The Great Smoky Mountains Real Estate Market Continues to See Sizeable Growth Through July, 2016

 

 

For the past several months, both local & national real estate markets have experienced a continuous, but steady, growth in several key real estate market categories.  As we look at the statistics for the Great Smoky Mountains real estate market through July 2016, we find that our local market continues to reflect the trends of gradual and continuous growth both here locally and nationally.  We have come to see this trend for some time now.  The numbers below will reflect that continued growth for July 2016 as compared to that of July 2015.

In the category of Residences Sold, we see that comparing July 2016 to that of July 2015, the number of residences sold increased by 17%, as 275 more homes were sold at the end of July 2016, as opposed to July 2015.  This vigorous growth is largely in line with the continued growth in this same category that we have experienced for the past several months.  We fully expect this trend to continue in this category.

In the category of Residential Dollar Volume for July 2016, versus July 2015, we also see an increase of 22%.  This continues to reflect a consistent and steady climb with a high percentage growth from year-to-year.  This statistic shows the largest increase in this category for the past several months.  This trend shows the consistently higher home prices that have been taking place over the past couple of years on a national scale.

 

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Sellers in our area continue to experience good news in the category of Average Sold Price!  For July 2016, compared to that of July 2015, the average sold price shows an increase of 5%, which, also reflects a steady and consistent growth of a stronger local market in this category.  As confidence continues to grow in both local and national markets, we expect that this upward trend of higher home prices will continue in the foreseeable future.

 

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Lastly, the available homes on the market continue to show a slow decrease, which the market has reflected over the past several months.  Through July 2016 versus July 2015, the number of available homes has declined by 8%, which is a decrease of 465 homes in available inventory.  This same trend for available inventory has occurred for the past several months.  This is in-line with the national real estate trends.  With this declining inventory, the local market is showing signs toward more people wanting to buy the available properties currently on the local market, and that with higher home prices, more people may feel a greater sense of confidence in listing their homes for sale, along with a increased interest in buying what inventory is currently available.

 

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As the market continues to experience this growth, both locally and nationally, the market statistics are expected to experience a gradual growth for the foreseeable future through the remainder of 2016.  Mortgage rates still remain at historically low levels, and there are still plenty of housing options to choose from, especially here in the Great Smoky Mountain real estate market.  To start your Great Smoky Mountain home search today,  take a look at just some of our Featured Properties and see what the Smokies have to offer you!  Turn your home ownership dreams into a reality.

 

925 Elm Road, Gatlinburg, TN 37738   -$785,900- Luxurious, totally private, well-built, 4,900 sq ft, 3 Bedroom, 3.5 Bathroom located on 4 lots in Chalet Village North. This                 home offers a two car garage and is in a great location, close to downtown Gatlinburg, the National Park, and all of the areas main attractions! Each bedroom is a master                       suite, and the great room offers vaulted ceilings. This property also holds an exercise room, three stacked-stone fireplaces, a hot tub, and a screened-in porch. Come and                       all this property has to offer!

335 Pinnacle Drive, Gatlinburg, TN 37738  – $399,900 – 5 Bedroom, 5.5 Bath, 3,400 Sq Ft log-style chalet, in a great location!! 1/2 Mile walking distance to all the City                         Trolley Stops, and very close to Downtown Gatlinburg. This home features amazing views of Mt. LeConte and offers 3 deck levels to relax and enjoy the scenery. Each of the                 5 bedrooms offer a master-suite style and private bathrooms. Home is complete with a lower-level recreation room area, complete with pool-table and walk-out to the                           outdoors. One of a kind!

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