During most of the years following 1933 farmland values in the U.S. have steadily increased with minor regional variation each year. From 1981 to the present, however, farmland values in the U.S. have decreased significantly. Dramatic decreases of from 30 to 50 percent occurred in some areas at the same time as agricultural land increased in other areas. For example, from 1981 to 1985 farmland decreased in value 47 percent in Iowa but increased in value 39 percent in Texas (Jones and Barnard). Because of the potential for further dramatic changes in farmland values, the Department of Agricultural Economics, Cornell University, in cooperation with the USDA, monitored farmland values in the Northeast states during 1985. Similar projects were established in the Cornbelt and the Northwest. This report contains the summarized results of the 4 quarterly surveys that were completed in the Northeast states during 1985.