2024 Indiana Consulting Foresters Stumpage Timber Price Report
This report is provided annually and is intended to be used as a general indicator of timber stumpage prices and activity in Indiana. There are many factors that determine the price of any individual timber sale, including tree species and quality, average tree volume, size of sale, ease of operability, access and yarding issues, proximity to markets, region of the State, availability of other timber in the area, number of bidders interested in the sale, season it can be logged, economic forecasts and many more. For this reason, the reported prices should not be considered as a guarantee of the value for any given sale. However, this report can be used as a general trend of timber sale prices and where the range would be for most sales meeting the same criteria. To best market your timber, it is recommended you contact a consultant forester that can gauge your timber value in your area and markets.
To create the report a survey was made of all known professional consulting foresters in Indiana. Sales were reported from all areas of the State. Prices were reported from sealed bid timber sales (not negotiated sales) between a motivated seller and a licensed Indiana timber buyer. The data represents sales from January 1 to December 31, 2024. This survey has been conducted annually since 2001.
TIMBER SALE PRICE SURVEY
Timber sale categories: As in the past, sales were reported in three categories based on quality. A high-quality sale has more than 50 percent of the volume in #2 or better red oak, white oak, sugar maple, black cherry, black walnut or soft maple. A low-quality sale has more than 70 percent of the volume in #3 grade (low or pallet grade) or is cottonwood, beech, elm, sycamore, hackberry, pin oak, aspen, black gum, black locust, honeylocust, catalpa, sweetgum or pine. An average sale is a sale that is neither a high- or low-quality sale.
Survey responses: There were 15 consultants that reported prices this year. This is a decrease from the 17 that reported last year but still in the range of the 15 to 20 that have reported each year since 2015. There were two additional consultants that reported they had no bid sales this year, at least in Indiana. Prices were reported from 160 sales which is a steep decrease from the 201 sales from last year. There were 172 sales in 2022 and 270 sales reported in 2021. The annual average number of sales reported since 2014 is 262. Reported sale volumes decreased from 16,549,728 board feet in 2023 to 12,387,517 board feet in 2024. This is a 51% decrease from the 25,049,006 board feet reported in 2021. The average reported sale volumes have averaged 22,753,773 board feet since 2015. Total sale values, over all three categories, also decreased from last years $13,873,573 to $12,313,797 this year.
High quality sales: There were a total of 81 sales reported by 13 respondents in this category. Sale volumes ranged from a low of 4,814 board feet to a high of 631,687 board feet. The average high-quality sale was 76,218 board feet. The median volume was 45,388 board feet. The weighted average of these sales was $1,314/MBF (thousand board feet). This price is up about 19% from last year’s $1,107/MBF and 13% above the previous historical high of $1,164 in 2021. Due to high demand for walnut and white oak, and the wide range in their values, this category typically has a wide range of sale prices. The quantity and quality of these species in a given sale will determine the value of that sale. Therefore, the range within this group went from a low of $231 to a high of $5,564/MBF.
Medium quality sales: Thirteen consultants reported 73 sales in this category. Sale volumes ranged from 11,429 board feet to 433,491 board feet and averaged 81,144 board feet per sale. The median sale volume was 54,568 board feet. These sales averaged $678/MBF, a 10% increase from last year’s $615 and a nearly 4% increase from the previous historical high $654 in 2022. The range of prices by sale went from a low of $267 to a high of $2,379/MBF.
Low quality sales: Only 3 consultants reported 6 low quality sales. This number is way down from last year’s 18 reported sales. Sale volumes ranged from a low of 20,083 board feet to a high of 97,166 board feet. The average sale was 48,384 board feet and the median volume was 41,682 board feet. The sale prices ranged from a low of $430/MBF to a high of $1,084/MBF and averaged $648/MBF. This is a 54% increase from the previous historical high of $420/MBF in 2022.
Table 1. Summary of reported sales from January 1 to December 31, 2024
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SURVEY RESPONSE DISCUSSION
Volume of timber sold: Since the survey only catches a voluntary sampling of the timber sales occurring across the state, the number of reported sales cannot be definitively used to indicate an increase or decrease in the total number of sales or volume of timber being sold. In 2024 the numbers of sales, total harvest volumes and total sale values all decreased from 2023. Consultants are still indicating, as they have the last couple of years, that they are having fewer sales due to an increased workload in other areas of their businesses, mainly invasive control and TSI. This is also mirrored in the comments from some of the buyers that they are finding it hard to find consultant marked timber sales. There may also be some landowners and foresters that are being more selective on sales they are offering, particularly low quality sales, due to the perception that prices have fallen off the highs of 2021 and 2022. However, the numbers do not back up that perception.
Value of timber sold: In 2023, timber prices rebounded from the decline of the second half of 2022 to near the record highs set in 2021 and 2022. It appears that in 2024 these prices have continued to rise, surpassing the record highs by considerable margins. In 2024 high quality sales averaged $1,314/MBF, 13% over the previous high of $1,164 set in 2021. Medium quality sales in 2024 brought an average of $678/MBF, a nearly 4% increase over the $654/MBF record high set in 2022. The low quality sales in 2024, though a low sample size, brought a ridiculous $648/MBF. This is a 54% increase over the previous high of $420/MBF set in 2022. For perspective purposes, the $648/MBF price would be the fourth highest average ever for the medium quality sales and is within 4% of this year’s record medium quality price. See figure 1 for the annual prices.
Figure 1. Average sale price by year and category in $/1000BF.
Median values: In contrast to averages, which can be skewed by extremely low or high values, median values are often a better indicator of timber value trends. The median values in 2024 however, tell a very similar story as the average prices do. In all three categories the median prices in 2024 rebounded from the highs of the previous years and shot to new record highs. For the high quality sales, the 2024 median price of $1,446/MBF exceeded the previous high of $1,180 in 2021 by 23%. The medium quality median price of $648/MBF was 6% over the record $614 set in 2022. The previous record of $469/MBF set in 2022 for the low quality sales was exceeded by 22% in 2024 with a median value of $571/MBF. See Figure 2.
Figure 2. Median sale price by year and category in $/1000BF.
Sale bids: Across all of the sale categories there were a total of 921 bids received for the 160 timber sales. This is an average of 5.76 bids per sale. This is an increase from 2023’s 5.17 bids per sale and the highest number since 6.06 bids per sale in 2019. The average number of bids per sale since 2018 is 5.43 for all sale categories. For high quality sales the average number of bidders was 6.57. This is an increase from 6.06 bids per sale in 2023 and the highest number of bids for the category since 6.93 bids in 2019. Medium-quality sales in 2024 averaged 4.97 bids per sale. This is an increase from the 4.52 bids per sale in 2023 and 7% over the 4.63 bids per sale for the historical average. The record high was set in 2019 with 5.67 bids per sale. Low-quality sales in 2024 averaged 4.33 bids per sale. This is a 26% increase over the 2023 average of 3.44 bids per sale and breaks the record high set in 2009 with 4.2 bids per sale for low quality sales. The historical average is 3.25 bids per sale. See Figure 3.
Figure 3. Average number of bids by category and survey year.
Discussion: Based on the timber sale data provided for this report, sale prices across the board soared to new heights in 2024. Average prices for high quality sales were 13% higher than the previous high, medium quality sales were 4% higher and low quality sales were 54% higher. The reasons for these prices could be market driven; however, timber buyers consistently report slowing log and lumber demand, including a slowing demand for white oak stave logs. They report that prices have not necessarily dropped for their products but they have to work harder to market them. Speculation could also be a factor as they anticipate improving markets, but the buyers I have talked to have not indicated that. Another thing that they have talked about is a limited amount of timber for sale. Loggers and mills still need to work even if they aren’t making much money. When you also consider the increase in the number of bidders per sale, competition for sales has to be considered as a factor for the price increases as well. This is happening at a time that the consultants report they are having a hard time getting sales out due to increased workloads in other parts of their businesses. For the time being, it appears that landowners and their consultants will continue to struggle with finding a balance between timber sales and other activities to keep our forests healthy and productive.
CONSULTANT COMMENTS AND OTHER THOUGHTS
Note: These comments are the opinions of individuals from different parts of the State and with different markets. They may or may not be relevant to your situation. You should always discuss timber marking and marketing with your consultant to get the best information relating to your timber management.
It was a slow year for timber sales, but not due to lack of interest. I was much more selective this year than in previous years due to commitments on other projects. I found myself turning down or referring sales because I didn't have time to commit. With prices declining this fall/winter, I made the decision to postpone remaining sales until spring.
Loggers point out that they deal with less periods of frozen ground which makes winter logging much more difficult.
More logging firms and mills are purchasing feller buncher machines. Moving them to job sites is a major factor due to size and weight.
Very strong demand for walnut, white oak, sugar maple. I am hearing that cherry has stronger demand. We don't encounter good cherry that frequently in southern Indiana.
If your woodland was impacted by storm damage recently, it's important to have a forester view it to determine the salvage potential of the timber involved. Time is important because the damaged trees are subject to degrade.
The persistent depressed red oak prices make management of that species difficult. While trying to wait for better markets at some point you have to take them because they won’t last until the next harvest.
We were down in sales this year, but I don’t think it was due to prices. We did not discourage anyone from selling this year as the sales we did have remained strong. I think we pushed a couple into early 2025 but mainly due to workload, etc.
Our main concern is we did lose 2 mills, so that is always a cause for concern (Kirkham Hardwoods and New Port Pallet).
We did push some sales into 2025 due to workload and my general avoidance of trying to have bid openings during the holiday season. We are hearing that red oak and sugar maple lumber prices are ticking up. Not sure what is driving that though. We have been very pleased with the timber sales we have had this year, both in the number of bidders and in the amounts being bid. Timber buyers are always interested in good payment terms, year-round access, and landowners who provide easy access to the timber.
We did not sell any timber between February and October, which is just a reflection of a busy tree planting season and invasive control season… again.
Historically for our business, it was still an average to high year for timber value sold… only in 2021 did we sell more. The quality of our timber sales seemed to be higher this year, with a lot of black walnut and walnut veneer primarily. We had a lot of repeat client sales this year, many of which were clients we have worked with before… so the woodlands were of higher quality due to better past management. I had my biggest sale ever early in the year, and then struggled to get more done in the fall.
I could have sold a lot more timber had I been able to focus on timber sales more, I struggled just to fit in more appointments with new contacts and old clients. Weather has been a factor for me, with these warm rainy late fall/early winter days rather than cold and snowy as in the past. Tree Planting seems to be holding steady for us, not growing significantly but not losing much ground either and Invasives just seems to keep creeping up year after year in terms of acres and work days required. We have also written a bit more management plans this year for NRCS than in the past, but plans, TSI and appraisals are still a small component of our work days. Bottom line is that we are missing opportunities to serve our clients by selling timber because we are diversified and cost-share is pushing us towards plans and invasives 50%+ of the time. I’m convinced that the long-term solution will require consultants to sub-contract or train non-forestry degree employees to perform the bulk of their invasive projects, because forestry graduates are not filling that void as many of us are aging out of heavy field work. I think many landowners who want to sell timber are considering working directly with mills because consultants are often very busy and can’t sell the timber quickly. That’s a mistake, because I know we do a much better job and force buyers to pay a better price but some people can’t wait.
I would say timber markets remain strong and have been so throughout the year. Walnut sales seemed to pick up even more interest in the latter half of this year. I don’t see any reason for that to change going forward in 2025, other than tariff retaliation against export logs/veneer which is out of our control.
The Low-Grade market was over supplied for the most part this year.
The demand for White Oak stave logs dropped a little bit from July to November, most loggers in my area were put on quotas for bringing in White oak stave logs.
More and more woodland owners are managing their timber for wildlife. Good forest management is often good wildlife management so there is an opportunity to grow big bucks and good timber at the same time.
Consulting Foresters need help, "the fields are ripe for harvest but the workers are few." (John 4:35, Holy Bible). Consulting foresters may have to follow the roofing, and home building contractors for employees. More and more new full-time forestry workers are coming from out of state, such as Kentucky, Wisconsin, Illinois, Michigan, and probably Ohio too.
One of my top desires is for the public to buy wood furniture made in America from Indiana hardwoods, such as Haas Cabinet in Sellersburg, or crown moulding or doors from Koetter Woodworking in Starlight or products from any number of other Indiana companies.
Last year we continued to be cautious about what timber we sold. The jobs we sold were either high in White Oak, or needed to be harvested due to landowner time constraints. We are optimistic timber prices will start to increase in 2025 and we can start marking jobs that are heavy to Black Oak or Poplar.
I only had one sale in Indiana on the state line in Elkhart Co. This one was mostly black oak with some soft maple and red and scotch pine mixed in. Average quality. It was close to the mill so it brought a better than expected price.
We had 70 sales with a total of 2 million board feet for 2024 in southwest Michigan. Markets were very strong for black walnut this year, even for small quantities of trees including roadside or fencerow trees. Only had a few sugar maple sales but they went very well. Only a few white oak sales that showed a strong price on that species. Had good interest in most sales with an overall average of 4.5 bids for these sales. 2 were negotiated sales. 11 was the highest number of bids received.
Professional Consulting Foresters responding to this survey in alphabetical order: Arbor Terra (Mike Warner and Jennifer Boyle Warner), Bear Forestry (Abraham Bear), Creation Conservation, LLC (Brian Gandy), Chris Egloff, Gregg Forest Services (Mike Gregg), Habitat Solutions (Dan McGuckin), Haney Forestry, LLC (Stuart Haney), Meisberger Forestry, LLC (Matt Meisberger), Multi-Resource Management, Inc. (Doug Brown and Anthony Mercer), Quality Forest Management, Inc. (Justin Herbaugh), Rooted In Forestry, LLC (Mike Denham and Andrew Suseland), Steinkraus Forest Management (Jeff Steinkraus), Turner Forestry, Inc. (Stewart Turner), Wagner Forestry (Josh Wagner) and Woodland Works (Nate Kachnavage).