Farmland values jump 13 percentPublished 3:53pm Friday, August 9, 2013
The value of agricultural land in Michigan shot up almost 13 percent in the past year, averaging $4,800 per acre according to numbers released by the USDA National Agriculture Statistics Service Great Lakes Regional Office.
The Lakes States region — comprised of Michigan, Wisconsin and Minnesota —averaged $4,660 per acre, an increase of 11.5 percent from 2012.
The increase marks at least the third straight year of strengthening values, outpacing the other Lakes States and far ahead of the $2,900 national average.
Pasture land in Michigan is valued at $2,700 per acre; that’s an eight-percent increase from last year and more than double the national average of $1,200 per acre.
Michigan’s cropland value increased 15 percent from 2012 to $4,600 per acre, comparing favorably to the $4,000 per acre national average.