The value of farmland is basically what you can produce from it. Look at it as an asset that you are looking for a return off of (i.e. a bond). If you can make a profit of $1,000/year on an acre of land, and another similar risk investment pays 10%, then an acre would be worth $10,000. I think this is how you should rationalize a price that is fair. I have no idea what Stockton real estate sells for, but that is the basic premise of what land is worth.