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The first chart and table below illustrates the change in Oklahoma agriculture land values since the early 1970's. Average cropland, pasture, and all land values are shown in unadjusted nominal terms. The number of sale tracts, average size, and annual percentage change are presented in tabular form. In nominal terms, average Oklahoma agricultural land values have surpassed the previously high levels of the early 1980’s and have recovered from the years of devaluation that followed.

 

Deflated (real) values were computed by dividing average values by the 1st Quarter GDP Price Deflator and multiplying by 100. Given these inflation adjustments, 2021 Oklahoma agricultural values for all land are 37% above their previous peak in 1980. Pasture values have outpaced inflation by 64% since their peak in 1980. Inflation-adjusted levels in 2021 for cropland are still 6% below the real highs observed in 1980. A positive annual change represents a real increase in asset value for the year. Conversely, a negative percentage change represents a real decrease in asset value.

 

Only tracts 40 acres in size or larger selling up to $3,000 per acre are included in the averages through 2007. Beginning in 2008 and once again in 2021, the market ceiling was increased to $6000 and $9000, respectively.  This reflects a higher Oklahoma agricultural real estate market over time. Per acre values shown for cropland and pasture are the averages of tracts having 85%+ cropland and pasture utilization. Because of unavoidable data collection difficulties, relatively less land sale data is available for 1995 and 1996. As a result, caution is advised when analyzing land patterns and trends during this timeframe.

 

 

Cropland and pasture values through time

Chart showing cropland and pasture values 1971 to 2020.

Cropland and pasture tracts are defined as having 85%+ cropland and pasture utilization, respectively.

 

All land values include sale tracts that were not defined as either pasture or cropland.

 

Caution is advised when analyzing average annual land value patterns and trends during 1995 and 1996 due to minimal sales data available.

 

Cropland and Pasture Values through Time: Table

 

 

 

Pasture values as a percent of cropland values through time Chart showing pasture values as a percent of cropland values through time.

Cropland and pasture tracts are defined as having 85%+ cropland and pasture utilization, respectively.

 

 

 

Read about the annual average of nominal and deflated Oklahoma Land Values from 1971 - 2021. This table covers the annual average of all sales, tracts 85%+ pastures and tracts 85%+ cropland in Oklahoma.

 

 

 

Nominal and deflated agricultural land values, all land

Chart showing nominal and deflated agricultural land values through 1971 to 2020

Caution is advised when analyzing average annual land value patterns and trends during 1995 and 1996 due to minimal sales data available.

 

 

 

Nominal and deflated values, pasture

Pasture value gragh from 1971 to 2020.

Caution is advised when analyzing average annual land value patterns and trends during 1995 and 1996 due to minimal sales data available.

 

Pasture tracts are defined as having 85%+ pasture utilization.

 

 

 

Nominal and deflated values, cropland

Chart showing nominal and deflated values, cropland from 1971 to 2020

Caution is advised when analyzing average annual land value patterns and trends during 1995 and 1996 due to minimal sales data available.

 

Cropland tracts are defined as having 85%+ cropland utilization.

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