University of Minnesota
College of Food, Agricultural and Natural Resource Sciences
Go to the U of M home page
Department of Forest Resources

Center for Environment & Natural Resource Policy

Forest Land Values

Forest Land Values and Market Trends


The price of forest land is the sum of many different goods and services. Some of these goods and services (e.g., timber) are readily traded in the marketplace and can be easily valued. Other forest-derived benefits such as environmental attributes and amenities do not have established markets and, consequently, are difficult to accurately value. Through a series of studies, we examined how forest land real estate markets implicitly price the various goods and services provided by forests and assessed important forest land market trends and their associated implications.

Funding support:


Donnay, J.S., M.A. Kilgore, and S.A. Snyder. 2005. A look at past and present forest landowner preferences and intentions in northern Minnesota (.pdf). Staff Paper no.184. St. Paul, MN: Department of Forest Resources, University of Minnesota.

Kilgore, M.A. 2006. The impact of contract deed financing on Minnesota forest land markets. The Appraisal Journal 74(4):367:379.

Kilgore, M.A., and D.G. MacKay. 2007. Trends in Minnesota’s forest land real estate market: implications for forest management. Northern Journal of Applied Forestry 24(1):37-42.

Snyder, S.A., M.A. Kilgore, R. Hudson, and J. Donnay. 2008. Influence of purchaser perceptions and intentions on price for forest land parcels: a hedonic pricing approach. Journal of Forest Economics 14(1):47-72.

Snyder, S.A., M.A. Kilgore, R. Hudson, and J. Donnay. 2007. Determinants of forest land prices in northern Minnesota: a hedonic pricing approach. Forest Science 53(1):25-35.

Economics of Forest Land Management


There are a multitude of economic issues associated with forest land management. Some are relatively straightforward, such as identifying strategies that will maximize the financial returns from timber management. Others economic issues are more complex and involve assessing tradeoffs associated with policies and practices governing forest land use and management. We conducted a number of studies that examined various economic aspects of forest land management.

Funding support:


Blinn, C.R., and M.A. Kilgore. 2005. The impact of Minnesota’s forest management guidelines on the time required to set-up public agency timber sales. Northern Journal of Applied Forestry 22(3): 175-180.

Blinn, C.R., and M.A. Kilgore. 2001. Riparian management practices in the United States: A summary of state guidelines (.pdf). Staff Paper Series no. 154. St. Paul, MN: Department of Forest Resources, University of Minnesota.

Blinn,C.R., S.J. Taff, M. J. Thompson, M. Mlinar, and N. Townsend. 2000. Assessing the financial effects associated with implementing Minnesota’s timber harvesting and forest management guidelines (.pdf). Staff Paper Series no. 147. St. Paul, MN: Department of Forest Resources, University of Minnesota. 

Brown, R.N, and M.A. Kilgore. 2008. Evaluating the economic impacts of retention and disposal policies for county tax-forfeited land in northern Minnesota (.pdf). Staff Paper Series no. 196. St. Paul, MN: Department of Forest Resources, University of Minnesota. 

Kilgore, M.A. and C.R. Blinn. 2005. The impact of timber harvesting guidelines and timber sale attributes on stumpage bidding behavior. Northern Journal of Applied Forestry 22(4):275-280.

Kilgore, M.A., and C.R. Blinn. 2004. Cost of voluntary timber harvesting guidelines. Forest Resources Association, Inc., Rockville, MD Technical Release 04-R-23.

Kilgore, M.A., and C.R. Blinn. 2003. An assessment of the extent to which forest landowners bear additional cost resulting from implementation of Minnesota’s timber harvesting guidelines. A report to the Minnesota Forest Resources Council. St. Paul, MN.

Kilgore, M.A. and C.R. Blinn. 2003. The financial cost to forest landowners who implement forest management guidelines: an empirical assessment. Journal of Forestry 101(8):37-41.

Kilgore, M.A., and C.R. Blinn. 2003. Minnesota’s timber harvesting guidelines: An assessment of their financial cost to forest landowners and influence on willingness to pay for stumpage (.pdf). Staff Paper Series no. 166. St. Paul, MN: Department of Forest Resources, University of Minnesota. 

Kilgore, M.A., and C.R. Blinn. 2003. Willingness to pay for stumpage requiring timber harvesting guidelines: An evaluation of bidder characteristics, strategies, and perceptions. A report to the Minnesota Forest Resources Council. St. Paul, MN.

Kilgore, M.A., and K.M. Martin. 2002. The economics of red pine management in the Lake States. In Proceedings of the Red Pine SAF Region V Technical Conference (pdf), eds., D.W. Gilmore and L.S. Yount, 112-123. Staff Paper Series no. 157. St. Paul, MN: Department of Forest Resources, University of Minnesota.