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Dynamics of a Rural Land Market Experiencing Farmland Conversion to Acreages: The Case of Saunders County, Nebraska

This study analyzes an urban-influenced real estate market that is experiencing land use transitions. Evaluating a three-year period of unimproved real estate sales in Saunders County, Nebraska, has identified components that contribute to farmland values. Applying these components illustrates that buyers having special motivations often pay premiums to obtain agricultural land. A model based on farmland productivity determines a crossover point where it becomes economically justifiable to convert farmland into acreage tracts, illustrating productivity levels where concerns over development hold merit. Areas experiencing farmland development will obtain valuable information for land use and planning decisions from applying this research. (JEL Q15)