Land prices like everything else cycle up and down depending upon commodity prices, input costs, interest rates, and external pressures like housing sites.
Long ago, my parents bought a lot of prime farmland for $5 per acre. Lightning killed a bunch of their livestock they were planning to sell so they had to sell the land as they couldn't make the payments. A few years later, they bought it back for $10 per acre. Would likely now sell for somewhere in the $15,000 per acre range. But... I know a bunch of farmers who went broke buying expensive land during the Carter years when interest rates went crazy and he imposed grain embargoes.
