The market value of agricultural land in Nebraska declined by 2 percent over the prior year to an average of $3,935 per acre, according to the preliminary results of the 2025 Nebraska Farm Real Estate Market Survey. This marks the first decline in the market value of agricultural land in Nebraska since reaching the record non-inflation-adjusted statewide land value in the survey's 46-year history in 2024.
The University of Nebraska-Lincoln's Department of Agricultural Economics annually surveys land industry professionals across Nebraska, including appraisers, farm and ranch managers, agricultural bankers, and related industry professionals. Results from the survey are divided by land class and summarized by the eight Agricultural Statistic Districts of Nebraska.
Land industry professionals responding to the annual survey attributed the drop in Nebraska agricultural real estate values to current crop prices, interest rate levels, and farm input costs commonly used by operations across the state. Lower crop prices for commodities grown across the state have tightened the financial positions of many operations. Interest rates have raised borrowing costs for leasing or real estate purchases. Farm input costs and current interest rates present elevated financial pressure and influence land or agricultural equipment investment decisions.
The 2024 preliminary results revealed the average farmland value in the Northwest region was one percent higher, $965 per acre, for the reporting year ending February 1, 2024. The Northwest region includes Banner, Box Butte, Cheyenne, Dawes, Deuel, Garden, Kimball, Morrill, Scotts Bluff, Sheridan, and Sioux counties.
Table 1 reports the eight major types of land reported in the survey and the average value of each type for the Northwest region. Table 2 shows the reported cash rental rates for various types of land. Values are reported in dollars per acre unless otherwise noted. Actual agricultural land values or rental rates for an individual parcel will vary from reported figures depending on the area’s quality attributes and local market forces.
Dryland and irrigated cropland rental rates trended lower across Nebraska in 2025 (Table 2). Survey participants indicated that lower crop prices contributed to declining cropland rental rates. Favorable crop production across major grain-producing regions of the United States in 2024 has positioned prices lower for the upcoming growing season. Input prices for seed, fertilizer, and chemicals have stabilized but remain high for critical inputs. Including flexible lease provisions can help reduce price uncertainty and production risks when setting up a cash lease agreement for the upcoming year.
Rental rates for pasture and cow-calf pairs rose across Nebraska in 2025 (Table 2). The rates increased compared to the previous grazing season. Rising cash rental rates for grazing land are linked to increased cattle prices and shifts in national livestock inventories. Cash rental negotiations should incorporate early removal provisions to address drought considerations for the growing season.
The level of service the landlord or tenant provides affects the rental rates for cow-calf pairs included in the lease. Considerations for the leases involve the party responsible for maintaining fences, controlling noxious weeds or brush, and paying utility bills for livestock wells. As indicated in Table 2, the high third quality for cash rent may reflect some of these negotiated lease provisions.
Land values and rental rates presented in this report are averages of survey participants’ responses by district. Actual land values and rental rates may vary depending on the quality of the parcel and the local market for an area. Also, preliminary land values and rental rates are subject to change with the return of additional surveys. The final results from the survey will be published in June 2025.
To view the complete report, visit: https://cap.unl.edu/realestate or contact Jessica Groskopf, 308-632-1247, jgroskopf2@unl.edu
| Table 1. Average Value of Agricultural Land, Northwest Region, 2024 UNL Farm Real Estate Market Survey Preliminary Results | |
| Type of Land | Average Value (% Change) |
| All-Land Average | $965 (+1%) |
| Hayland | $960 (+2%) |
| Dryland Cropland (No Irrigation Potential) | $915(-1%) |
| Dryland Cropland (Irrigation Potential) | $990 (+1%) |
| Grazing Land (Non-tillable) | $630 (+4%) |
| Grazing Land (Tillable) | $770(+2%) |
| Gravity Irrigated Cropland | $2,695 (-3%) |
| Center Pivot Irrigated Cropland | $3,215(-5%) |
| Table 2. Average Cash Rental Rate, Northwest Region, 2024 UNL Farm Real Estate Market Survey Preliminary Results | |
| Type of Land | Average Cash Rent (% Change) |
| Dryland Cropland | $35 (-2%) |
| Pasture | $16 (+2%) |
| Gravity Irrigated Cropland | $130 (-3%) |
| Center Pivot Irrigated Cropland | $175 (-5%) |
| Cow-calf pair, per month | $54.65 (+7%) |
