(KLZA)-- The University of Nebraska at Lincoln's 2024-25 Farm Real Estate Market Survey indicates that agricultural land values in the state declined by 2 percent in the past year, with the average value coming in at $3,935 per acre.

This marks the first decline in the market value of Nebraska ag land in six years.

In Southeast Nebraska, the all land average value was $7,170 per acre, which is 2 percent lower than the previous year.

Center pivot irrigated cropland averaged $11,280 per acre. Dryland cropland without irrigation potential averaged $6,705 per acre which is 3 percent less than last year.

Cash rent rates in Southeast Nebraska ranged from $335 per acres for center pivot irrigated cropland to $190 for dry land cropland. Pasture land cash rent dipped 4 percent to $63 per acre.

The price declines are blamed on current crop prices, interest rate levels and farm input costs.