Q3 2025 All of US NCREIF returns show a rowcrop land market that has come down from peak appreciation in 2022 but remains positive and still gaining value, albeit at a much slower pace. Permanent crop farmland on the otherhad, heavily weighted by California, has been losing value for two consecutive years, but appears to have turned a corner. Not yet holding even or gaining value, but losing value at a slower rate.

Also included in this deck are charts showing multiple regions side by side. We will be adding more regional specific downloads in the coming days.

The slide deck pdf download link is below.

Download US Q3 2025 charts here

See our blog post with full analysis about this quarter here