What happened to the average market value of U.S. farms or ranches between 2002 and 2012?

The average market value of U.S. farms or ranches increased between 2002 and 2012 due to various factors, including rising commodity prices, increased global demand for food, and favorable economic conditions that allowed for significant investment in agriculture. During this period, the agricultural sector experienced growth, leading to greater profitability for many farms and ranches. Additionally, advancements in farming technology and practices contributed to improved yields, enhancing the overall market value of agricultural properties. Consequently, this growth trajectory in farm and ranch values reflects a robust sector adapting to changing market dynamics and consumer needs.