Despite economic headwinds, benchmark farmland values in our four-state territory remain stable.
A modest decline in benchmark values in Iowa was offset by gains in Nebraska, South Dakota, and Wyoming. As a whole, benchmark values improved by 0.8% in the last half of 2025, and 2.7% for the year.
The chart below shows the change in benchmark values by state, going back to 2015. The number of benchmark farms for each state is in parentheses.
Yearly Farmland Value Trends by State
State | 6-Month Change | 1-Year Change | 2-Year Change | 5-Year Change | 10-Year Change |
|---|---|---|---|---|---|
Iowa (21) * | -1.50% | -1.80% | -6.70% | 44.00% | 45.00% |
Nebraska (18) | 1.90% | 1.10% | 1.30% | 48.60% | 31.30% |
South Dakota (22) | 2.20% | 7.90% | 19.00% | 76.20% | 50.50% |
Wyoming (2) | 3.20% | 8.70% | 11.50% | 62.70% | 108.60% |
*The parentheses indicate the number of benchmark operations in each state.
Some of the same factors that pushed farmland values to record levels in 2023 continue to shape the real estate market—tight land supply and financially strong buyers. Last year, the number of cropland tracts sold in Iowa dropped 16% and Nebraska tracts were down 4% from their 2024 levels. South Dakota experienced an uptick in tracts sold, but no-sale auctions in the state also were up.
Strong cattle prices supported demand—and higher values—for pasture. The chart below shows changes in pasture benchmark values. Iowa has no pasture benchmarks.
Benchmark Pasture/Ranch Value Changes
6-Month Benchmark Pasture/Ranch Value Change by State
Our benchmark farmland report includes a combination of cropland, irrigated and non-irrigated and pastureland. Our certified local appraisers update values for the same farm every six months—January and July.
Below are the six- and 12-month change in cropland values in our four states.
Benchmark Cropland Value Change by State
State | 6-Month Change | 1-Year Change |
|---|---|---|
Iowa | -1.60% | -1.70% |
Nebraska | 0.50% | 0.10% |
South Dakota | 1.20% | 5.10% |
Wyoming | 1.80% | 2.30% |
As part of our collaboration with AgCountry Farm Credit Services and Frontier Farm Credit, our appraisal team also tracks benchmark values in eastern Kansas, western Minnesota, much of North Dakota, and central Wisconsin.
Values in these states largely mirror those in our territory. Like Iowa, North Dakota benchmark values dipped. Values as a whole improved, however. For the combined eight states, benchmark values inched up 1.5 percent in the last six months and 2.9% for the year.
6-Month Average Benchmark Land Values Change
Resilience Despite Market Headwinds
Much of the news coming out of agriculture paints a picture of financial distress in the grain industry. Certainly, agriculture faces challenges. Net farm income and working capital are down after two years of tight margins, and pockets of stress exist in the states we serve.
But agriculture entered the downturn with unprecedented levels of working capital, and so far, producers are weathering the cycle. In fact, many have remained profitable because of strong risk management and marketing strategies, adjustments to cost structures, and controlled spending.
This financial strength is supported by benchmark farm values. Individually, benchmark farms reflect their local market. When viewed as a whole, benchmark values cut through some of the noise in the market. Flat values in today’s economic environment points to the real estate market’s continued resiliency.
The average dollar value of all benchmark farms in FCSAmerica at the close of 2025 was $8,299 per acre, down $252 from the peak.
Average Dollar per Acre of All Benchmarks Over the Past 15 Years
Cautious Optimism for 2026
While agriculture will continue to see pockets of pressure, there is reason for cautious optimism as we enter 2026. Cattle operators must manage risk in a volatile market, but supply-and-demand fundamentals continue to support profitability. Corn and soybean prices stabilized in 2025, Congress strengthened crop insurance, and ad-hoc government payments to help offset some of the impact of tariffs came as good news to grain producers.
Barring a major disruption to markets, benchmarks values through July likely will remain stable, with only modest movement up or down.
Farmland often accounts for a majority of a farm's assets. Our webinar reviewed the latest on farmland values and the economic factors driving values, including the latest FCSAmerica data. Watch our previously recorded webinar on land values.
Comprehensive Land Values Report
Our newest semi-annual Land Values Report is now available as a comprehensive analysis of land values in states served by our collaborating associations of FCSAmerica, Frontier Farm Credit, and AgCountry Farm Credit Services. This report covers key trends and data across our 8‑state territory.
