North Dakota agricultural land values soar by 10.6% in 2010.
The North Dakota Land Valuation Model for 2010 estimated average land values by county based on crop and non-crop production. The average value per acre of all agricultural land in North Dakota increased by 10.6% from 2009 to 2010, with cropland value up by 11.5% and non-cropland value up by 1.7%. The increase in land values was mainly due to higher crop production values, driven by market price increases in 2007 and 2008. The change in crop revenue led to land value changes ranging from -1.6% to +21.8% by county. The capitalization rate change increased land valuations by 3.8% in all counties, while the cost of production index decreased land values by 5.3% in all counties.