The nation’s land prices have reached new highs!

Land prices have officially hit new highs across the United States.

Auctioneers in Nebraska recently unloaded a piece of land for more than $27,000 per acre. The land included two tracts totaling roughly 280 acres, which comes out to $5.5 million price tag.

Analysts are not sure how much longer ag land will bring in these prices as interest rates continue rising. One real estate expert in Iowa says the land market is not backing off, but it is starting to slow down.

As the market slows, the Kansas City Fed also puts the blame on those interest rates and inflation, laving those looking at purchasing ag land to be more cautious.

As a way to offset inflation and bridge the gap from lost government payments, they are finding some producers have been able to get by with short-term operating loans, but it is unclear if those will continue into next year.