NASHVILLE, TN – USDA’s 2025 state-level cropland value report shows farmland values continuing to rise, though at a slower pace than in recent years. Nationally, average cropland values increased 4.7% from 2024 to 2025, with Utah (+9.7%), Michigan (+8.2%), and Tennessee (+7.8%) leading the way. According to David Widmar with Agricultural Economic Insights (www.AEI.ag), all reporting states posted year-over-year gains.
Looking over the longer term, values have climbed steadily since 2018 after several years of declines. Since that low point, Kansas leads the nation with a 67% increase, followed by Nebraska (+55%) and Oklahoma (+52%). Eastern Corn Belt states like Ohio, Kentucky, and Tennessee have gained more than 50%, while Indiana and Illinois posted more modest growth of about 33%.
Over the past 25 years, annual average gains have been highest in the North Great Plains — South Dakota (+8.9%), North Dakota (+7.5%), and Nebraska (+7.4%). At that pace, Widmar says, South Dakota farmland has doubled in value three times since 2000, compared to twice for Indiana, which saw 5.3% annual growth.
While the pace of appreciation has cooled in some states — Iowa’s 5.1% increase in 2025 is below its 6.9% long-term average — cropland remains a strong long-term investment. Total returns are even higher when factoring in cash rental income and property tax considerations.