast
Average Value of Farmland by Land Type
Land Type | $/Acre | % Change |
All Land Average |
7,320 |
3 |
Center Pivot Irrigated Cropland |
11,610 |
2 |
Gravity Irrigated Cropland |
8,955 |
6 |
Dryland Cropland (Irrigation Potential) |
8,370 |
3 |
Dryland Cropland (No Irrigation Potential) |
6,495 |
1 |
Grazing Land (Tillable) |
3,740 |
8 |
Grazing Land (Nontillable) |
3,050 |
11 |
Hayland |
3,830 |
4 |
Average Cash Rental Rates by Land Type
Land Type | $/Acre | % Change |
Center Pivot Irrigated Cropland |
340 |
1 |
Gravity Irrigated Cropland |
285 |
-2 |
Dryland Cropland |
195 |
-3 |
Pasture |
61 |
9 |
Average Monthly Cash Rental Rates for Pasture
Land Type | $/Month |
Cow-Calf Pairs |
64.35 |
Counties: Clay, Fillmore, Gage, Jefferson, Johnson, Nemaha, Nuckolls, Otoe, Pawnee, Richardson, Saline, Thayer
Southwest
Average Value of Farmland by Land Type
Land Type | $/Acre | % Change |
All Land Average |
2,065 |
2 |
Center Pivot Irrigated Cropland |
5,340 |
-3 |
Gravity Irrigated Cropland |
4,280 |
-2 |
Dryland Cropland (Irrigation Potential) |
2,130 |
2 |
Dryland Cropland (No Irrigation Potential) |
1,825 |
6 |
Grazing Land (Tillable) |
1,220 |
6 |
Grazing Land (Nontillable) |
1,015 |
7 |
Hayland |
1,935 |
10 |
Average Cash Rental Rates by Land Type
Land Type | $/Acre | % Change |
Center Pivot Irrigated Cropland |
220 |
-5 |
Gravity Irrigated Cropland |
190 |
-3 |
Dryland Cropland |
59 |
5 |
Pasture |
28 |
10 |
Average Monthly Cash Rental Rates for Pasture
Land Type | $/Month |
Cow-Calf Pairs |
60.55 |
Counties: Chase, Dundy, Frontier, Hayes, Hitchcock, Keith, Lincoln, Perkins, Red Willow
About the Nebraska Farm Real Estate Market Survey
The Nebraska Farm Real Estate Market Survey is an annual survey of land professionals, including appraisers, farm and ranch managers and agricultural bankers. It is conducted by the Center for Agricultural Profitability, which is based in the Department of Agricultural Economics at the University of Nebraska-Lincoln. Results from the survey are divided by land class and agricultural statistic district. Land values and rental rates presented in the report are averages of survey participants’ responses by district. Actual land values and rental rates may vary depending upon the quality of the parcel and local market for an area. Preliminary land values and rental rates are subject to change as additional surveys are returned.