Department of Agricultural Economics Extension

Statewide Comparison of Cropland and Pasture Values

  • Cropland and pasture values through time (chart, table)

  • Pasture values as a percent of cropland values through time (chart)

  • Nominal and deflated cropland and pasture values (table)

  • Nominal and deflated agricultural land values, all land (chart)

  • Nominal and deflated values, pasture (chart)

  • Nominal and deflated values, cropland (chart)

The chart and table in the first alternative above illustrates the change in Oklahoma agricultural land values since the early 1970’s. Average cropland, pasture, and all land values are shown in nominal terms. The number of tracts and the average size of each sale tract included for each average are shown in the table. Average Oklahoma agricultural land values have surpassed the previously high levels of the early 1980’s and have recovered from the years of devaluation that followed.

Deflated (real) values were computed by dividing average values by the 3rd Quarter GDP Price Deflator and multiplying by 100. Given these inflation adjustments, 2017 Oklahoma agricultural values for all land are 13% above their previous peak in 1980. Pasture values have outpaced inflation by 40% since their peak in 1980. Despite significant rates of appreciation for cropland in recent years, inflation-adjusted levels in 2017 are still 19% below the real highs observed during the mid-1970’s. A positive annual change represents a real increase in asset value for the year. Conversely, a negative percentage change represents a real decrease in asset value.

Only tracts 40 acres in size or larger selling up to $3,000 per acre are included in the averages through 2007 and less than or equal to $6000 since 2008. Per acre values shown for cropland and pasture are the averages of tracts having 85%+ cropland and pasture, respectively. Because of unavoidable data collection difficulties, relatively less sale data is available for 1995 and 1996. As a result, averages shown for both years may not be representative of the land market conditions during that time and caution is advised in its employment.

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