2020 Year-End Real Estate Market Statistics specific to residential sales in Sevierville.
Average Price per Square Foot
Note the increase during the last quarter of the year.
Days on Market
Notice the drastic drop during November and December.
2020 Market Statistics For Pigeon Forge
2020 Year-End Real Estate Market Statistics specific to residential sales in Pigeon Forge
Average Price per Square Foot
Notice the spike in average price per square foot during March and September.
Average price stayed between $180 and $220 throughout the remainder of the year.
Days on Market
Days on market dipped from February to May and peaked during October and November.
2020 Year-End Real Estate Market Statistics specific to residential sales in Gatlinburg
Gatlinburg Information
Average Price
Despite the outlier in June – notice the increase during the 4th quarter.
Days on Market
Despite the outlier in July – days on market stayed relatively close to 100 days during 2020.
2020 Year-End Real Estate Market Statistics
Residential
Have a look at the year-end 2020 graphs below. It’s very interesting to look at the average price and days on market correlation over the last 4 years. Days on market is flat from 2019 to 2020, after a 20% decrease in both 2017 and 2018. While the average price continues to increase by 23% from 2019 to 2020, after an increase of 11% from 2018 to 2019, and a 10% increase from 2017-2018.
Single Family Homes – 2020
Condos – 2020
Land
Average land prices increased year over year from 2017 – 2020; 15% 2017 – 2018, 17% 2018 – 2019, and 16% 2019 – 2020.
A look forward
“Many experts are predicting another strong housing market in 2021. They are forecasting increased demand from buyers who delayed purchasing homes because of the pandemic; from existing homeowners who need larger spaces to accommodate parents working from home and children attending school virtually; and from condo owners who are seeking to escape multifamily buildings for single-family houses to mitigate exposure to the virus. The ability to tour homes and close on purchases virtually will make buying a home simpler in 2021.”
You can read the full Washington Post article here.
Check back with us here on the first Saturday of each month to get the latest Smoky Mountain Real Estate stats.
*Note: statistics collected using the Bluff Mountain, Chalet Village, Cobbly Nob, Douglas Lake, Gatlinburg, Jones Cove, Kodak, New Center, Pigeon Forge, Pittman Center, Sevierville, Seymour, and Wears Valley areas.
December 2020 Market Statistics
Below is the market report for December. Next week we’ll share a year-end report. The year-end report will provide yearly graphs focusing on days on market and average price.
Residential
Land
Top 5 U.S. Housing Market Predictions for 2021
Each year the Home Buying Institute analyzes current real estate market trends and conditions across the United States to offer a forecast for the upcoming year. This year there are lots of things to consider.
Below are the top five predictions for the 2021 real estate market.
1. Home prices will continue rising in most U.S. cities.
2. Housing market inventory will remain tight in 2021.
3. Home sales will remain steady going into next year.
4. Mortgage rates will hover around 3% next year.
5. It will be another good year for refinancing.
Click here to read the full article.
Bold Predictions about 2021 Real Estate Market
Overall, Yun said he felt confident that home prices would maintain their stability throughout the pandemic, but he did not anticipate that prices would soar, “particularly in the second half of the year.”
What might the future hold? Yun predicts that home sales could be 20 percent higher in the third and fourth quarters compared to the prior year. Additionally, he sees home sales rising more than 5 percent, possibly 10 percent, in 2021, as a vaccine becomes available and possibly leads to faster job growth with still favorable mortgage rates, which should stay near 3 percent.
Buffini said that for the next three years, as interest rates stay low per the Federal Reserve’s guidance, real estate professionals should put in extra efforts and make sales, even buying the very assets they sell.
You can read the full article here.
The Jason White Team joins Century 21 Legacy, the #1 ranked Century 21 organization in Tennessee!
The Jason White Team joins Century 21 Legacy, the #1 ranked Century 21 organization in Tennessee!
The Jason White Team, the #1 ranked Century 21 team in Tennessee, is honored to announce that as of October 22, 2020 they are now apart of Century 21 Legacy, which is the #1 ranked Century 21 real estate group in Tennessee.
Century 21 Legacy has ten offices throughout East Tennessee; two locations in Knoxville, two locations in Kingsport, Johnson City, Greeneville, Townsend, Maryville, Pigeon Forge, and Gatlinburg. The Jason White team now operates from the newly opened Century 21 Legacy office, located on Community Center Drive in the beautiful Barnes’ Insurance building in Pigeon Forge, TN.
Not only does this new partnership greatly broaden the Jason White Team’s reach, we now have access to a plethora of resources we didn’t have before, which will allow us to serve all of our current, past and future clients better.
“I am very proud and excited to join forces with Century 21 Legacy. They have for many years demonstrated their pledge to excellence by providing outstanding client service but more importantly through their dedicated commitment to embodying our state’s volunteer spirit with service to their communities through fund raising efforts and volunteer initiatives. This is an inspiring culture for us, allowing our team to broaden our reach, serve more people and bring more support to our beloved Sevier County.” – Jason White
The Jason White Team has been serving locals, investors and second-home seekers in Sevier County, Tennessee since 1996. We’ve specialized in vacation rentals from the beginning, selling over 1300+. We know the management companies, the process, local vendors, inventory, rates of return, what works and what doesn’t. We’ve grown our team and honed our craft over the years and are now more able than ever to serve our client’s unique needs. For more information, visit www.jasonwhiteteam.com.
November 2020 Market Report
Residential
Average price has risen by 24% and by approximately $75,000 year to date.
Land
Average price in Chalet Village is up by 22% month over month.
Are We Facing A Housing Shortage?
There are fewer homes for sale in the U.S. today than ever recorded in data going back nearly 40 years.
“We are simply facing a housing shortage, a major housing shortage,” says Lawrence Yun, the chief economist at the National Association of Realtors which tracks home sales. “We need to build more homes. Supply is critical in the current environment.”
“Housing inventory shortages have pushed national home prices considerably higher,” says Joel Kan, vice president of economic forecasting for the Mortgage Bankers Association.
“We have been under producing for the past decade,” Yun says. “We need more construction.”