The value of farmland across eight midwestern states served by three farm credit cooperatives held steady through the first half of 2026.
The associations’ appraisal teams studied more than 1,700 arms-length transactions in their service areas of north central Wisconsin, western Minnesota, much of North Dakota, South Dakota, Wyoming, Nebraska, Iowa and eastern Kansas in the process of updating appraisal values on 93 benchmark farms.
Result: Farmland values rose an average of 1.9% across the region.
The three associations are AgCountry Farm Credit Services, Fargo, N.D., Farm Credit Services of America, Omaha, Neb. and Frontier Farm Credit, Manhattan, Kan.
“Durability in the real estate market reflects continued producer liquidity, strong balance sheets and persistently limited availability of ground,” the associations state. Iowa was the only state to mark a decline, “although the dip was modest, suggesting the market may be stabilizing after recent softening,” they state.
Cropland values improved in the other seven states. Central Wisconsin notched the strongest gain (7.1%) to an average value of $8,724 an acre. The increase is partly due to competition for ground suitable for vegetable and potato production, they note.
In North Dakota, a six-month rise of 0.3% lifted slightly during the annual decline of 2.6%. That brings the average per-acre value of cropland benchmark farms to $5,457. In Nebraska, a 1.3% increase brings average per-acre values to $8,916. Cropland values in Minnesota improved 1.2% for a per-acre value of $7,920. South Dakota and eastern Kansas saw a similar gain of 3.5% and 3%, respectively. The average per-acre value of benchmark cropland in South Dakota stands at $7,978. In eastern Kansas, the average value is $7,543. Wyoming cropland is up 4.4% for an average per-acre value of $4,72. Iowa cropland is down 0.7% in the past six months compared to -2.6% year over year. The average benchmark value in the state is $13,469 per acre.
Pasture values also increased, most notably in South Dakota and North Dakota. “However, pasture appreciation slowed in the first half of 2026,” they note. “While the cattle sector remains strong, values have already moved substantially higher, financing costs remain elevated and buyers have become more selective about carrying capacity, water access, fencing and location.”
Well capitalized producers remain the key drivers of demand, accounting for nearly 90% of all buyers. “Their financial strength allows them to compete for high-quality ground in the right location. We continue to see pockets of higher-than-expected sale prices due to competition,” they state.
Limited offerings also continue to support the market. “Sales trends were mixed across our states in the first half of 2026, but where they were down compared to the same period last year, the decline was notable,” they note.
Sales activity in Kansas, Minnesota, Wisconsin, and Wyoming, is at least half what it was through July 2025. To date, Minnesota sales are down 68%; Wisconsin is off 57%. Wyoming and eastern Kansas recorded 59.3% and 80% fewer sales, respectively. Total sales of Nebraska dryland are down 50%, while irrigated land sales are off 30%. South Dakota has seen 45% fewer sales, Iowa, 37.5%, and North Dakota, 11%. Iowa was the only state where public auctions increased in the first half of 2026. The number of no sale auctions in the state is down. At 3.1%, they returned to historical averages.