USDA: Georgia farmland values up nearly $400 per acre in 2023

Source: GA Farm Bureau

Georgia farm real estate values, a measurement of the value of all land and buildings on farms, went from $3,960 per acre in 2022 to $4,350 in 2023, according to the Land Values and Cash Rents report released Aug. 4 by the USDA’s National Agricultural Statistics Service (NASS).

All cropland (a combination of irrigated and non-irrigated cropland) averaged $4,200 per acre in 2023, up from $3,820 in 2022. Irrigated cropland values went from $4,600 per acre in 2022 to $4,800 per acre in 2023. Non-irrigated cropland increased from $3,500 per acre in 2022 to $3,950 per acre in 2023. Pastureland averages $4,600 per acre in 2023. NASS did not provide a pastureland average value for 2022.

Georgia cash rents increased from $135 per acre in 2022 to $149 per acre in 2023 for all cropland. Irrigated cropland rents increased from $221 per acre in 2022 to $234 per acre in 2023. Non-irrigated cropland rented for an average of $73.50 per acre in 2022 and increased to $75 per acre in 2023. Average pasture rent in 2023 is $31 per acre.

Nationwide, farm real estate value averaged $4,080. For all cropland, the average value surged from $5,050 per acre in 2022 to $5,460 per acre in 20223. NASS did not provide a breakdown of national irrigated/non-irrigated cropland values. Pastureland value is $1,760 on average in 2023.

Cash rent paid to landlords for all cropland in the United States increased $7.00 to $155.00 per acre in 2023. Cash rent for pasture increased to $15.00 per acre in 2023, up $1.00 from 2022.