First, lumber prices vary a lot by location.
Further you get from forest where tree grows, the more expensive it gets. You should post where you are looking so folks can comment on local prices.
Second, where you buy lumber determines how much profit is added to the price.
Lumber is sold at retail (Rocker, Woodcraft, Home Depot); wholesale (lumber yards), and my manufacturer (sawmills). Each one of these has a different price with sawmill being cheapest.
Hence it is very hard to answer the question, is this fair price; without knowing many details on what kind of lumber you want, how much you need, and your capabilities to handle rough lumber?
Regardless of the above:
The retail price on 100bdft of walnut has been $6-7 or more for a couple years now, thanks to Chinese lumber buying frenzy. It not cheap wood. There are several existing posts on LJ related to this topic. :-(
As others have posted, the challenge is often the grades available. Clear #1 walnut is hard to find as it gets premium international log buyers excited. Typically see a lot of FAS grade, loaded with mostly #2 common (which I call rustic with knots/cracks) that can be hard to use in large projects. If you need more than hundred bdft, can still find smaller saw mils that sell lot quantities of Walnut lumber for $3-4, but it's getting harder. Most are selling for $4-5 bdft now.
Cherry lumber prices vary a lot by region, but I can still find cherry for $2-3 bdft at various from various mills in mid-west and eastern states. Even lumber yard pricing is just over $3. So $4.65 seems expensive to me?
Profile shows Indiana?
Not sure where you are looking for wood, but have you checked various sawmills in Indiana? Southern side of state is littered with sawmills that sell to wood workers. There is; Cook Lumber, Indiana Hardwoods, Carlsons, Wilkerson, Helmsburg, etc.
https://www.google.com/maps/search/sawmill+in+indiana
Haven't checked recently, but used to find cheap lumber from Frank Miller sawmill in eastern side of Indiana?
https://frankmiller.com/
They sell a lot more than quarter sawn oak. They often have small 100-200 bdft units lumber 'shorts' (6/7 ft) available for 1/2 of normal lumber price. Have to visit the warehouse, but they have bargain bin area and never know what you find for $1-3 bdft. Be sure to sign up for their semi-annual warehouse clean up email. Lots of killer deals twice a year. It's amazing to show up and see all the cheap lumber hounds, and vehicles with trailers waiting for doors to open in morning.
Best Luck.