An implicit price model is used to analyze the market for forestland in Vermont. Data were collected on physical and locational characteristics associated with a sample of recent sales (100-500 ac tracts). Least squares regression was used to identify marginal implicit prices of the characteristics. More than 46% of the variation in price per acre was explained by the set of characteristics and all significant characteristics influenced the price in the expected direction. Parcel size had little effect on price per acre; however, the presence of road frontage, the presence of open land, increases in population, proximity to major roads and ski areas, and lower taxes all contributed to higher prices. For. Sci. 37(4):1150-1162.