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Nebraska Farm Real Estate Market Highlights 2010-2011, Bruce B. Johnson, Sara Van Newkirk, Tyler Rosener

Nebraska Farm Real Estate Reports

The Department of Agricultural Economics, UNL has conducted a state-wide study of agricultural land markets each year for the past 33 years. The state is richly endowed with productive agricultural land, which results in Nebraska ranking among the top five states in agricultural production. A primary aspect of the UNL land market series is an annual land market panel survey conducted February 1 of each year. In the 2011 survey, some 130 panel reporters from across the state provided their professional insight into the dynamics of the agricultural land markets in their areas of the state. These individuals are closely …

Nebraska Farm Real Estate Market Highlights 2009-2010, Bruce B. Johnson, Ryan Lukassen, Tyler Rosener

Nebraska Farm Real Estate Reports

NOTE: Due to UNL budget constraints, the following is an abbreviated version of the historical annual report series. It essentially maintains the key data sets and briefly highlights the recent findings. It is available as a down

Nebraska Farm Real Estate Market Developments 2000-01, Bruce B. Johnson, Peter Brummels, Lance Kuenning

Nebraska Farm Real Estate Reports

Despite turbulent economic conditions in the state's agricultural sector, Nebraska's agricultural land values and cash rent levels remain on a generally stable course. In the February 2001 UNL Nebraska Farm Real Estate Developments Survey, the all-land average of $709 per acre was up 1.5 percent from year-earlier levels. Together with all-land average changes of the previous two years, the 2001 level is essentially unchanged from early 1998 value levels.

While the overall value level has been steady, the "choppiness of economic waters" is reflected in modest value movements in both directions across various land types and regions of the state. …

Nebraska Farm Real Estate Market Developments 1997-98, Bruce B. Johnson

Nebraska Farm Real Estate Reports

Nebraska's 47 million acres of agricultural real estate is currently valued at nearly $35 billion, averaging more than $700 per acre. Only four other states have a higher-valued farm real estate base.

The value of agricultural land in Nebraska rose an average of 8.6 percent during the year ending February 1, 1998. Based upon the annual UNL Farm Real Estate Market Survey series, this represented the 11th consecutive year of value increases for the state's all-land average.

The three districts which comprise the eastern third of the state experienced the largest percentage gains in all land values, approaching 10 percent …

Nebraska Farm Real Estate Market Developments 1996-97, Bruce B. Johnson, Bart Miller

Nebraska Farm Real Estate Reports

Agricultural real estate values in Nebraska rose an average of 7.6 percent during the year ending February 1, 1997, with the all-land average value climbing to $654 per acre. This represented the tenth consecutive year of value increases, but the percentage increase was the largest for the all-state average since 1988. The basis of these findings is the UNL Farm Real Estate Market Survey now in its 20th year.

Land value increases occurred across the entire state, although largest gains were associated with cropland in the predominantly cash-grain areas. A combination offavorable crop prices, good yields in 1996, and transition …

Nebraska Farm Real Estate Market Developments 1995-96, Bruce B. Johnson, Bart Miller

Nebraska Farm Real Estate Reports

Nebraska's agricultural land values generally moved upward during the year ending February 1, 1996; although variation was rather pronounced. For the state as a whole, the increase averaged 4.5 percent and represented the ninth straight year of value increases.

Cropland values were higher throughout the state as crop commodity prices pushed to 20-year highs by the end of 1995. Dryland cropland values generally rose 5 to 6 percent, with gains of 9 percent recorded in the East District of the state. Gravity irrigated land rose an average of 5 percent while center pivot irrigated land values rose over 7 percent …

Nebraska Farm Real Estate Market Developments 1991-92, Bruce B. Johnson

Nebraska Farm Real Estate Reports

Nebraska's agricultural land values moved slightly upward during 1991 as the market operated in a mode of relative stability. The 15th annual UNL farm real estate market survey recorded an overall state average increase of 3.7 percent for the 12-month period ending February 1, 1992. This rate of change matched the u.s. rate of inflation during 1991, so in real (purchasing power) terms, there was essentially no change in average value.

Most market observers saw no apparent change in volume of market activity during 1991 from the previous year. Estate settlement and retirement constitute the primary reasons for agricultural real …

Nebraska Farm Real Estate Market Developments 1990-91, Bruce B. Johnson

Nebraska Farm Real Estate Reports

Agricultural land values rose 4 percent during 1990, although the pattern varied widely across the state. The annual increase represented the fourth straight year of increase according to the University of Nebraska annual Farm Real Estate Market Survey series; yet the 1991 average value remained at about two-thirds of the peak value recorded 10 years earlier.

Largest percentage gains in value were reported in the Central Crop Reporting District where the all-land average rose 10 percent. In contrast, the Southeast District recorded a slight decline in the all-land average.

By type of land, grazing land values usually showed the largest …

Nebraska Farm Real Estate Market Developments 1988-89, Bruce B. Johnson, Terry Akeson

Nebraska Farm Real Estate Reports

The year, 1988, was one of considerable real estate market activity and rising agricultural land values. These trends were evident across the state according to 1989 Nebraska Farm Real Estate Market Survey reports. The survey revealed an average rate of increase of 25 percent during the 12-month period ending February 1, 1989. This increase, however, represents a percentage change from a base value that reflects several years of declines. In fact, even with the 1988 advances, 1989 land values remain considerably below peak levels of the early 1980s.

A succession of high income years for production agriculture, in large part …

Nebraska Farm Real Estate Market Developments 1987-88, Bruce B. Johnson, Joel Young

Nebraska Farm Real Estate Reports

Agricultural land values turned upward during 1987, after registering six successive years of decline. The University of Nebraska-Lincoln 1988 Farm

Real Estate Market Survey reported a 13 percent gain for the 12-month period

ending February 1, 1988. Increases were evident for virtually all types of agricultural land and in all areas of the state, although there was variation in magnitude among the substate regions.

The reversal of the long-term decline in agricultural land values stems primarily from improved farm income levels. Also, the preceding devaluation has positioned agricultural land values such that earnings have become more competitive with alternative investment …

Nebraska Farm Real Estate Market Developments 1986-87, Bruce B. Johnson

Nebraska Farm Real Estate Reports

The market value for Nebraska farmland continued to fall during 1986 but generally at a more moderate rate of decline than that of previous years. Results of the 1987 Nebraska farm real estate market survey indicate that afarmland values fell 9.7 percent for the 12 month period ending February 1, 1987. this current rate of decline is considerably less than the 23.5 percent decrease reported last year (1986) and 24.7 percent decline during 1985.

Farmland values have declined the past six consecutive years across the state. By 1987, the average value for Nebraska farmland had dropped 59 percent from its …

Nebraska Farm Real Estate Market Developments In 1983-84, Bruce B. Johnson, Ronald J. Hanson

Nebraska Farm Real Estate Reports

Farm real estate values across Nebraska continued to decline even further during 1983 and into 1984. Nebraska farmland values have now trended downward for more than three and one-half consecutive years. For the year ending February 1, 1984, farmland values decreased more than 8 percent. Moreover, a special mid-year survey for 1984 indicates that the average land values have declined another 8 percent since February 1. Continued financial problems in the farming sector have forced many owners to put their land on the market. Coupled with little demand among potential buyers, this increased number of land tracts offered for sale …

A Cross Sectional Analysis Of Agricultural Land Prices In Nebraska 1978-1982, Gordon L. Carriker, Charles E. Curtis, Bruce B. Johnson

Nebraska Farm Real Estate Reports

Land Value expectations are important to land owners, agricultural producers, lenders, governmental agencies, and other parties. Greater understanding of land values and the factors involved in their determination is therefore beneficial to the decision-making process.

The analysis of farmland values has been a major focus on the agricultural economics profession for several decades. Early research focused primarily on the measurement of the relationship of income levels to land values. In more recent years, econometric models have attempted to uncover additional economic factors which influence the value of farmland.

Econometric models have used many quantification techniques ranging from single-equation ordinary least …

Nebraska Farm Real Estate Market Developments In 1982-83, Bruce B. Johnson, Ronald J. Hanson

Nebraska Farm Real Estate Reports

Farmland values in Nebraska continued to decline during 1982 On the average, values as of February 1, 1983 were about 11 percent below year-earlier levels. The continuation of a recession plagued farm economy and stiff monetary efforts to combat inflation definitely contributed to this land market weakness.

In nominal terms, current land values are comparable to 1979 levels. However, after adjusting for inflation, current values in real (purchasing power) dollar terms are basically equivalent to those of .the mid-1970's.

For most areas of the State and most types of land, land values "peaked" by 1981 after nearly a decade of …

Nebraska Farm Real Estate Market Developments In 1981-82, Bruce B. Johnson, Ronald J. Hanson

Nebraska Farm Real Estate Reports

Nebraska farm real estate values declined nearly 4 percent during the past year. The reasons are quite obvious -- low farm income, changing inflation expectations, and continued high interest rates. The combination of these fac­ tors has drastically altered what was a "bullish" land market up until 1980.

During the 1970's, farmland values were appreciating rapidly. The average increase was approximately twice the rate of inflation. The real value (purchasing power)of farmland doubled during this decade. Financial leveraging was extremely profitable for farmland investors and land prices were quickly bid up.

The past year represents quite a contrast. Adding an …

Nebraska Farm Real Estate Market Developments In 1980-81, Bruce B. Johnson, Ronald J. Hanson

Nebraska Farm Real Estate Reports

Farmland values have steadily appreciated over the past four decades, but the largest advances have occurred since 1971. During the last ten years, Nebraska farmland values have increased nearly twice as fast as inflation.

However, the past year ending February 1, 1981, was an exception. Farm­land in Nebraska appreciated about 10 percent, which was comparable to the overall rise in the General Price Level. So, in real terms (purchasing power), farmland values were essentially stable across the State during the last year.

Considerable variation in value trends across Nebraska was evident in the findings of the Department of Ag Economics …

Nebraska Farm Real Estate Market Developments In 1979-80, Bruce B. Johnson, Ronald J. Hanson

Nebraska Farm Real Estate Reports

The Department of Agricultural Economics conducted its third annual farm real estate market survey for 1979-80. Questionnaires were mailed in January, 1980 to nearly 500 survey reporters across Nebraska which included rural ap­praisers, real estate brokers, professional farm managers, and farm mortgage lenders.

These reporters estimated the average per acre value of farmland in their respective or surrounding counties as of February 1st for both 1979 and 1980 by the major land uses for that area. With exception of center pivot irrigated land in the Northwest Crop Reporting District, land values generally demonstrated strong gains during 1979 with the largest …