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Angus Journal

Copyright © 2014
Angus Journal

Land Real-estate Trends Shared

Pasture and cropland values continue to trend up.

NASHVILLE, Tenn. (Feb. 5, 2014) — Limited supply, increasing land prices and the potential for increasing interest rates are factors shaping current farm and ranch real-estate trends. John Knipe, of Boise, Idaho-based Knipe Land Co., provided an update of real-estate trends being seen across the country during a session Feb. 5 at the 2014 Cattle Industry Convention in Nashville, Tenn.

Knipe Land Co. serves the Northwestern states of Washington, Oregon, Montana, Nevada and Idaho with a focus on farm and ranch real estate.

Knipe said that during the past four months real-estate prices have been noted to be going up. A 2013 USDA report pegged the average land price at $2,900 per acre. Knipe said, “We feel that’s low.”

Regionally, he noted that the average land price is up in most regions, including 25% from a year ago in the Northern Plains and 16% in the Corn Belt.

Cropland values across the nation averaged $4,000 per acre in 2013, up 13% from a year ago.

Pasture land (dryland) values in the United States averaged $1,200 per acre in 2013, which is up about 4% from a year ago. In the Plains, pasture land prices are up 18% from last year.

“The trend is that all land areas have gone up in value,” Knipe said. “There is demand, but supply is low so prices are high.”

For the future, Knipe said he anticipates the real-estate increases will continue, but the pace of cropland price appreciation will slow.

Noting that an increase in interest rates is highly plausible, Knipe suggested that anyone planning to buy in the next year, “Lock in low interest rates now if you plan to buy.”

As part of his presentation, Knipe also shared several interesting points:

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