Updated: Jul 10, 2020
By Paul Goeringer and Nerice Millet-Williams
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Each year USDA’s National Ag Statistics Service (NASS) surveys farms to get land value information on cropland and pastureland. The annual survey also takes into account an estimated value of all land and buildings. NASS compares the survey results to the previous year’s results to determine the estimated percent change.
Nationally, the value of all U.S. farmland increased from 2018-19 (table 1). For cropland, the value came at $4,100 per acre in 2019 (table 1). Pastureland increased by 2.19 percent by $30 per acre at $1,370/per acre from 2018 to $1,400/per acre in 2019 (table 1). Farm real estate value, a measurement of all land and buildings on farms, increased by 1.94 percent per acre, or by $60 from $3,100/per acre in 2018 to $3,160/per acre in 2019 (table 1). Farm real estate values hit a 10-year high, and this represents a 47 percent increase from a low in 2010 (table 1).
How did Maryland and Delaware do compared to the rest of the country? Maryland saw cropland, pastureland, and farm real estate values held steady from 2018 values (table 2). Delaware has farm real estate values held steady in 2019 at 2018 values, and cropland increased by 6.42 percent in 2019 (table 3).
In Maryland, farm real estate average value per acre remained steady at $8,060 per acre (table 2). Delaware’s farm real estate values remained stable at $8,950 per acre (table 3).