Despite economic headwinds, benchmark farmland values in our territory remain stable.
A modest decline in benchmark values in North Dakota was offset by gains in western Minnesota and central Wisconsin. As a whole, benchmark values improved by 2.8% in the last half of 2025, and 1.8% 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 |
|---|---|---|---|---|---|
Minnesota (10) | 4.80% | 0.50% | 2.10% | 60.80% | 72.30% |
North Dakota (11) | -2.70% | -1.50% | -1.20% | 60.90% | 78.20% |
Wisconsin (2) | 22.80% | 26.60% | 26.60% | 65.40% | 78.60% |
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 western Minnesota, for example, declined 32.7% compared to 2024.
Benchmark values also have benefited from strong cattle prices, and the resulting demand for pastureland. While North Dakota cropland declined in value as a whole, pasture benchmarks improved 7.5% and 16.2% for the past six and 12 months, respectively. Minnesota and Wisconsin do not have benchmark pastures.
The chart below shows the change in benchmark cropland in the past six and 12 months.
Benchmark Cropland Value Changes
Our benchmark farmland report includes a combination of cropland and pastureland. Our certified local appraisers update values for the same farms every six months—January and July.
As part of our collaboration with Farm Credit Services of America (FCSAmerica) and Frontier Farm Credit, our appraisal team also tracks benchmark values in Iowa, eastern Kansas, Nebraska, South Dakota, and Wyoming.
Values in these states largely mirror those in our territory. 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 AgCountry at the close of 2025 was $6,452 per acre.
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 upcoming webinar will review the latest on farmland values and the economic factors driving values. Register for our upcoming 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 Farm Credit Services of America (FCSAmerica), Frontier Farm Credit, and AgCountry Farm Credit Services. This report covers key trends and data across our 8‑state territory.
