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Differences Between Agricultural Land Value Surveys and Market Sales

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  • Shultz, Steven

Abstract

Statewide agricultural land values from 3,243 arms-length market sales in North Dakota between 2001 and 2004 were 6 percent higher than estimates derived from the June Agricultural Survey (JAS) of National Agricultural Statistics Service (NASS), and 9 percent higher than values from the North Dakota Land Value Survey (NDLVS). These surveymarket sale differences varied substantially in particular regions and counties and over time. The geographic information system (GIS) technique of 'kriging' was used to interpolate point-based market and JAS land values statewide in a continuous (raster) format. Few counties contained homogenous land values and differences between market sales and the JAS were quite large in several specific (sub-county) areas. Opinionbased surveys are therefore considered reasonably accurate and useful for statewide or regional applications but are likely insufficient for county and more site specific valuation analyses unless such survey data is spatially interpolated (kriged) and disseminated using GIS technologies.

Suggested Citation

  • Shultz, Steven, 2006. "Differences Between Agricultural Land Value Surveys and Market Sales," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2006, pages 1-8.
    • Handle: RePEc:ags:jasfmr:190704
    DOI: 10.22004/ag.econ.190704
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    File URL: https://ageconsearch.umn.edu/record/190704/files/258_Shultz.pdf
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    References listed on IDEAS

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    1. Fritz M. Roka & Raymond B. Palmquist, 1997. "Examining the Use of National Databases in a Hedonic Analysis of Regional Farmland Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(5), pages 1651-1656.
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    Cited by:

    1. Ben H. Blomendahl & Richard K. Perrin & Bruce B. Johnson, 2011. "The Impact of Ethanol Plants on Surrounding Farmland Values: A Case Study," Land Economics, University of Wisconsin Press, vol. 87(2), pages 223-232.
    2. Shultz, Steven, 2010. "Hedonic Price Modeling to Value Irrigated Agriculture Across a River Basin," Western Economics Forum, Western Agricultural Economics Association, vol. 9(2), pages 1-14.
    3. Schurle, Bryan & Wilson, Christine & Featherstone, Allen & Remaury, Hugo & Harmon, Jacob, 2012. "Asset Bubbles, Inflation, and Agricultural Land Values," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2012, pages 1-13.
    4. Schurle, Bryan & Featherstone, Allen & Wilson, Christine & Crossan, Dylan, 2013. "Land Prices During Periods of Rapid Change," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2013, pages 1-13, June.

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