SIOUX FALLS, August 4, 2008 -- South Dakota farm real estate value, including land and buildings, averaged $990 per acre on January 1, 2008, up 21 percent from 2007, according to the South Dakota office of USDA's National Agricultural Statistics Service. This is an increase of $170 over the 2007 value of $820 per acre, and is the fifteenth consecutive year of increasing values. This is the highest farm value on record, as values have nearly doubled in the last five years. The U.S. farm real estate value of $2,350 for 2008 is up 9 percent from January 1, 2007.

The average value for cropland also continues to climb, increasing 20 percent over last year. The average value for cropland in South Dakota is now $1,500 per acre, up from $1,250 a year earlier. The value of non-irrigated cropland increased 20 percent to $1,490 per acre, up $250 from 2007. The value of irrigated cropland rose 16 percent from 2007 and is now $1,970 per acre, compared to $1,700 last year. Pastureland value in 2008 is now $500 per acre, up 19 percent from $420 in 2007.

The South Dakota average cash rent for non-irrigated cropland increased 15 percent over the previous year’s estimate. The average cash rent for non-irrigated cropland in South Dakota in 2008 is $65.00 per acre, compared to the 2007 estimate of $56.50. The average cash rent for pastureland also increased, from $13.80 in 2007, to $15.90 in 2008. Nationally, cropland cash rent increased 13 percent from 2007 and is now estimated at $96.00 per acre. The 2008 U.S. pastureland average rent increased 8 percent from 2007 and is now estimated at $13.00 per acre.

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