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Buying Land

2024 Oklahoma Farmland Value Update

November 1, 2024

Oklahoma’s agricultural sector is heavily dependent on the cattle and wheat industries, which together contribute nearly 80% of the state’s farm revenues. However, with commodity prices for both sectors remaining low, many farmers are finding it increasingly difficult to stay profitable. 

Suppressed prices in these critical markets translate to diminished returns for the majority of Oklahoma’s producers. Yet, in the face of these difficulties, Oklahoma farmland values continue to rise, underscoring the enduring appeal of land as a stable investment even in volatile times.

In the third quarter of 2024, the average price per acre of Oklahoma farmland reached $2,637, a significant jump from $2,196 per acre in Quarter 4 of 2023, according to AcreValue.com. This upward trend is particularly striking given the financial strain many producers are experiencing.

Producers Facing Pressures, Yet Oklahoma Farmland Values Rise

Farmers across Oklahoma are dealing with dual challenges: low commodity prices and soaring input costs, including expenses for fuel, fertilizer, and machinery. These pressures are making it difficult for many producers to manage their credit lines, with increasingly tight margins and high interest rates adding to the financial stress. Despite these circumstances, the value of farmland continues to appreciate, a testament to the strength of land as a long-term asset.

As a land agent specializing in rural property in Oklahoma, the majority of my clients are farmers and ranchers looking to expand their current operations, viewing land acquisition as essential for growing their businesses and securing future stability. The limited availability of quality farmland in key areas further drives up prices, as both traditional agricultural buyers and investors seeking diversification see farmland as a key asset in their wealth-building strategies.

Farmland’s Broad Appeal Driving Demand

One of the primary reasons farmland values in Oklahoma remain strong is the nature of land as a tangible, income-generating asset. During uncertain times, investors increasingly turn to land for its intrinsic value, which extends beyond agricultural use. 

Even for producers facing cash flow challenges, land offers potential through alternative uses such as recreational properties, hunting leases, or energy projects. This wide-ranging appeal has kept demand high and continues to drive up land prices.

Outlook: Stability in a Challenging Economy

While higher interest rates and fluctuating commodity prices have historically limited land value growth, Oklahoma’s farmland market has defied that trend. The financial difficulties faced by producers are undeniable, but the sustained rise in farmland values provides landowners with an opportunity to leverage their assets, even in tough times.

For those considering expanding their agricultural operations or diversifying into land investments, Oklahoma’s farmland market offers continued stability and strong growth potential. If you’d like to explore opportunities in Oklahoma farmland, contact me at DillonS@NationalLand.com, or reach out to your local land professional. 

About the Author
Dillon Smith, a fifth-generation farmer from Kingfisher, Oklahoma is an expert in rural land real estate, specializing in farms, ranches, and hunting properties across Northwest and Central Oklahoma. As an experienced Oklahoma real estate agent, Dillon combines a deep understanding of land for sale in Oklahoma with a passion for wildlife and the outdoors. Raised on his family’s farm in Kingfisher County, Dillon learned the importance of hard work and stewardship while operating farm equipment out in the fields and working with livestock. After earning his degree from the University of Oklahoma, Dillon transitioned into the land industry as the Director of Marketing for a local land brokerage. There he used his skills to create effective marketing strategies and helped facilitate the purchase and sale of farmland, rural properties, and vacant land throughout western and central Oklahoma. Whether you’re looking for hunting land for sale or large acreages for agricultural use, Dillon's knowledge and network ensure that he can help his clients throughout the entire buying and selling process. His support doesn’t stop at the closing documents, as Dillon can also assist in setting up utilities on raw undeveloped land. Having lived in Oklahoma his whole life, Dillon is well-versed in the counties of Kingfisher, Logan, Blaine, Canadian, and Garfield and is dedicated to helping his clients find the right land for sale in Oklahoma that suits their needs. He is also an FAA-certified drone pilot and showcases his clients’ properties from high in the sky using Land Tour 360®. An active member of his community, Dillon frequently attends the Emmanuel Lutheran Church in Kingfisher and also supports the Kingfisher Chamber of Commerce. He also participates in local conservation efforts through his local chapter of Ducks Unlimited. Dillon’s passion for hunting whitetail, turkey, and other game birds keeps him busy and connected to the land outside of real estate. In his free time, Dillon can be found hunting, fishing, and spending time with his family. He and his dog, Aubrey, are based out of Kingfisher, OK.