Farm real estate prices rose year-over-year nationally, as every state saw gains in land values, according to an annual report from the Ag Department. The value of land and buildings on farms rose 4.3% this year, to $4,350, the agency said after a survey of more than 28,000 operations conducted April–June.
Cropland costs increased 4.7%, to $5,830 an acre, and pasture value rose 4.9%, to $1,920 an acre.
Every state reported increases in overall farmland land value. Michigan had the highest increase in land value at 7.8%; Tennessee at 7.7%; South Dakota at 6.8%; and Ohio, Texas and Utah each at 6.1%.
Average farmland values ranged from a low of $725 an acre in New Mexico to $22,500 in Rhode Island.
Below is the breakdown of land values for the four states in the Northern Ag Network region:
Montana
The average farm real estate value in Montana was up 2.5% from 2024 at $1,230/acre. Cropland specifically was up 3.1% at $1,320/acre.
Irrigated cropland was up 5.6% percent in Montana at $4,350/acre, whereas as dryland farm ground was up 1.9% at $1,050/acre.
Pasture values saw an increase of 3.% year over year in Montana to $920/acre.
Taking a longer term look, in the last 5 years all farm real estate in Montana is up 34%, irrigated land up 45%, dryland up 27%, and pasture values up 35%.
Wyoming
In Wyoming, the average farm real estate value is up 2.6% at $1,000/acre.
Irrigated cropland is valued at $3,360/acre up 1.8% from last year and non-irrigated land is up 3.7% at $1,130/acre. All cropland is estimated at an average value of $2,000/acre, up 2% from 2024.
Pasture values in Wyoming at also up 2% from last year at $755/acre.
Since 2020, Wyoming farm real estate is up 33% in value, irrigated ground up 36%, dryland crop ground up 35% and pasture land values are up 30%.
North Dakota
North Dakota farm real estate came in with an average value of $2,360 per acre up 4.4% from 2024.
Cropland in North Dakota is valued at $2,710/acre, which is up 4.2% and pasture is estimated at $1,140/acre up 8.6%.
The 5-year trend shows all farm real estate in North Dakota up 37%, cropland up 40%, and pasture values up 44%.
South Dakota
All farm real estate in South Dakota had an average value of $2,970/acre in 2025 up 6.8% from the previous year.
South Dakota cropland was estimated up 6% at $4,610/acre and pasture values pegged at $1,340/acre up 5.5%.
Comparing back to 2020’s land values in South Dakota, farm real estate is up 48% in value, all cropland up 52%, and pasture values are up 28%.
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USDA/Northern Ag Network
