Despite the under-performing residential and commercial real estate markets, the price of farm real estate is breaking records across the nation, and the American West is taking the lead. According to a report released by the USDA’s National Agricultural Statistics Service, farm real estate values have increased by 8.8 percent from January 2007 to January 2008 nationwide. In Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming, values have increased 120 percent since 2004. Montana, Utah and Wyoming are above the rest – Montana saw a 168.3 percent and Utah saw a 139 percent increase since 2004, and Wyoming experienced a 19.6 percent jump between 2007 and 2008 alone. The report says this is mainly due to “strong commodity prices and farm programs, outside investments, favorable interest rates and tax incentives” coupled with “livestock prices, recreational use and urban development” driving the demand for pasture. Read the full article at NewWest.net.
Graphic: Courtesy of NewWest.net.
One Response to “Farm real estate values continue to rise”
Crystal
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