Awesome thread and question. Which homestead items are most essential items
depends on landscape / location and goals.
As well mentioned above no matter where located
#1 is water always (as a resource,
faith in God is truly #1). Whether it's a well, spring, steam/river, rain catchment, public - hopefully not

Storage of the water, movement of the water, ease of access to the water.
We're in appalachia
mixed woods high elevation w/
some pasture trying to loosely follow
a silvopasture type system.
Most of my life is spent chopping, trimming, chipping, shredding, bucking, burning, milling, splitting - endlessly repeated.
Wood management.
Even being an (often unnecessarily) hand tool nut the chainsaw is still indispensable. I own a big saw i use for milling and cutting large timber and a few years ago bought a small makita electric lighter work. When the makita arrived it looked like a toy/joke but honestly it's performed amazing + sharpens up quickly.
My chipper drives me crazy but it is an essential item here.
A good splitter. I still swing an axe/splitter + maul/wedges. Nearly all my more-sane neighbors use hydraulic.
A good fire pit to clear out endless piles of brush.
A burn barrel is not essential but it's useful for turning all the weird pieces that are too big to chip but too funky to split by hand (knots, knobs, etc) into charcoal.
A leaf shredder is absolutely not essential. But it does speed up my leaf composting by at least 1/2.
Various hand saws, pruners, froe + wedges to aid splitting, cant hook or peavey for moving logs, draw knife.
Much of that list is specific to our situation. It wouldn't make sense for homesteading in the desert or prarie. The end result of all that work inexhaustible branch forage for the sheep, hardwood chips for .. everything, endless firewood, logs for mushrooms, rich compost from leaves (+ manure), ash from brush, charcoal from weirdo-pieces, slabs + lumber, some fencing.
Besides that some good shovels - a spade type, a digging type, a hori knife, and a moving type. Some auguring type tools for dirt or wood. A wood wheelbarrow and/or cart. Even w sheep i still do quite a bit of mowing. What type of mower depends how much grass one has to mow and terrain.
Outside of various hand tools for fixing up the home/homestead that's pretty much 99% of what i use day in and day out.
~George