Does the cost of land per acre differ from state to state?

The cost of land per acre is different from state to state for both residential property and land for farm use. The main factor contributing to the difference in value is the availability of land in the marketplace.

In general, large states with lower populations have more land available in the marketplace at a lower price than smaller states with higher populations. For example, in 2014 farm land was valued at $540 per acre in New Mexico and $13,700 per acre in Rhode Island. Although the same factors influence the value of residential property from state to state, the differences between values tend to be less extreme.