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Farm real estate values spike in Florida, Tennessee and Virginia

By Jeff Ishee


A new report just published by the U.S. Department of Agriculture indicates agriculture land values in Virginia jumped by 10.4% over the past year. The value of cropland in the Old Dominion increased by 8% while pasture values increased by 13.6%.


The USDA reported 2024 values in Virginia at:


  • Pasture                                       $5,090 per acre (up 13.6%)

  • Cropland                                    $5,930 per acre (up 8%)

  • General farm real estate         $5,850 per acre (up 10.4%)


The new report was published by USDA’s National Agricultural Statistics Service and is entitled “Land Values – 2024 Summary.” Released on August 2, it indicates that only Florida and Tennessee saw a larger increase in land values than Virginia. Farm real estate values in Florida jumped by 13.4% from 2023 to 2024. In Tennessee, the increase was at 10.7%.


By comparison, agricultural land real estate values increased only moderately in other states, including Indiana at 3.3%; West Virginia at 3.6%; Pennsylvania at 1.7%; and South Carolina at 3.2%.



Image and data credit: USDA NASS



The survey indicates that farm real estate values in Virginia have increased by 28% over the past 4 years.


Only the state of Minnesota exceeded the increase of pasture land values seen in Virginia. From 2023 to 2024, Minnesota's pasture values were up by 13.9%, while in Virginia they increased by 13.6%.


Nationwide, the United States farm real estate value (a measurement of the value of all land and buildings on farms) averaged $4,170 per acre for 2024, up $200 per acre (5 percent) from 2023.


According to the USDA, the estimates of land values in this report are based primarily on the June Area Survey, conducted during the first two weeks of June.




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