Colorado Springs Homes and Condos
Farmland Property Values Up 25 Percent
According to a report from Bloomberg News, the value of farmland in several US states has increased by an average of 25 percent over the past year. Earlier this week, the Federal Reserve Bank of Kansas City explained that property values have grown in Northern Plains states like Iowa and Nebraska despite drought and flooding in the region because farm income has increased, driving up demand.
The agency's third quarter survey, which cites figures reported by 243 banks, showed the largest annual increase in average land values since the agency began running the survey in 1994. Among the areas covered by the 10th Federal Reserve District are Kansas, western Missouri, Nebraska, Oklahoma, Colorado and northern New Mexico.
Property values increased in the last twelve months, according to the survey, in all seven states, led by a nearly 40 percent gain in land values in Nebraska. Oklahoma, which was stricken with its worst drought in decades this year, enjoyed the smallest gain in the survey, with prices for non-irrigated farmland up about 11 percent.