Between 2010 and 2015, change in inflation-adjusted average farm real estate values (the value of farmland and buildings) varied widely across the 48 contiguous States. The value of farm real estate is expected to change over time to reflect changes in expectations for income streams from future use—including both agriculture and nonagricultural uses.
Over 2010-15, the largest State percentage increases in farm real estate values occurred in the Northern Plains and Midwest regions, presumably based on expectations of high farm-based earnings.
In contrast, while farmland values in the Northeast region are typically among the highest in the country, this is largely due to urban proximity rather than agricultural returns, and declines in farm real estate values generally reflect regional impacts from the downturn in the residential housing market.
Source:usda.gov