The U.S Department of Agriculture (USDA) National Agricultural Statistics Service has released it's 2019 Summary of Land Values. The data is based on USDA surveys of land owners and managers. Overall the 2019 Montana average farmland real estate value, a measurement of the value of all land and buildings on farms, was slightly down in 2019 from 2018 and 2017. Overall the average value of cropland was up 2.0 percent from 2018, with the average value of irrigated cropland up 0.7 percent, and the average value of non-irrigated cropland down 0.1 percent from the previous year. Pasture values were up 1.9 percent from 2018 at $680 per acre.
Below is a chart summarizing the USDA data for Montana since 2003.