BOISE, Idaho — Agricultural land values in Idaho, Oregon and Washington increased this year while the national average remained unchanged.
Estimations from the U.S. Department of Agriculture's National Agricultural Statistics Service showed that average values of cropland in the Northwest increased in 2017 from the previous year, The Capital Press reported on Tuesday.
The average value of Idaho cropland was estimated to be $3,400 per acre, a 3 percent increase from $3,300 per acre in 2016. The estimates for both irrigated and non-irrigated cropland also increased 3 percent to $5,150 per acre and $1,460 per acre, respectively.
The average value of cropland in Oregon increased 4.8 percent to $2,860 per acre, with irrigated cropland averaging $4,850 per acre and non-irrigated cropland at $2,120 per acre.
Washington's average value of cropland was estimated at $2,890 per acre, which is up 4.7 percent. The irrigated cropland was at $8,700 per acre, while non-irrigated cropland was at $1,380 per acre.
The national average value of cropland is unchanged at $4,090 per acre, which remained below the averages in 2015 and 2014.
Trends in agricultural land value have shown gains on an annual basis though overall transaction counts are declining, Northwest Farm Credit Services Vice President Doug Robison said.
"The combination of limited supply, investor appetite and low interest rates have provided strong support for land values," Robison said. "Land values have been surprisingly resilient over the past few years. High-quality farm land remains in tight supply."