Fall Foliage in the Smokies!

Did you know that you can see the fall foliage everyday!  There a number of live webcams in Gatlinburg – you can view 

There a 5 different live feeds in the Great Smoky Mountains National Park!
Look Rock 
Leconte Creek
Twin Creeks
Newfound Gap 
Purchase Nob
Clingman’s Dome 

Not only can you view the National Park – you can also view the fall foliage in the city!

Take a live 360 degree tour at Anakeesta here! 

Or check out the view from the Gatlinburg Space needle!

 

Real Estate Market Statistics during the first 7 months of 2022 – Pigeon Forge, Tennessee

Condos in Pigeon Forge 

Total average price for condos in Pigeon Forge,TN for the first 7 months of 2022 is $385,359.

 

Average reported rental history of condos in Pigeon Forge or the first 7 months of 2022 is $47,413.

 

Average days on market of condos in Pigeon Forge or the first 7 months of 2022 is 38. 

 

Average price per square foot of condos in Pigeon Forge or the first 7 months of 2022 is $347.

 

 

Single Family Homes in Pigeon Forge 

Total average price for single family homes in Pigeon Forge, TN for the first 7 months of 2022 is $783,373.

 

Average reported rental history of single family homes in Pigeon Forge or the first 7 months of 2022 is $80,094.

 

Average days on market of single family homes in Pigeon Forge or the first 7 months of 2022 is 43.

 

Average price per square foot of single family homes in Pigeon Forge or the first 7 months of 2022 is $421.

 

See the Real Estate Market Statistics during the first 7 months of 2022 in Gatlinburg, Tennessee here! 

 

 

August 2022 | Sevier County, TN Real Estate Market Report

The average price during the month of August in Sevier County, TN was $709,500.
This is the first month since May that the average price was dipped below $745,000.
The days on market this month was 41 – the lowest we’ve seen this year.
Price per square foot was $386 per square foot.

 

 

Land in Sevier County, Tennessee

The average price for land/lots in August 2022 in Sevier County, TN was $84,231.
This is the first time this year we’ve seen an average price under $100K.
The average days on market was 88 days,  the lowest we’ve seen this year.

 

 

Click here to read the previous market reports!

Real Estate Market Statistics during the first 7 months of 2022 – Gatlinburg, Tennessee

Condos in Gatlinburg 

Total average price for condos in Gatlinburg, TN for the first 7 months of 2022 is $347,117. 

 

Average reported rental history of condos in Gatlinburg or the first 7 months of 2022 is $49,545.

 

Average days on market of condos in Gatlinburg or the first 7 months of 2022 is 37.

 

Average price per square foot of condos in Gatlinburg or the first 7 months of 2022 is $404.

 

 

Single Family Homes in Gatlinburg

Total average price for single family homes in Gatlinburg, TN for the first 7 months of 2022 is $794,585.

 

 

 

Average reported rental history of single family homes in Gatlinburg or the first 7 months of 2022 is $76,861.

 

Average days on market of single family homes in Gatlinburg or the first 7 months of 2022 is 51.

 

Average price per square foot of single family homes in Gatlinburg or the first 7 months of 2022 is $409.

 

Highlands of the Smokies

 

Did you hear?

The Highlands of the Smokies is being rebuilt!

Life at Highlands of the Smokies picks right up where one of the most cherished resorts left off – and then some.

‍Every unit boasts amazing mountain views and an open floor plan. With 10’ ceilings and full glass living room and master bedroom walls, the overall grand feel of the Great Smoky Mountains will also live inside your home.

Experience the mountains with resort luxury and turnkey solutions. Garage parking will be available for most and elevators will carry you to your home floor and higher views. We’ll do the heavy lifting and have your unit beautifully and fully furnished. Everything is move-in ready!

 

View Highlands of the Smokies floor plans here! 

 

See all active Highlands of the Smokies units here! 

 

July 2022: National Housing Market Update

Last week, we provided market statistics related to the local market. 

This week we’ll provide information about the national market. 

Realtor.com released their July Housing Market Report. Here’s what Sabrina Speianu, Economic Data Manager, had to say, 

“Realtor.com®’s July housing data release reveals that the housing market is continuing to move toward more balance. Inventory levels continue to rise, providing more options to homebuyers who are still actively looking for a new home and price reductions are also increasing, as sellers adjust to the new normal. However, housing remains expensive and fast-paced with the median asking price close to June’s all-time high while time on market is still slightly lower than last year and significantly lower than pre-pandemic levels. Although demand has softened greatly compared to last year, housing activity remains robust compared to pre-pandemic levels.”

 

Top takeaways from the report are:

  • Less Frenzy Means More Options for Those Still Looking to Buy a Home
  • Time on Market Higher Than Last Year in Many Metros, but Homes Are Still Moving Historically Fast in General
  • Signs of Softening Price Growth Are Emerging

 

Click here to read the entire Realtor.com July Housing Market Report

July 2022 Sevier County Real Estate Market Report

 

Average price saw a slight increase from $745,000 to $750,000.
Days on market saw an increase from 42 days on market to 50 days on market.
Price per square foot saw a decline from $416 to $388 

 

 

 

 

We saw a dip in lots sold this month, coupled with an increase of average price. Days on market saw quite a large jump, from 135 days to 201 days. 

 

 

What’s going to happen to home prices?

 

What we learned this week:

  • Mortgage purchase applications are down 18% 
  • New home sales declined 17%
  • Introduction of single family homes declined by 16%

What’s that mean?

Even though we saw declines, we are still not in a balance market. 

Brian Neeley with BusinessNews says, “Inventory levels remain 49% below July 2019 levels, giving most sellers enough leverage – at least for now – to hold off on a bottom-market selloff earlier this year.”

Every quarter, Moody’s Analytics calculates an “overvalued” or “undervalued” figure for approximately 400 markets. The firm aims to find out whether fundamentals, including local income levels, can support local home prices. 

In the first quarter of 2022, Moody’s estimated that the average regional housing market was “overvalued” by 23%.

 

 

Moody’s Chief Economist Mark Zandi said Good luck The housing market being “overvalued” by more than 25% is likely to see a 5% to 10% drop in home prices. If a recession occurs, prices in those markets could fall by as much as 15% to 20%.

Click here to read more about Zandi’s predictions! 

 

What is Happening in the Real Estate Market?

We understand why you are wondering what is happening?
And probably what will happen in the near future.No one knows.

We found resources for a few pressing questions so that you can stay in the know!

Is the power shifting in the market?
Taylor Marr, the deputy chief economist at Redfin, says, “As sellers adjust their behavior it’s already changing the housing market.”

“The housing market isn’t crashing, but it is experiencing a hangover as it comes down from an unsustainable high,” Marr said in a statement to Insider, adding that a lot of home sellers are already beginning to drop their asking prices.

Will home prices come down quickly?
NextAdvisor produced an article this week that says, “Experts say it’s unlikely prices will drop in any significant way nationwide anytime soon. And while the rate at which home prices are rising will slow, that’ll likely come because fewer people can afford to shop in a pricier market. On a local level, individual markets might see prices come down, but experts say a big drop across the board is unlikely barring a big economic shift.”

June 2022 Sevier County Real Estate Market Update

Residential Real Estate Market Update for Sevier County, Tennessee – June 2022

Average price held steady during the month of June at $745,000. 

During quarter 2 we saw a reduction in overall days on market:
April: 61
May: 58
June: 42 

Price per square foot saw a slight drop from May to June – from $425 to $416 

 

Lots and Land Real Estate Market Update for Sevier County, Tennessee – June 2022

Average price of land saw a reduction from $140,475 in May to $121,634 in June. 

Days on market stayed relatively the same at 135 days, compared to 130 days in May. 

 

Click here to see all of our past market updates!