The average value of farmland across all or parts of eight central and northern states held relatively stable in 2025, according to three farm credit lenders.
The semi-annual appraisal update of the lending coops’ 93 benchmark farms finds values inched up 1.5% the last six months of 2025 and 2.9% annually.
The update covers Iowa, Nebraska, South Dakota, Wyoming, eastern Kansas, western Minnesota, eastern and northern North Dakota and central Wisconsin.
More specifically farmland values rose a slim 0.8% across the 63 benchmark farms in Iowa, Nebraska, South Dakota and Wyoming the last half of 2025 and 2.7% for the year.
Conducting the regular appraisal update is Farm Credit Services of America, Omaha Neb., Frontier Farm Credit, Manhattan, Kan., and AgCountry Farm Credit Services, Fargo, North Dakota.
In their analysis of their findings, the financial coops comment: “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. The number of tracts on the market declined in most states, some by nearly a third. Meanwhile, fewer public auctions ended in no sales.
“Much of the news coming out of agriculture paints a picture of financial distress in the grain industry,” they continue. “Certainly, pockets of producers face 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,” they note, “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. Flat values in today’s economic environment points to the farm real estate market’s continued resiliency,” they conclude.
Looking at cropland benchmarks, the update finds a 1.5% six-month decline in Iowa with a 1.7% decrease for the year. North Dakota registers a 3.1% six-month decline and a 4% annual decrease, The other six states register gains with Wisconsin up a whopping 22.8% six-month surge due to due to strong dairy operations and specialized markets such as vegetable crops. In the remaining stages, six-month gains ranged from 0.5% in Nebraska to 3.9% in Minnesota. Kansas records the strongest annual increase at 8.6%.
Pasture values rose due to strong cattle prices with Nebraska pacing gains with a 12.8% six-month rise. It marks an 11,8% annual gain. Kansas, the Dakotas and Wyoming posts 2.1% to 7.5% six-month increases and 4.4% to 18.4% annual gains.