Megan Hughes, specialist in the Department of Agricultural Economics at Kansas State University Research and Extension, spoke about Kansas agricultural land values during a webinar Feb. 25.
Citing the U.S. farm sector balance sheet from USDA, Hughes explained that farmland accounts for about 80% of a farm’s assets. In 2025, Kansas farmers reported owning an average of $1.8 million to $1.9 million in farmland, up from an average of $1.4 million in 2024.
Still, debt-to-asset ratios were staying low and stable, which is a good signal in the long run for farm financial health, Hughes said.
Farmers report their farm real estate values in USDA surveys, and the trend following the 1980s farm crisis has been a rapid rise in values, with a more recent softening of the market. For the past year or so, Hughes said, economists have been predicting more softening in land values, or slower growth.
“As of Aug. 1, 2025, we are sitting at about $3,100 per acre for the average for Kansas acres,” Hughes said. That accounts for dryland, irrigated and grass acres. When split out, the weighted average of irrigated and nonirrigated cropland is about $3,440 per acre.
While land values are still increasing, they are doing so by a smaller amount, Hughes said. She calculated a compound annual growth rate of about 5.4% per year over the period. So as an investment, farmland is still generally increasing, Hughes said, with about a 6% increase in value per year, but still above inflation.
The Kansas Agricultural Values and Trends 2025 book is available now at agmanager.info. Hughes said there are differences with K-State’s reporting because the university uses sales data from the state, rather than self-reported valuations.
K-State shows the same softening value trend, with slight decreases across the land types, but not statistically significant drops. It indicates stability, Hughes said.
Individual markets are variable, though. She noted the percent change in average dollars per acre from 2024 to 2025 included:
- Western. Dryland ranged from a ‒2.7% change in the west-central region to a ‒12.6% change in the southwest. Pasture and hay ground ranged from a ‒7.9% change in the west-central region to a ‒19.4% change in the northwest.
- Central. Dryland ranged from a ‒6.6% change in the central to a growth of 7.7% in the north-central region. Pasture and hay ground ranged from a ‒2.1% change in the north-central region to a growth of 11% in the south-central region.
- Eastern. Dryland ranged from a ‒3.5% change in the east-central region to a ‒1.6% change in the northeast. Pasture and hay ground ranged from a ‒6.9% change in value in the northeast to an increase of 3.6% change in value in the southeast.
Irrigated cropland saw average dollars per acre drop across the state in 2025. West-central irrigated acres saw the largest decrease of ‒8.3%, while southwest irrigated acres only decreased in value by ‒0.05%.
To see Hughes’ full presentation and slides, visit agmanager.info/news/recent-videos/winter-wednesday-webinar-3-kansas-land-values-slides-and-recording.
Meanwhile, real estate companies reported the following auction results:
Finney County. About 293 acres of dryland south of Garden City, Kan., sold at auction March 2. The land sold for $2,850 per acre. The seller was John H. Craft. Rural Realty Co., Leoti, Kan., handled the sale.
Russell and Osborne counties. About 1,045 acres of land sold in four tracts at auction Feb. 24. Tract 1 was 471 acres of grass pasture northeast of Paradise, Kan., that sold for $1,650 per acre. Tract 2 was 253 acres of dryland and recreational land with waterways, northeast of Luray, that sold for $1,425 per acre. Tract 3 was 163 acres of dryland and wildlife habitat, south of Luray, that sold for $1,700 per acre. Tract 4 was 157 acres of dryland and wildlife habitat, also south of Luray, that sold for $1,700 per acre. The seller was Black Forest Farms LLC. BigIron Realty handled the sale.
Decatur County. About 320 acres of dryland and grass south of Jennings, Kan., sold in one tract at auction Feb. 17 for $1,500 per acre. The parcel offered ideal access along 2400 Road, along with a good water well on the grass. The sellers were Mark and Tia Carter. Farm & Ranch Realty, Colby, Kan., handled the sale.
Sumner County. About 77 acres of level dryland, currently planted to wheat, located near Wellington, Kan., sold at auction Feb. 5 for $3,500 per acre. The sellers were Leon and Wayne Hoffman. BigIron Realty handled the sale.
Barton and Rice counties. About 355 acres of cropland sold at auction Feb. 3 in three tracts. Tract 1 was 156 acres of established alfalfa on irrigated land with subsurface drip irrigation, and another 77 acres of permanent wetland easement, located west of Hoisington, and it sold for $3,200 per acre. Tract 2 was 79 acres of dryland, also west of Hoisington, and it sold for $2,175 per acre. Tract 3 was 40 acres planted to alfalfa, east of Claflin, and it sold for $3,500 per acre.
Yuma County, Colo. About 315 acres of dryland, north of Kirk, Colo., sold in one tract at auction Feb. 10 for $1,750 per acre. The parcel was located on the north side of U.S. Highway 36, with 80 acres of growing wheat and the remainder in clean wheat stubble ready for planting. The seller was the Trinity Bible College of Ellendale, N.D. Farm & Ranch Realty Inc. handled the sale.
To include a land auction in this monthly report, please email jennifer.latzke@farmprogress.com, or call 620-253-5497.