The North Dakota Chapter of the American Society of Farm Managers and Rural Appraisers (ASFMRA) has released its 19th Annual Agricultural Land Price and Cash Rent Survey.
Thirty-seven 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. The report includes 2015 Sales and Cash Rent Contracts for 55 counties and/or market areas in North Dakota. High and low cropland and pasture prices, as well as cash rents are provided on a per acre basis. The statistical mean (or average) and median is calculated for reported cropland and pasture prices (on a per acre basis).
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. Additionally, reported sales are from Jan. 1, 2015, to Dec. 31, 2015, and there is no consideration given for changes in market conditions during the calendar year. Therefore, this report should never take the place of a well-trained land professional.
A regional index calculated for five geographical areas indicates a minor to moderate decline (minus 2% to minus 13%) of cropland prices for all five (5) reporting regions. The Northwest/North Central indicates the lowest change at minus 2%, while the other four regions range closely, indicating a moderate decline of minus 9% to minus 13%.
The chapter’s State Cropland Index, of which gives equal weight to all 55 reporting counties and/or market areas, indicates a decrease of 9% for reported 2015 North Dakota Cropland Prices (when compared to 2014 prices). This follows a 1% decrease a year ago.
To read the report, click here.