Despite a rally in commodity prices and ad hoc government payments, North Dakota farmland values and rents have been reluctant to change much. That’s according to data from the North Dakota Department of Trust Lands survey. Farmland values are up 1.7 percent and cash rents increased seven-tenths (0.7) of a percent, relative to last year. Since 2018, land values have inched upward year after year. The highest values remain in the southern Red River Valley at $4,234 per acres on average. The largest change in cash rents was in northeastern North Dakota with 3.5 percent growth. Only two regions in north central and southeastern part of the state showed a decline in cash rents of approximately one percent. Pastureland rental rates and land values have recovered somewhat from last year’s decline. That according to data from the North Dakota Department of Trust Lands survey. Statewide average pastureland rental rates increased three percent to $17.90 per acre. Pastureland values increased 1.9 percent to nearly $833 per acres in 2021. Rental rates trended upward in the north-central, south-central and southeastern regions, while declining modestly in the northwest, southwest and the east-central regions. Pastureland values showed some wide swings, with the northwestern region of North Dakota increasing 16 percent, while the southeastern region declined nearly ten percent.
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