Ecosystems, both natural and agricultural, provide a host of benefits to people. Some of those benefits or “Ecosystem Services (ES)” can be sold through markets (e.g., food). Many others, like water-based recreation or aesthetic views, cannot be sold directly. Yet understanding their value is a key to designing policies that can enable these ecosystems to keep providing services. One indirect way to measure value of ecosystem services is via what people pay for the lands that provide them. This study uses real estate sale prices for agricultural lands in south-central Michigan to develop statistical estimates of the value of ecosystem services from those lands. The hedonic valuation method regresses land prices on a set of explanatory variables including agricultural production traits, natural amenities, future development values, and transaction costs. Results suggest that the most important ecosystem services capitalized into land prices are water regulation ES from nearby rivers and wetlands, and recreational ES from conservation lands and lakes. Ecosystem services provided by beneficial insects and soil microbial communities are likely to be underestimated due to the unawareness of landowners. The value of certain off-site benefits provided by farmland, such as carbon sequestration and wildlife habitat, are not well measured using land prices due to missing incentives. Public policies are needed to improve provision of those ES that are underestimated or not fully capitalized.