Agriculture, Economy

South Dakota farm real estate values increase by 6%

By Searchlight staff, South Dakota Searchlight
August 5, 2024

Cornfield runs right up to a neat and tidy farmstead in southern Union County South Dakota in a photo taken the first week of August 2024. (Photo by Gary Dickson – Siouxland Observer)

The value of all farmland and buildings in South Dakota is up by 6% this year to an average of $2,780 per acre, according to a new report from the U.S. Department of Agriculture.

That’s an increase of $150 per acre compared to last year.

The average value of cropland in the state is now $4,350 per acre, and the average value of pastureland is $1,270 per acre.

Land rental rates are also up. The USDA report says the average irrigated cropland rental rate is up $6 to $225 per acre, the average dryland cropland rental rate is up $5 to $131 per acre, and the average pasture rental rate is up $1.50 to $31.50 per acre.

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