(NAFB.com) – USDA says the value of all farm real estate increased five percent compared to last year. The average price is $4,170 per acre, and that includes buildings and other facilities. Cropland values increased to $5,570 per acre from last year. That’s a jump of $350 per acre, more than 4.7 percent higher. The average pasture value was $1,830 an acre, up 5.2 percent, or $90 per acre, compared to 2023. Farmers paid an average price of $160 per acre to rent cropland. Renting irrigated ground averaged $245 an acre. Dryland rents were about $146 per acre on average. Most states saw higher cropland values. The Corn Belt saw cropland values climb by an average of 4.5 percent, reaching $8,560 an acre. In the Northern Plains, average cropland value rose 6.6 percent to $4,040 per acre. Colorado, Montana, and New Jersey were the only states to see a decrease.