OHIO — Farmland throughout the United States is certainly valuable. A new report from Farmers National Company says a limited supply is creating a strong demand.

What You Need To Know

  • The average value of Ohio farm real estate averaged $7,800 per acre in 2023

  • Agriculture expert Andy Vance said a major part of the lack of farmland is significant change in value over the past few years

  • Each week, Spectrum News 1 anchor Chuck Ringwalt and agriculture expert Andy Vance discuss an aspect of the state's agricultural landscape

“Supply and demand. I always tell people all that they need to know about farmland, they're not making any more of it. So that's the overarching issue, and when you hear this report that there's not a lot of inventory for sale, that's because we've had such significant change in value over recent years," said agriculture expert Andy Vance.

According to the United States Department of Agriculture, the average value of Ohio farm real estate averaged $7,800 per acre in 2023.

"I think one of the big things people need to understand is that farming is a very complicated business and you'll hear the term 'asset rich, cash poor,'" Vance said. "What that means that the value of farmland, like we're talking about, is very, very high, but prices of farm products — like corn or meat products — may be very low and so the farmer may be having a hard time."

The Ag Report airs every Friday on Spectrum News 1.

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