State farmland value increases by double digits

Posted by South Dakota Real Estate

June 19, 2007

Last year was another year of double-digit increases in farmland value in the state, according to the annual farm real-estate market survey by South Dakota State University. Ag land values rose 14.4 percent from 2006 to 2007.

The biggest increase in valuations was on the eastern side of the state.

Counties in northwest South Dakota — an area that includes Butte, Harding and Perkins counties — saw an overall increase in land values of 11.3 percent. On average, the agricultural land in those counties went from $256 per acre to $285 in 2007.

The southwest area of South Dakota, which includes Fall River, Pennington and Jackson counties, was up 12.6 percent from last year’s value. The values increased from $286 per acre in 2006 to $322 an acre in 2007, on average.

The largest percentage increase from last year took place in the northeast region of the state. Land there increased 21.1 percent, from an average of $1,174 per acre to $1,422.

Farmland values in South Dakota have doubled since 2002 and tripled since 1996.

The Rapid City Journal

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