A question everyone wishes we knew the answers to!
While we might not know for sure, we can share a few opinions from industry experts.
Are housing prices going to drop in Gatlinburg, Tennessee?
The short answer: Prices are likely to drop further, but not by as much as they did during the housing bust.
“It was different in 2008, 2009 because that drop in prices was because of a push from sellers,” said Jeff Tucker, senior economist at Zillow. “Because of foreclosures and short sales there were a lot of extremely motivated sellers who were willing to take a loss on their homes.”
The previous housing crash the inventory of homes for sale was 4x high that it is now! Current inventory is still lower than pre-pandemic levels, which is keeping prices strong.
How much are housing prices going to drop?
“Unlike the run-up in prices during the pandemic that caused home values in markets across the country to surge, the cooling off will be more regional, said Tucker.”
Tucker predicts there will be a small decline in the Southeast.
What does a housing price decline mean for sellers?
Because we’re likely to see a smaller decline in prices in our area – it’s still a great time to sell.
Steven James, the president and chief executive of Berkshire Hathaway HomeServices New York Properties, suggests, “The best strategy for sellers is to start at the right price. The last thing you want in a shifting market is to have something sit.”