The North Dakota Chapter of the American Society of Farm Managers and Rural Appraisers (ASFMRA) has released its 17th Annual Agricultural Land Price and Cash Rent Survey.
Thirty-four land professionals across the great State of North Dakota contributed data to this year’s report, making it the most comprehensive report of its kind. This year’s report features some formatting changes and enhancements.
Report readers are asked to keep in mind any assumptions made from the report could be misleading, especially given the wide variety of physical characteristics found in each county.
Therefore, this report should never take the place of a well-trained land professional.
The report includes 2013 Sales and Cash Rent Contracts for 56 counties and/or market areas in North Dakota. High and low (cropland and pasture) prices as well as cash rental contract amounts are provided on a per acre basis. The statistical mean (or average) and median is calculated for reported cropland and pasture prices.
It is important to note that the reported data is only a “snapshot” of 2013 and does not account for changes in market conditions throughout the calendar year. As most are aware, there was a significant adjustment to many commodity prices from the first quarter to the last quarter of 2013.
A regional index calculated for five geographical areas indicates moderate growth (11%-24%) of cropland prices in all five (5) reporting regions. The Red River Valley indicates the lowest change at +11%, while the Northeastern Counties indicated the largest change at 24% higher than 2012 prices. 2013 cropland prices indicate a “slow-down”, after the same regions indicated a strong growth of 32% to 45% from 2011 to 2012.
Our Chapter’s State Index, of which gives equal weight to all 56 reporting counties and/or market areas, indicates an increase of 17% for reported 2013 North Dakota Cropland Prices (when compared to 2012 prices). This follows a 39% increase a year ago.