The value of non-irrigated land increased by 14 percent in the Show-Me state from 2020. The rise extended beyond cropland, values likewise bumping up for pasture, timberland, and hunting/ recreational land.
According to the latest Missouri Farmland Values Opinion Survey report from University of Missouri Extension, buyers of Missouri property in 2021 paid more for land than buyers in 2020.
Agricultural economist Ray Massey led the survey, and projects the upswing in land values will continue. Massey said higher land values will result in higher cash rental rates, and also may lead to an increase in the tax base, allowing communities to collect more revenue.
The survey collected responses from 88 Missouri lenders, farmers, rural appraisers and others familiar with Missouri land values.
Good nonirrigated Missouri cropland averaged $6,326 per acre in 2021 — an increase of 14 percent from 2020. Irrigated cropland averaged $7,132 per acre in 2021, an 11 percent increase from 2020.
Pastureland values were reported as a state average of $3,781 per acre. Compared with 2020, values grew by 12 percent in 2021. Land used for timber or hunting and recreation also increased in value in 2021.
Missouri tracts used for hunting or recreation averaged $3,162 per acre in 2021 — an 18 percent year-over-year change. In 2021, Missouri timberland values averaged $3,070 per acre, which was 17 percent higher than 2020. The full report can be found here.