Determining Land Value Benchmarks
GreenStone’s team of expert appraisers evaluate land values annually throughout Michigan and northeast Wisconsin. These values are measured by re-evaluating the same plots of land every year, providing our customers and landowners with a picture of how the value of cropland, transitional land, recreational land, and dairy improvements have changed throughout the year.
Revaluating the same plots of land each year eliminates variances that could occur with other survey methods. This provides our team of appraisers with the most accurate representation of market value trends. There are many factors that influence the results of these appraisals, including changing commodity prices, governmental regulations, the economy, tourism, and weather.
Land Benchmark Results
In 2025, alongside the same thirteen plots of land that are evaluated each year, three additional plots located in northern Michigan, north central Michigan, and northeastern Wisconsin were also appraised to give a more complete picture of land value trends across our region. The results from these land benchmarks were clear - the value of land is holding steady. Across the board, the average value of land increased by 5%. Land value increases ranged from 5-15%, with only one benchmark experiencing a decrease in value.
While land values have continued to increase over the past five years, they remained steady in 2025, suggesting the market may finally be leveling off and finding a balance post pandemic. This is still good news for landowners, as a majority of the benchmarks appraised continued to either increase or hold their value. These results are also optimistic for those trying to acquire land, as demand seems to be steadying in an ultra-competitive market.
Dairy and Cash Crop Land Values
Most notably, concentrated animal feeding operation (CAFO) sized dairy farms have experienced more than a 100% increase in value over the past five years, effectively doubling in value since the pandemic. Increased construction costs, and a healthier dairy market with increased demand and steady supply over the past few years are both contributing factors to this increase. In 2025 alone, CAFO dairy operations increased in value by 7.5%. Many producers have even been able to expand their facilities in recent years because of an increase in profitability.
Out of the ten cash crop land benchmarks surveyed, seven of them experienced an increase in value, ranging from a 2.4% increase to a 14.5% increase. Michigan’s crop diversity is a contributing factor to the stabilization of these land values.
Western Wisconsin, and southwest and west Michigan showed the largest increases in value for cash crop land again this year due to continued competition for land. Three benchmarks maintained their value, after each experiencing a substantial increase in value in 2024.
Recreational and Transitional Land Values
Recreational and transitional land values also experienced an increase in value. Recreational land saw an increase of 5.7%, while transitional land - agricultural land expected to be developed for another use in the future - increased by 5.3%. Only one recreational benchmark, located in southern Michigan, experienced a decrease in value. This comes after a 17.8% increase in 2024, once again suggesting land values are finally steadying post pandemic.
Transitional land values continue to hold strong despite not experiencing the dramatic increase in value we’ve seen over the past five years. Increases in construction costs and shifting economic factors are both influences to transitional land values.
Land Remains a Strong Investment
Buying and owning land continues to be a strong investment in your future. For many landowners, it is very likely the value of your land has increased over the past few years. While we continue to see an increase in land values, the stabilization of land prices is also positive for those looking to acquire land.
GreenStone’s team of financial experts are here to help you find a solution that’s tailored to you, whether that’s securing vacant land or expanding your farming operation. Click here to learn more about the resources GreenStone provides when it comes to purchasing land.
