(NAFB) – Farmland values across the country climbed this year and hit record levels despite challenges like rising interest rates and extreme weather, according to data from the federal government.

The Department of Agriculture found that U.S. farm real estate values, which includes all land and buildings on farms, increased 7.4 percent over the past year. Cropland values have grown 8.1 percent since 2022. Nationwide value of farm real estate and cropland also increased sharply from 2021 to 2022, 12.4 percent and 14.3 percent, respectively.

Additional reports from the Federal Reserve Bank of Chicago, and the Federal Reserve Bank of Kansas City, confirm the USDA data. Farmland Partners Inc. President and CEO Luca Fabbri says, “These studies and similar reports coming from farm country show that the farmland market is still strong and adding value.” Farmland Partners is an internally managed real estate that owns and/or manages nearly 186,000 acres in 20 states.