DETERMINANTS OF OREGON FARMLAND VALUES: A POOLED CROSS-SECTIONAL, TIME SERIES ANALYSIS
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A pooled cross-sectional, time series econometric model is used to examine factors affecting farmland values in Oregon from 1954-1978. Value of sales per acre (a proxy used to represent income per acre), average farm size, and the percentage of farmland were found to have a significant effect on farmland values for the entire state during the study period. However, the results also indicate that structural changes in agricultural land markets occurred across time and across subregions. Population density was shown to be a significant factor in the Willamette Valley. A positive intercept shifter for 1969-74 and a negative slope shifter for the value of product sales in the same period may reflect a temporal diminishment in buyers' tendencies to be influenced by potential product sales.