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Prices and rents for agricultural land depend on supply and demand. Prices/rents rise when the supply of farmland on the market reduces. Landholders then put more land on the market – causing prices to fall. Conversely, land prices/rents fall when the demand for agricultural land declines because of falls in the returns from holding and using it.
From 2017 to 2022, the average value per acre of all American farmland grew from $4,368 to $5,354, an increase of nearly 23%.
Although four million farms disappeared in the United States between 1948 and 2015, total output from the farms that remained more than doubled. The number of farms with more than 2,000 acres (810 ha) almost doubled between 1987 and 2012, while the number of farms with 200 acres (81 ha) to 999 acres (404 ha) fell over the same period by 44%. [12]
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Depending on local competition for farmland, prices have been “really variable,” she said. The highest per-acre farmland sale was $30,000 in Sioux County in 2022.
The agricultural policy of the United States is composed primarily of the periodically renewed federal U.S. farm bills.The Farm Bills have a rich history which initially sought to provide income and price support to US farmers and prevent them from adverse global as well as local supply and demand shocks.
By December 1913, in Champaign, Illinois, the statewide association was created and named the Illinois Association of County Agriculturalists. By mid-1914, the association was up from just four to thirteen members. Soon, the Illinois Association of County Agriculturalists was changed to what we know today, the Illinois Agricultural Association.
Some jurisdictions further subdivide agricultural zones to distinguish industrial farming from uses like rural residence farms and retirement farms on large lots. [3] One example of such zoning is the Agricultural Reserve in Montgomery County, Maryland. The reserve was established in 1980 to preserve farmland and rural space. [4]