YOUR TEXAS AGRICULTURE MINUTE
Value of Texas ag real estate, cropland and pastureland continues to climb
By Gary Joiner
The U.S. Department of Agriculture’s Land Values 2023 Summary report shows continued increases across the board in agricultural real estate values, cropland values and pastureland values for Texas and for the United States.
The annual report provides one of many indicators of the overall health of the agricultural economy.
The average farm real estate value is a measurement that includes the value of all land and buildings on farms. In Texas, the average value is $2,900 per acre, up 9.4% from last year.
The average value of Texas cropland is $2,590 per acre. That’s 7% higher. The average value of U.S. cropland is $5,460 per acre, an 8.1% increase.
The average value of Texas pastureland is $2,200 per acre, an increase of 7%. The average value of U.S. pastureland is $1,760 per acre, up 6.7%.
The report says U.S. cash rents also jumped, ranging from 4.4% to 7.1% increases across cropland, irrigated and non-irrigated, and pastureland.
The total cropland cash rent value in Texas is $44 per acre. That’s 1% higher than a year ago.
Much of the Midwest had higher real estate values, followed by the South and Pacific Northwest, and finally the Plains and Mountain states.
The preceding commentary is brought to you by Texas Farm Bureau, the “Voice of Texas Agriculture.” Called “Your Texas Agriculture Minute,” TFB will issue thought-provoking editorials each week—via print and audio—to spark understanding of agriculture in the Lone Star State and its impact on each and every Texan.
Media outlets: This content may be used without further permission.