The U.S. farm real estate value, the measurement of all land and buildings on farms, averaged $4,080 per acre in 2023, up $280, or 7.4 percent, per acre from 2022, according to a report from the National Agricultural Statistics Service.

In Indiana specifically, farm real estate value averaged $9,100 per acre, up 13.8 percent from last year. Indiana is one of nine states with farm real estate values higher than $8,400 per acre, the highest tier listed in the report. The state with the highest farm real estate value is Rhode Island, with a whopping $18,300 per acre average.

Average cropland value, the worth of land used to grow field crops, vegetables or hay, also increased, with the country averaging $5,460 per acre. Indiana’s average cropland value increased by 8.4 percent to $8,400 per acre.

Average pasture value saw the smallest growth, with the country averaging $1,760 per acre, a growth of 6.7 percent. In Indiana, average pasture value increased by 5.6 percent to $2,850 per acre.