North Carolina Standing Timber Price Trends for 2024.
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Annual price change between 2023 and 2024 by product class for North Carolina State-wide average standing timber prices.
State-wide average prices for the four major pine product classes generally showed an upward trend from quarter to quarter in 2024, with prices in the fourth quarter being higher than in the fourth quarter of 2023. Overall, the 2024 average annual price for pine sawtimber, ply logs, and chip-n-saw were 6%, 11%, and 2% higher, respectively, than in 2023. Even though pine pulpwood prices trended upward quarter after quarter in 2024, the annual state-wide average price finished 11% lower than in 2023. This was not the case for the three major hardwood product classes, with mixed hardwood sawtimber quarterly prices steadily increasing over the year, hardwood pulpwood slightly dipping in the third quarter but recovering in the fourth quarter of 2024, and oak sawtimber declining in three of the four quarters in 2024 to end 14% lower than in the fourth quarter of 2023. When comparing 2024 state-wide average prices to 2023, hardwood pulpwood was the only product class in 2024 to end the year with a higher price, a 7% increase over 2023. Mixed hardwood sawtimber and oak sawtimber saw 2024 state-wide average prices decline 6% and 7%, respectively, when compared to 2023 prices.
Comparing regionally, Eastern and Western North Carolina timber markets are dynamic with mixed price trends across the major pine and hardwood product classes. Eastern North Carolina average pine prices for all product classes but chip-n-saw generally increased over the course of the year, with dips in third-quarter average prices before increasing again in the fourth quarter. The greatest increase in price between the first and fourth quarters occurred in pine pulpwood, increasing by 13%. Pine ply logs and pine sawtimber average prices both increased by 1% and 3%, respectively. Two of the three hardwood product class average prices consistently increased from quarter to quarter, with hardwood pulpwood and mixed hardwood sawtimber average prices increasing by 13% and 21%, respectively. Oak sawtimber average prices decreased throughout the year, dropping from $40.52 in the first quarter to $36.99 in the fourth quarter, a 9% decline.
Western North Carolina had similar trends to Eastern North Carolina, with Western North Carolina seeing significant price increases in all four pine product classes and two of the three hardwood product classes. Average prices for pine pulpwood, chip-n-saw, sawtimber, and ply logs increased from the first quarter of 2024 to the fourth quarter of 2024 by 50%, 8%, 10%, and 7%, respectively. Average prices for hardwood pulpwood and mixed hardwood sawtimber increased by 13% and 21%, respectively, between the first quarter of 2024 and the third quarter of 2024. This was not the case for oak sawtimber average prices, which declined between the first and fourth quarters of 2024 by 1%, from $44.35 to $43.81.
When comparing timber prices between Eastern and Western North Carolina, timber markets in Eastern North Carolina consistently showed higher prices for most product classes compared to Western North Carolina. This pattern held true across all quarters in 2024.
For more information on 2024 average prices for standing timber visit our Extension forestry quarterly price report page.