NCREIF US Row Crop Farmland Appreciation Remained Positive in 2024

By: Matt Harrod

NCREIF US Row Crop Farmland values increased by 2.6% year over year (red line in the nearby chart, continuing a downward trend since peaking at about 10% in 2022. Quarter over quarter appreciation came in at 0.3% in (blue line in the nearby chart). Both stubbornly remained positive despite lower commodity prices and farm income in 2024.

With commodity prices having recovered somewhat and indications from cyclical patterns in appreciation, we expect US row crop farmland appreciation to bottom out and move sideways in 2025 somewhere between 1.5% and 2.0%. There are some very notable regional exceptions to positive appreciation in the 2024 figures. We will address those in the next few days.