The value of Nebraska farmland jumped 31 percent on average last year because of continued strong farm income and strong demand for the land.

The University of Nebraska-Lincoln's Institute of Agriculture and Natural Resources says the average value of farmland statewide has reached $2,410 per acre.

Ag economist Bruce Johnson says he expects farmland values will begin to cool off sometime in the next few years, but it's hard to predict when that will happen.

There is wide variation in land prices across the state. For example, an acre of irrigated land in northwest Nebraska is worth $2,600 per acre but an irrigated acre in eastern Nebraska is worth about $8,000.