By Blake Jackson
The University of Missouri Extension is calling on Missouri's landowners, agricultural lenders, rural appraisers, and anyone with firsthand knowledge of land transactions to participate in the annual Missouri Farmland Value Opinion Survey.
This survey plays a vital role in capturing valuable data on land transactions across the state. It gathers information on sales of cropland, pastureland, timberland, and recreational or hunting land that occurred in the past calendar year.
"Our survey data provides a crucial supplement to the statewide estimates offered by the USDA's National Agricultural Statistics Service (NASS)," explains Juo-Han Tsay, MU Extension assistant professor and the survey organizer. "This additional information allows stakeholders to gain a more accurate picture of land value trends within specific regions."
Tsay emphasizes the importance of participation from across the state, including urban areas. "The survey's success relies on a diverse range of responses," he says. "The data we gather serves as a valuable resource for Missourians."
The 2023 survey received over 300 responses and revealed significant increases in farmland values. Hunting and recreational land saw the highest jump, with an increase of 14%.
Additionally, the average price of good nonirrigated cropland reached $8,631 per acre statewide, while irrigated cropland averaged $9,678 per acre.
Interestingly, the 2023 survey participants predicted continued land price increases in 2024, particularly in western Missouri. "We're eager to collect this year's data and see if those predictions hold true," says Tsay.
Anyone with knowledge of a land transaction – sellers, buyers, lenders, appraisers, or real estate agents – is encouraged to participate. Individuals can submit multiple responses to account for several transactions.
The survey results will be categorized by region and made publicly available on the MU Extension website alongside data from previous years. The deadline to submit responses is August 15, 2024. Tsay encourages all Missourians with relevant knowledge to participate in this important survey.
Participants can complete the survey in 5-10 minutes at https://missouri.qualtrics.com/jfe/form/SV_0pnYLWWu8zn7cuq.
Photo Credit: istock-alenamozhjer
Categories: Missouri, Government & Policy