Northwest Sees Estimated Increase in Farmland Values
BOISE, Idaho (AP) — Agricultural land values in the Northwest increased this year while the national average is unchanged. The Capital Press reported on Tuesday that the U.S. Department of Agriculture's National Agricultural Statistics Service estimates the average value of cropland increased in Idaho, Oregon and Washington from the previous year.
The average value of Idaho cropland increased 3 percent to $3,400 per acre. Washington's average cropland value is $2,890 per acre, which is up 4.7 percent. The average value in Oregon increased 4.8 percent to $2,860 per acre. The national average value of cropland is unchanged at $4,090 per acre.
Northwest Farm Credit Services Vice President Doug Robison says a combination of interest rates, land supply and investors has "provided strong support for land values."