The Farmland Price Index (FPI) shows farmland values trending higher nationally in 2026. The FPI increased in the first two quarters of 2026 compared to the same periods last year, according to initial data. This marks a divergence from 2025, when the index was largely flat compared to the previous year. Still, the stable outlook for overall farm incomes in 2026, largely due to elevated government payments, continues to provide support for farmland values nationally.
The Farmer Mac Farmland Price Index powered by AcreValue® (FPI) is a proprietary index developed by Farmer Mac and AcreValue. It is built upon raw farm sales data on a per-acre basis, with each sale weighted based on the value of agricultural production within the property state.
The FPI shows farmland transaction prices trending higher nationally again in 2026 after plateauing the past couple of years. Of course, the generally flat FPI in 2024 and 2025 could be attributed to a combination of rising farmland values in portions of the country and weaker values elsewhere. For example, robust profitability of livestock producers, combined with near-record government agricultural payments, likely contributed to stronger farmland prices in many Midwestern and Plains states throughout 2024 and 2025. Along the West Coast, though, various permanent crops faced weak profitability, pulling down average transaction prices during those same years. In 2026, even as crop producer profitability continues to be squeezed by weaker commodity prices and elevated input costs, the FPI has started trending higher. Livestock profitability remains historically strong in 2026, especially among cattle ranchers. Furthermore, prices for many permanent crops continue to recover, including almonds and pistachios, and there is increased clarity surrounding water availability, both of which may have supported farmland values on the West Coast in 2026.
Higher transaction prices lifting the FPI in 2026 reflect trends observed in farmland value benchmarks. The USDA’s annual Land Values report showed farmland values rising 3.4% nationally in 2026 compared to 2025. This marked the sixth consecutive year of growth in this key yardstick for U.S. farmland values. Moreover, regional farmland indices affirmed the farmland value growth story observed in the FPI and USDA data. The Federal Reserve Bank of Chicago reported that farmland values rose 3% in the Seventh District in Q1 2026. Meanwhile, the Federal Reserve Banks of Kansas City and St. Louis reported that non-irrigated farmland values rose 2.4% and 2.6% in Q1 2026 in the Tenth and Eighth Districts, respectively. So, while margins have compressed in recent years for many agricultural producers, the upward movement in farmland prices in 2026 suggests continued resilience in farmland values.
About the Index
The Farmer Mac Farmland Price Index powered by AcreValue® offers a quarterly snapshot of U.S. farmland value trends using sales transaction and appraisal data, validated with Farmer Mac market insights. Published on Farmer Mac's website and Bloomberg (FAMCFPI), the index provides farmers, lenders, investors, and policymakers with a timely, data-driven view of national farmland market conditions.
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The Farmer Mac Farmland Price Index powered by AcreValue® (“FPI”), including related data and analyses, is provided for general informational purposes only and is not intended for investment or trading purposes or as investment, financial, tax, or legal advice. The FPI is not intended to constitute or substitute for an appraisal or other determination of the value of any particular property and should not be relied upon for purposes of valuing any particular property or making any lending, investment, transaction, or trading decision. Historical changes in the FPI are not indicative of future changes in farmland values.
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