According to a North Dakota Department of Trust Lands study, North Dakota average cropland values declined about 4 percent in 2015. A report by the North Dakota Chapter of the American Society of Farm Managers and Rural Appraisers found the decline to be greater — 9 percent in 2015. Swenson expects land values to drop by another 5 to 10 percent in 2016.
An 11-year streak of land values increasing an average of 15 percent annually. Say what?The declines come on the heels of an 11-year streak of value increases averaging 15 percent annually.
1,000
|
|
Year 1
|
1,150
|
Year 2
|
1,323
|
Year 3
|
1,521
|
Year 4
|
1,749
|
Year 5
|
2,011
|
Year 6
|
2,313
|
Year 7
|
2,660
|
Year 8
|
3,059
|
Year 9
|
3,518
|
Year 10
|
4,046
|
Year 11
|
4,652
|
2015
|
4,420
|
********************************
Illinois Follows Suit
Also, Illinois farm land values drop significantly in 2015.
... annual farmland values report found land rated “excellent” using the University of Illinois’ productivity index sold for an average of $11,737 per acre in 2015, an 8 percent decline from the previous year.
Land rated as “good” averaged $8,756 per acre, also an 8 percent decline, while land with “average” yields sold for $6,215 per acre, a 9 percent decline.
“We’ve had over 18 years of increasing farmland values, and that’s a historically very long run,” Klein said.
Similarly rated land in an 11-county region of the western part of the state that includes Peoria County posted average prices per acre in 2015 of $5,500 for average, $7,800 for good and $12,000 for excellent.Apparently the Chinese and the Wasabi Arabs have quit buying US farmland; now they are buying water rights. LOL.
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