Missouri landowners, lenders, appraisers invited to complete Farmland Value Opinion Survey

COLUMBIA, Mo. — Missouri’s landowners, agricultural lenders, rural appraisers and others with firsthand knowledge of land transactions are invited to respond to the annual Missouri Farmland Value Opinion Survey.

This University of Missouri Extension survey captures information on land transactions that have occurred in the calendar year, including those for cropland, pastureland, timberland and recreational and hunting land. Juo-Han Tsay, MU Extension assistant professor and survey organizer, said the survey is a helpful complement to USDA’s National Agricultural Statistics Service (NASS) data.

“Stakeholders rely on our farmland value data to supplement NASS’ annual statewide estimates for a more accurate glimpse into land value trends in their area,” Tsay said in a press release. “MU Extension collects this information as a service to Missourians; and for the survey to be successful, we need responses from across the state, including our urban areas.”

The 2023 survey included more than 300 responses and revealed significant increases in farmland values, with the highest rise (14%) seen in hunting and recreational land. Good non-irrigated cropland stood at a statewide average of $8,631 per acre, while irrigated cropland was estimated at a statewide average of $9,678 per acre.

“Respondents of our 2023 survey said they expected land prices to increase in 2024, particularly in the western region of Missouri,” said Tsay. “We look forward to collecting responses and determining if last year’s predictions were accurate.”

Tsay said individuals with knowledge of a land transaction, whether they were the seller, buyer, lender, appraiser or real estate agent, are eligible to submit information. Individuals can also submit multiple responses to record multiple land transactions.

Results from the 2024 survey will be broken into regional estimates based upon category and will be publicly available on the MU Extension website, along with survey results from previous years.

Participants can complete the anonymous survey in 5-10 minutes at http://muext.us/landvaluesurvey24.

Tsay encourages Missourians to submit responses before the deadline of Aug. 15.