U.S. farm real estate values rose 5% during 2002, increasing in all states except Kansas, where values held steady, according to USDA's Agricultural Land Values and Cash Rents report.
Cropland values rose 4.2%, with pastureland values rising 5.1%. The average acre of cropland sold for $1,720/acre as of Jan. 1, 2003, with pasture values averaging $618/acre.
Regional increases in farm real estate values ranged from 3.4% in the Pacific region to 7.6% in the Lake region. Cropland values rose 4.7% in the Corn Belt and 2.6% in the Northern Plains.