Nominal and Deflated Oklahoma Agricultural Land Values

Tracts >= 40 Acres Selling for <=$3,000/Acre

Annual Average
 
 
NV - Nominal Value/A, $
DV - Deflated Value/A (year 2000 $)
YC – Yearly Change in Deflated Values
  
   
         
Year 1st Quarter GDP Price Deflator (2000=100)** All Sales Tracts 85%+ Pasture Tracts 85%+ Cropland
                     
    NV DV YC NV DV YC NV DV YC
                     
             
             
1971 28.91 216 746 163 564 315 1091
1972 30.16 226 748 0.3% 174 576 2.1% 313 1037 -4.9%
1973 31.85 290 911 21.8% 231 725 25.7% 466 1464 41.1%
1974 34.73 341 981 7.6% 262 755 4.2% 524 1509 3.1%
1975 37.99 383 1008 2.8% 280 738 -2.2% 622 1636 8.4%
             
             
1976 40.19 421 1046 3.8% 314 781 5.9% 679 1689 3.3%
1977 42.74 483 1131 8.1% 362 846 8.2% 712 1667 -1.3%
1978 45.76 502 1097 -3.0% 398 870 2.9% 765 1672 0.3%
1979 49.55 572 1153 5.1% 463 933 7.3% 824 1664 -0.5%
1980 51.01 664 1302 12.9% 565 1108 18.7% 902 1768 6.3%
             
             
1981 59.02 678 1149 -11.8% 524 888 -19.9% 987 1671 -5.5%
1982 62.73 670 1068 -7.0% 502 800 -9.8% 949 1513 -9.5%
1983 65.21 559 857 -19.8% 418 642 -19.8% 896 1374 -9.2%
1984 67.66 564 834 -2.7% 482 712 10.9% 809 1195 -13.0%
1985 69.71 415 595 -28.6% 336 482 -32.2% 591 848 -29.1%
             
             
1986 71.25 334 469 -21.2% 280 394 -18.4% 489 687 -19.0%
1987 73.2 324 442 -5.8% 289 395 0.2% 468 639 -6.9%
1988 75.69 305 403 -8.9% 263 347 -12.0% 495 655 2.4%
1989 78.56 356 453 12.5% 293 372 7.3% 583 743 13.4%
1990 81.59 346 425 -6.3% 280 344 -7.7% 577 707 -4.8%
             
             
1991 84.44 337 399 -6.1% 294 348 1.2% 508 601 -14.9%
1992 86.38 340 393 -1.4% 292 338 -2.9% 512 593 -1.4%
1993 88.38 379 429 9.1% 346 391 15.9% 530 600 1.2%
1994 90.26 392 434 1.3% 354 393 0.3% 537 595 -0.9%
1995* 92.11 369 401 -7.7% 305 332 -15.5% 252 273 -54.1%
             
             
1996* 93.85 381 406 1.3% 321 342 3.0% 476 507 85.6%
1997 95.41 404 424 4.3% 346 363 6.1% 447 469 -7.5%
1998 96.47 475 492 16.1% 469 486 34.1% 564 585 24.8%
1999 97.87 521 532 8.2% 532 543 11.7% 573 585 0.1%
2000 100 698 698 31.1% 751 751 38.2% 676 676 15.5%
             
             
2001 102.4 670 654 -6.3% 723 706 -5.9% 702 686 1.5%
2002 104.09 746 716 9.5% 824 792 12.1% 691 664 -3.2%
2003 106 781 737 2.8% 847 799 1.0% 714 673 1.4%
2004 108.24 865 799 8.5% 943 871 9.0% 829 766 13.8%
2005 111.76 967 865 8.3% 1043 933 7.1% 924 827 7.9%
             
             
2006 115.53 1097 949 9.7% 1225 1061 13.8% 908 786 -5.0%
2007 118.96 1229 1033 8.8% 1377 1158 9.2% 908 764 -2.8%
2008 121.51 1285 1057 2.4% 1408 1159 0.1% 1167 961 25.8%
             
*Caution is advised when analyzing average annual land value patterns and trends during 1995 and 1996 due to minimal sales data available.

SOURCE: Johnson, B. and R. Lukassen, Nebraska Farm Real Estate Market Developments 2008-2009, University of Nebraska-Lincoln Extension, http://agecon.unl.edu/realestate/re2009.pdf.