Timber and land are two assets
A timbered tract is dirt value plus stumpage value, and they behave differently. Dirt value is stable and tracks the local market for rural acreage. Stumpage swings with mill demand, haul distance, and species mix, and it can be a majority of the total on a mature tract. This is why a recently harvested parcel and a neighboring uncut parcel of identical size can differ by three or four times.