A Quick Snapshot of the Weekly Housing Trends: 

Realtor.com’s research team releases weekly housing trend key finding. This week they relayed, “The number of new sellers has climbed from a year ago in the last 6 weeks, yet another measure highlighting the stark change between this year and last year. Despite the influx of sellers, the number of homes actively for sale is still down and homes continue to sell quickly and for higher prices.”

A quick snap shot of the Weekly Housing Trends: 

  • Median listing prices grew at 15.5 percent 
  • New listings–a measure of sellers putting homes up for sale–were up 8 percent, making this the 6th consecutive week of increases over last year.
  • Total active inventory remains 51 percent below this time last year.
  • Time on market was 32 days faster than last year

Click here to read the entire article & see a comparison chart that compares March to May. 

Demand for Second Homes Is More Than Double Pre-Pandemic Levels

“Home prices are up 27% year over year in seasonal towns” reports Dana Adams, of Redfin.

“The number of buyers who locked in mortgage rates for second homes soared 178% year over year in April, marking the 11th straight month of 80%-plus growth. The record increase should be taken in context: It is likely exaggerated because demand for second homes dropped 24% year over year last April, the month after the coronavirus pandemic hit the U.S. and real estate activity in the country nearly ground to a halt.

The rise in demand for second homes is more than twice the increase for primary homes, with the number of buyers who locked in mortgage rates for primary homes rising 78% year over year in April. That’s a record jump, too, but should also be taken in context, as demand for primary homes dropped last April due to the pandemic.”

Click here to read more about price increase in both seasonal and non-seasonal towns! 

April Market Report

Check out the market report for April!

Total residential average price rose by 72% while average days on market decreased by 33% in 2021 compared to 2020.

 

 

Check out the graphs depicting the average price growth during 2021.

 

S&P CoreLogic Case-Shiller US Home Price Index & Business Wire

US home prices jumped the most in 7 years in December as the housing-market boom charged into the new year, Case-Shiller says.

“The S&P CoreLogic Case-Shiller US National Home Price Index posted a 10.4% annualized increase in December, according to a Tuesday press release. The gain follows a 9.4% annualized climb in November and marks the biggest single-month leap in seven years seen by the index, a leading national dataset.”

“Still, the US housing market will likely thrive through 2021 as more forthcoming stimulus bolsters homebuying activity, Fitch analysts led by Suzanne Mistretta said in a February 16 note. The firm said it expects prices and mortgage volume to continue growing in 2021 due to consistently low borrowing costs and lasting supply constraints”

Read the full article here.

 

“From December 2020 to January 2021 the one-month appreciation, an annualized 7.5 percent rate, was the slowest recorded since August 2020. Historically, home prices have come under pressure during periods of economic stress as foreclosure sales and other distressed transactions add discounted properties into the inventory. During the Great Recession, monthly volume of sold properties that were considered distressed peaked at nearly 82,500 units (March 2011) and represented more than 43 percent of all sales that month. In contrast, January 2021 recorded the lowest ever number of distressed sales transactions, at 11,212 units. The tally represented just 4.9 percent of total sales for the month. This lack of distressed supply is a marked difference from prior periods of economic stress.”

Read the full Business Wire article here.

2020 Market Statistics For Sevierville

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.

Pigeon Forge - Total Average Price
Pigeon Forge – Total Average Price
Pigeon Forge - Average Price Bedrooms 1-3
Pigeon Forge – Average Price Bedrooms 1-3

 

Pigeon Forge - Average Price Bedrooms 4-6
Pigeon Forge – Average Price Bedrooms 4-6
Pigeon Forge - Average Price Total and Bedrooms 1-6
Pigeon Forge – Average Price Total and Bedrooms 1-6

 

Days on Market

Days on market dipped from February to May and peaked during October and November.

Pigeon Forge - Days on Market Total
Pigeon Forge – Days on Market Total

 

Pigeon Forge - Days on Market (Bedroom 1-3)
Pigeon Forge – Days on Market (Bedroom 1-3)
Pigeon Forge - Days on Market (Bedroom 4-6)
Pigeon Forge – Days on Market (Bedroom 4-6)

 

Pigeon Forge - Days on Market (Total and Bedrooms 1-6)
Pigeon Forge – Days on Market (Total and Bedrooms 1-6)

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.

Total Average Price - 2020 Year End Real Estate Gatlinburg
Total Average Price – 2020 Year End Real Estate Gatlinburg
Average Price (Bedrooms 1 -3) 2020 Year End Real Estate Gatlinburg
Average Price (Bedrooms 1 -3) 2020 Year End Real Estate Gatlinburg
Average Price (Bedrooms 4 -6) 2020 Year End Real Estate Gatlinburg
Average Price (Bedrooms 4 -6) 2020 Year End Real Estate Gatlinburg
Average Price ( Total and Bedrooms 1 -6) 2020 Year End Real Estate Gatlinburg
Average Price ( Total and Bedrooms 1 -6) 2020 Year End Real Estate Gatlinburg

 

Days on Market

Despite the outlier in July – days on market stayed relatively close to 100 days during 2020.

Total Days on Market - Gatlinburg
Total Days on Market – Gatlinburg
Days on Market (Bedroom 1-3)
Days on Market (Bedroom 1-3)
Days on Market (Bedroom 4-6)
Days on Market (Bedroom 4-6)
Days on Market - Total and Bedrooms 1-6
Days on Market – Total and Bedrooms 1-6

 

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.

Average Price 2017 - 2020
Average Price 2017 – 2020

 

Days on Market 2017-2020
Days on Market 2017-2020

 

Single Family Homes – 2020

Single Family Homes Average Sales Price vs Average List Price
Single Family Homes Average Sales Price vs Average List Price
Single Family Homes - Days on Market
Single Family Homes – Days on Market
Single Family Home - Average Price Per Square Foot
Single Family Home – Average Price Per Square Foot

 

Condos – 2020

Condo - Average Sale vs Average List Price
Condo – Average Sale vs Average List Price
Condo - Days on Market
Condo – Days on Market

 

Condo - Average Price per Square Foot
Condo – Average Price per Square Foot

 

Land

Average land prices increased year over year from 2017 – 2020; 15% 2017 – 2018, 17% 2018 – 2019, and 16% 2019 – 2020.

Land - Average Price 2017 -2020
Land – Average Price 2017 -2020

 

Land - Sales Price vs Listing Price
Land – Sales Price vs Listing Price

 

Land - Days on Market
Land – Days on Market

 

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

December 2020 Real Estate Market Statistics
December 2020 Real Estate Market Statistics

 

YTD 2020 Real Estate Market Statistics
YTD 2020 Real Estate Market Statistics

 

Land

December Land Real Estate Market Statistics
December Land Real Estate Market Statistics

 

Year to Date Land Real Estate Market Statistics
Year to Date Land Real Estate Market Statistics