2022 Real Estate Market Statistics

This week we segmented certain areas of the market to provide specific market statistics for those areas.
Below you’ll find market statistics for Condos and Single Family Homes in Gatlinburg and Pigeon Forge.

 

Condos in Gatlinburg

Average Price: $357,930
Average Reported Rental History: $42,697
Average Days on Market: 44
Average Price Per Square Foot: $384
Number of Units Sold: 64

 

Single Family Homes In Gatlinburg

Average Price: $818,501
Average Reported Rental History: $84,127
Average Days on Market: 56
Average Price Per Square Foot: $405
Number of Units Sold: 336

 

Condos in Pigeon Forge

Average Price: $397,794
Average Reported Rental History: $36,909
Average Days on Market: 44
Average Price Per Square Foot: $335
Number of Units Sold: 42

 

Single Family Homes in Pigeon Forge

Average Price: $787,740
Average Reported Rental History: $82,559
Average Days on Market: 44
Average Price Per Square Foot: $409
Number of Units Sold: 271

December 2022 Real Estate Market Statistics in Sevier County, Tennessee

Homes in Sevier County, Tennessee

The average price during the month of December was $829,234 the highest price we’ve seen all year.

Properties spent an average of 78 days on the maket during the month of December, which was the same amount of time homes spent on the market in November, down from 85 days in October.

Price per square foot saw a decrease from $445 in November to $369 in December.

 

Land in Sevier County, Tennessee

The average price for land/lots in December is just above $102,244.

The average days on market saw a large increase to 160 days.

 

Read the past month’s market statistics for Sevier County, Tennessee here! 

Your Land Survey Questions Answered

What is a boundary survey?

A survey is a tool that provides valuable information about the boundaries, size, and shape of a piece of land. It is used to establish the legal boundaries of a property and to ensure that it is properly described in legal documents.


Why are surveys conducted?

There are several reasons why land surveys are conducted:

  1. To establish the legal boundaries of a property: A land survey is used to determine the exact location of the boundaries of a piece of land. This is important for establishing ownership and resolving boundary disputes.
  2. To create a map or plat of the property: A land survey creates a map or plat of the property that shows the location of the boundaries, buildings, roads, utilities, and other features on the land.
  3. To support the sale or transfer of property: A land survey is often required when a piece of property is being sold or transferred. It provides accurate and reliable information about the features of the land as well as the boundaries of the property. 
  4. To support construction projects: A land survey is important for construction projects because it provides accurate information about the boundaries and topography of the land. 
  5. To support land development and planning: A land survey provides important information about the topography, elevation, slope, and contours of a piece of land. 


What’s included in a land survey?

A land survey typically includes a map or plat of the property, which shows the legal boundaries of the land and any improvements or features on the property. 

The map or plat is usually accompanied by a written report, which typically includes a description of the property, including its size, shape, and location.

The map or plat of the property will typically show the location of the property in relation to nearby landmarks and other properties, easements, rights-of-way, or other encumbrances and may also include the location of any buildings, roads, utilities, and other improvements on the property. 

The written report accompanying the map or plat will typically include a description of the property, including its size, shape, and location. The written report may include information about the history of the property, such as any prior owners or uses of the land or information about the land survey process, including the methods and equipment used to gather data and the sources of information used to prepare the survey.

A survey may also include other materials, such as photographs, drawings, or other documentation to provide additional information about the property or to support the conclusions reached in the survey.

 

Why surveys are important..

A land survey is important because it can provide accurate and reliable information about the boundaries of a property, helping to resolve disputes and prevent costly legal battles.

In addition to resolving boundary disputes, a land survey is also important for construction projects. Before beginning any construction work, it is important to know the exact boundaries of the property and to ensure that the construction does not encroach on the property of others. 

A land survey is also useful for land development and planning purposes. It can provide important information about the topography of a piece of land, including the elevation, slope, and contours of the land. This information is useful for determining the suitability of a piece of land for a particular use, such as building a home or commercial development.

It is well worth the investment to obtain a land survey to ensure that a piece of property is properly described and its boundaries are accurately established.

 

How much does a property survey cost?

Land survey cost can vary widely depending on a number of factors, such as the size of the property, the complexity of the survey, and the location of the property. In general, a land survey can cost anywhere from a few hundred dollars to several thousand dollars.

Some of the factors that can affect land survey cost include:

  • Size of the property
  • Complexity of the survey
  • Location of the property
  • Type of survey

It is important to obtain multiple quotes from different surveyors to get an idea of the average land survey cost in your area.


How can I find a licensed land surveyor?

There are a few different ways you can find a licensed land surveyor:

  1. Ask for recommendations: You can ask friends, family, or colleagues if they have used a land surveyor in the past and if they would recommend them. 
  2. Search online directories: There are several online directories, such as the American Society of Land Surveyors (ASLS) directory or the National Society of Professional Surveyors (NSPS) directory, where you can find a list of licensed land surveyors in your area. These directories usually include information about the surveyors’ qualifications and areas of expertise.
  3. Contact your state licensing board: Each state has a licensing board that is responsible for issuing and regulating the licenses of land surveyors. 

 

It is usually a good idea to obtain quotes from multiple surveyors to get an idea of the average cost of a land survey in your area.

 

November 2022 Sevier County Tennessee Real Estate Market Report

Homes in Sevier County, Tennessee

The average price during the month of November was $785,613, up from $746,590 in October and $667,609 in September.

Properties spent an average of 78 days on the maket during te month of November, down from 85 days in October.

Price per square foot saw a jump from $379 to $445 during the month of November.

 

Land in Sevier County, Tennessee

The average price for land/lots in November is under 100,000 at $82,254.

The average days on market dropped below 100 this month, at 85 days.

2023 Housing Market Forecast

 

Our friends at the LTW Group shared with us a presentation by Chief Market Strategist for Residential Finance, Barry Habib.

He answered the questions:

  • What’s going to happen with interest rates?
  • Is the value of my home going to decrease?
  • What’s the forecast for the real estate market in 2023?

What is going to happen with  interest rates?!

The ten year treasury bond and the mortgage rate have a normal spread of 175 – 200bp. 

Should this trend continue – Barry Habib, chief market strategist for Residential Finance, predicts that treasury bonds will come down to three which means mortgage rates will be closer to 5%.

Will the value of my home decrease?

According to the S&P Case-Shiller U.S. National House Price Index, during 8 of the last 9 recessions homes home values went up during and after the recession. 

The only time this didn’t happen was during 2006. 

In 2006 builders built more homes than ever before. 

Household formations dropped! (A household formation is the formation of a new household – think when your adult child moves out of your home.) 

Why did household formations drop in 2006?

On average, an adult moves out of their parents home at the age of 33. When we step back to look at the birth rates of Generation X we see a sharp decline. 

Are we on the brink of another housing bubble?

Quick answer – no! There are no outlandish mortgaging programs out there right now. 

Ultimately, a housing bubble comes down to supply and demand. 

What effects supply?

  • Builders finishing homes 
  • The number of homes that have to be retired. 

Where does demand come from?

  • Household formations. 

 

Babib’s forecast for 2023:

  • Low single digit appreciation
  • Rents will continue to rise

Huge thanks to our friends at the LTW Group for sharing this fantastic information with us!! 

The LTW Group has a ton of resources and programs that allow buying right now a painless process. Reach out to them today! 

Are housing prices going to drop in Gatlinburg, Tennessee?

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.”

We keep a beat on the market statistics monthly, you can see the latest one here. 

 

Sevier County, Tennessee Real Estate Market Report

Homes in Sevier County, Tennessee

The average price during the month of October in Sevier County, TN was $746,590, up from September’s average price of $667,609.

We’ve seen ups and downs in our average market this year, but they have continued to stay between $660,000 and $750,000. 

The average days on market in October was 85 days, up from last month at 75 days. 

Price per square foot saw a slight increase during October 2022 to $379, up from $372 in September. 

 

 

Land in Sevier County, Tennessee

The average price for land/lots in October in Sevier County, Tennessee was $207,162 – a large jump from September at $111,390. 

The average days on market saw a reduction from 137 days days on market in September to 106 days on market in October. 

What’s happening to the real estate market?

Key Takeaways from CNBC “Existing home sales fall to a 10-year low in September, as mortgage rates soar” article

Are sellers still receiving multiple offers? Are homes still selling over asking?

Lawrence Yun, chief chief economist at the NAR, answers these questions on a National level, ““Despite weaker sales, multiple offers are still occurring with more than a quarter of homes selling above list price due to limited inventory. The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today.”

Next week we’ll explore what this looks like locally – while we can’t provide information about multiple offers, we CAN answer some questions about list to sale price ratios! 

 

Are prices falling?

Yun says, “Tight supply continues to put pressure on home prices, with an increase of 8.4% from September 2021. Prices climbed at all price points. This makes 127 consecutive months of annual increases.”

“Prices are cooling, however. September marked the third straight month-to-month price decline, which usually fall this time of this year.”

 

Do we know if they will continue to fall?

Not quite yet, but we’ll keep you informed monthly with market statistics. Did you see last month’s? Check it out here 

 

Fortune reports on Zillow’s 2023 Housing Market Forecast

During the spring home buying boom Zillow made a big claim – home prices would would soar another 17.8% between February 2022 and February 2023. 

Weeks later the Pandemic fizzled.. Zillow slashed its home price outlook. 

In September, the outlook was revised down to 1.2%

Now Zillow expects the U.S. Home values to rise 1.4% 

“Back in May, Moody’s Analytics chief economist Mark Zandi told Fortune that rising mortgage rates coupled with “overvalued” home prices would push the U.S. housing market into a housing correction. A housing correction being a period where the U.S. housing market—which got priced to 3% mortgage rates—would work towards equilibrium. In every market, that’d translate into a sharp decline in home sales. It’d also, Zandi said, put frothy markets at risk of home price corrections.

That’s exactly what we saw this summer: Home sales plummeted across the nation, and frothy markets in the Western half of the country also saw declining home prices.”

Zillow researchers write, “”Across the country, affordability challenges have pushed potential buyers to the sidelines. Of course, this demand destruction has been more pronounced in some markets than in others. Markets with the highest prices a year ago saw disproportionately larger declines in active demand in the 12 months that followed.”

Heading into 2023 Zillow predicts the home price correction will loose steam in some markets while it picks up steam in other places. 

Both Knoxville and Morristown are predicted to rise 5% over the coming year. 

Read more here! 

September 2022 Real Estate Market Report

Homes in Sevier County, Tennessee

The average price during the month of September in Sevier County, TN was $667,609, down from last month at $709,500.

The days on market this month saw a large jump this month to 75 – from 41 last month.

Price per square foot saw a slight reduction to $372 from $386 last month

 

Land in Sevier County, Tennessee

The average price for land/lots in September popped back above $100,000 to $111.390.

The average days on market was saw a large jump to 137 days to 88 days.