U.S. farmland prices increased 12.4 percent over the last year, according to new data from the Department of Agriculture. USDA’s National Agricultural Statistics Service released the 2022 Land Values Summary Friday afternoon. The report shows the U.S. farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,800 per acre for 2022, up $420 per acre from 2021. The U.S. cropland value averaged $5,050 per acre, an increase of $630 per acre, or 14.3 percent, from the previous year. Finally, the U.S. pasture value averaged $1,650 per acre, an increase of $170 per acre, up 11.5 percent from 2021. In the Corn Belt region, cropland values increased 15.3 percent from $6,880 per acre in 2021, to $7,930 per acre in 2022. New Jersey and California have the highest average cropland values, with Ney Jersey at $15,900, up 7.4 percent from 2021, and California at $15,410, up 11.2 percent from last year.