Sevier County Real Estate Market Report January 2025

Residential Properties in Sevier County, TN

Average Price saw a drastic reduction during January at $663,555 compared to average price in December at $738,808.
However, average price is up slightly year over year, $661,267 in January 2024.

Days on the market during the month of January was 63 days, a large decrease from December 2024 at 95 days.
This is also a decrease from January 2024 at 86 days.

Price Per Square Foot sat at $307 dollars per square foot, a decrease from $342 in December 2024, and an 11% decrease from January 2024 at $346.

 

Single Family Homes and Condos In Sevier County, TN

Single Family Homes

Single Family Home sales saw a decrease of 53% during the month of January, when compared to January 2024.

Average price of SFH during January was $654,362 a large reduction from December 2024 at $781,914.
Although, this is only a slight reduction from January 2024 which was $667,877.

Days on Market sat at 71 days during January, a 19% reduction year of year at 88 days in January 2024.

Price per square foot was $288, a 17% decrease from $347 during January 2024.

Condos

Condos saw an increase in price to $377,380 during January, when compared to an average of $281,166 in December 2024.
This is a very close to the average selling price in January 2024 which was $373,750.

Year over year we saw a sizeable jump in days on market at 82 days, when compared to January 2024 at 22 days.
Which is a slight decrease from the 131 days on the market during December 2024.

 

Land in Sevier,  County Tennessee

Lots/land saw a decrease in Average Price at $119,510. Compared to $137,033 in December 2024, and $266,500 in January 2024.

Days on market also saw a increase year over year sitting at 172 days in January 2025, compared to 146 days in January 2024.

 

Market Pulse: Understanding Current Smoky Mountain Housing Market Trends

 

Price Trends Showing Strength

The data shows home prices maintaining impressive stability, consistently ranging between $600,000-$800,000. 

We saw a particularly strong price in March 2024, with numbers notably higher than the same period in 2023. 

The winter months of November and December also show robust pricing, indicating sustained market strength.

 

Days on Market: A Changing Landscape

The time homes spend on the market has shifted significantly. 

While 2023 saw its fastest sales in March (around 45 days), 2024 is showing different patterns. 

May 2024 has seen longer selling periods, reaching up to 95 days, with similar trends in December. 

This change suggests a market that’s finding a new rhythm, offering buyers more time for consideration while still maintaining strong price points.

 

Current Market Indicators For Sellers:

– Pricing remains robust across most months.
– Properties are taking longer to sell, requiring adjusted expectations on timeline.
– March and late-year months are showing particularly strong prices.

 

Current Market Indicators For Buyers:

– There appears to be more time to evaluate properties and make decisions.
– Strong inventory levels provide a wide selection.
– Price stability offers a clearer picture for budgeting. 

 

Market Context

These numbers reflect a market that’s evolved from the frenzied pace of recent years to a more sustainable pattern. 

While homes are generally taking longer to sell, prices remain strong – suggesting a healthy, stabilizing market rather than a weakening one.

 

 

Land Market Trends in the Smokies

Price Patterns

Looking at average land prices, we’re seeing distinct patterns emerge. 

In 2023, the market showed notable volatility, with prices ranging from lows around $75,000 in October to a significant peak of $240,000 in June. 

This price variation tells us about the diverse offerings in our market and the seasonal nature of land sales.

2024 is currently showing even more pronounced price movements, with values reaching higher peaks around $265,000 in both July and October. 

While these swings are more dramatic than 2023, they’re following a more predictable seasonal pattern, suggesting a market that’s finding its rhythm.

 

Days on Market

The time it takes to sell land parcels shows equally interesting trends. In 2023, we saw the longest selling periods in February, with properties taking around 290 days to sell. 

This contrasted sharply with the summer months, particularly June, when properties moved much more quickly at around 90 days.

Current 2024 data shows faster overall selling times compared to 2023. 

We’re seeing properties move more efficiently, with some of the quickest sales happening in August (around 70 days) and November (approximately 50 days). 

This increased efficiency suggests a market where buyers and sellers are better aligned on pricing and value.

 

What This Means for Buyers and Sellers

These numbers tell us several important things about our current market:

 

For Sellers:

– Summer months historically bring higher prices
– Properties are generally selling faster than last year

 

For Buyers:

– Winter months may offer more negotiating opportunities
– More predictable selling patterns help with timing purchases

 

The Bottom Line

The land market in the Smokies is showing signs of increased efficiency while maintaining the seasonal patterns typical of our region. 

Whether you’re looking to buy or sell, understanding these patterns can help you make more informed decisions about timing and pricing in our unique mountain market.

 

Looking to navigate these market conditions? Our team has been helping folks find their perfect piece of the Smokies since 1996. Let’s talk about how we can put that experience to work for you.

 

December 2024 Sevier County, TN Real Estate Market Update

Average Price during December was $738,808, down from November at $753,000.

Days on the market during the month of December was 95, a slight increase from November at 86 days and October at 82 days

With a rather large increase of 53% from December of of 2023 which sat at 62 days on the market.

 

Single Family Home sales saw a decrease of 39% during the month of December 2024, when compared to December 2023.

Average price of SFH during December was $781,914 down slightly from November 2024 at $783,544.

This is also a 4% decrease from December of 2023 at $821,997

Days on Market saw a another large increase to 131 days, up from 88 days, in November 2024.

DOM in December 2024 was 102% greater than DOM in December 2023 at 65 days.

 

Condos saw another decrease in sales price with an average of $281,166 in December 2024 compared to $294,225 in November of 2024.

This is a large decrease compared to an average sales price of $429,914 in Decemeber 2023.

We saw a decrease in Days on Market at 47 days in December 2024 compared to 54 days on market in November 2024.

Year over Year Days on Market saw an 81% increase — from 26 days in December 2023 to 47 days in December 2024.

 

 

Lots/land saw a increase in Average Price at $137,033 compared to $111,280 in November 2024.

Days on market also saw a decreased year over year, sitting at 159 days in December 2024 from 392 days in December 2023.

November 2024 Sevier County, TN Real Estate Market Update

Average Price during November was $753,000, up from October at $665,091.

Days on the market during the month of November was 86 days, a slight increase from October at 82 days, and a 32% increase from November of 2023 which sat at 65 days on the market.

 

Single Family Home sales saw a decrease of 34% during the month of November 2024, when compared to November 2023.
Average price of SFH during November was $783,544, an increase of 8% compared to November 2023.
Days on Market saw a large increase to 88 days, an increase of 38% compared to November 2023.

Condos saw a decrease in sales price from an average of $316,250 in November 2023 to $294,225 in October 2024.
We saw a decrease in Days on Market, at 54 days on market for sales in November 2024, compared to 75 days in October 2023.

 

Lots/land saw a decrease in Average Price at $111,280 down 4% compared to November 2023 at $117,126.

Days on market also saw a decreased by 79% to 45 days, compared to 218 days on market in November 2023.

October 2024 Sevier County Real Estate Market Update

Average Price during October was $665,091, down from $768,663 in October of 2024.

Days on the market during the month of October was 82 days, a 24% increase from October of 2023 which sat at 66 days on the market.

Price per square foot during October was $391, up just $5 per square foot from October of 2023 at $386 per square foot.

 

Single Family Home sales saw a decrease of 57% during the month of October 2024, when compared to October 2023.

Average price of SFH during October was $685,393, a decrease of 12% compared to October 2023.

Days on Market saw a large increase to 97 days, an increase of 47% compared to October 2023.

 

Condos saw an increase in sales price from an average of $324,000 in October 2023 to $375,000 in October 2024.

Although we saw an increase in price, that was paired with a sizable increase of Days on Market, at 173 days on market for sales in October 2024, compared to 63 days in October 2023.

 

Lots/land saw a large increase in Average Price at $268,203 up 200% compared to October 2023 at $89,380.

Days on market increased by 12% to 119 days, compared to 106 days on market in October 2023.

September 2024 Sevier County Market Report

Average Price during September was $671,895, down from $677,890 in September of 2023.

Days on market during the month of September was 62 days, this is very close to the days on market of September 2023 at 63 days.

Price per square foot during September was $333, which is a significant drop from $395 in September 2023.

*Condo statistitics are skewed due to sales at the Highlands of the Smokies.

 

The average price for land/lots during September was $169,595 up 78% from the average price in September 2023 at $94,800.

Lots that sold in September spent an average of 66 days on the market, down from 139 days on market in September of 2023.

 

 

August 2024 Sevier County, TN Real Estate Market Trends

Average Price during August was $692,156, up from $688,062 during August 2023.

January 2024 – $685,047
February 2024 – $689,422
March 2024 – $926,103
April 2024 – $693,604
May 2024 – $679,333
June 2024 – $653,433
July 2024 – $585,159
August 2024 – $692,156

 

Days on market during the month of August were 61 days, this is very close to the average days on market in July, at 59 days, and up a bit from August 2023 at 54 days.

January 2024 – 82
February 2024 – 64
March 2024 – 46
April 2024 – 80
May 2024 – 100
June 2024 – 51
July 2024 – 59
August 2024 – 61

 

Price per square foot during August was $352, up a bit from $347 during the month of July, and down 6% from August 2023.

 

 

 

The average price for land/lots during August was $81,775 down 33% compared to average price in August 2023 at $123,140.

Lots that sold in August spent an average of 120 days on the market, down from 145 days on market in August of 2023.

July 2024 Sevier County, TN Real Estate Market Trends

Homes

We saw a sizable drop in Average Price this month, to $585,159, down from $653,433.

This is a large change from July 2023, where average price sat at $711,659.

January 2024 – $685,047
February 2024 – $689,422
March 2024 – $926,103
April 2024 – $693,604
May 2024 – $679,333
June 2024 – $653,433
July 2024 – $585,159

Days on market during the month of July were 59 days, this is very close to the average days on market in June, at 51 days.

January 2024 – 82
February 2024 – 64
March 2024 – 46
April 2024 – 80
May 2024 – 100
June 2024 – 51
July 2024 – 59

Price per square foot saw a decrease to $347 during the month of July, down $391 in June 2024.

 

Land

he average price for land/lots during July was $269, 906, which is a large increase from June at $135,543.
*This may be due to the 4 parcels that sold during July over $900,000.

Lots that sold in June spent an average of 120 days on the market, up from 99 days on market in June.

 

Sevier County Real Estate Trends 2020 until now:

This graph shows the months of inventory. Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.

 

This graph shows the number of listings — new, active, and sold.

 

This graph shows the average days on market.

Sevier County, TN Real Estate Market Statistics June 2024

Homes

Average price was $653,433 during the month of June, with is slightly lower than May 2024 which sat at $679,333. This is fairly close to the average price in May 2023, which was $669,547.

January 2024 – $685,047
February 2024 – $689,422
March 2024 – $926,103
April 2024 – $693,604
May 2024 – $679,333
June 2024 – $653,433

Days on market during the month of June was 51 days. Day on the market saw a sizeable reduction in Sevier County, TN from May 2024, which was 100 days on the market. We’ve seen a range from 46 days on market to 100 days on market during 2024

January 2024 – 82
February 2024 – 64
March 2024 – 46
April 2024 – 80
May 2024 – 100
June 2024 – 51

Price per square foot saw a slight increase to $391, up from $380 in May.

 

 

Land

The average price for land/lots during June was $135,543, down drastically from June 2023 where average price sat at $243,495. Lots that sold in June spent an average of 99 days on market, down slightly from May at 126 days on market, and up up 19% from June 2023 at 83 days.

 

2024 Mid-year Short Term Rental Occupancy Rates Review 

We’ve reached the midpoint of the year. It’s a great time to review your short term rental property’s performance. To ask yourself, and answer, questions like:

  • How is my revenue compared to last year?
  • What went well for my short term rental so far this year?
  • What areas could be improved on?

One major factor related to your short term rental revenue and results is your occupancy rates. 

In this blog post, we’ll explore what occupancy rates are, how to calculate them, and strategies to increase them, along with an outlook for the remainder of 2024. 

 

What Are Occupancy Rates?

Occupancy rates are calculated by taking the percentage of time a vacation rental property is booked and comparing it to its total time available for bookings. 

A higher number generally indicates a healthier rental market. 

 

How to Calculate Your Occupancy Rates

To calculate the occupancy rate, you divide the number of occupied nights by the total number of available nights and multiply by 100 to get a percentage. 

The formula for occupancy Rate is = ({Occupied Nights} / {Available Nights}) x 100

Let’s walk through an example:

You own a STR in the Smokies and you like to use it for 2 weeks at Christmas, two weeks in the summer, one week in the fall, and one week in the summer – for a total of 323 days. 

Which means that your short term vacation rental is available for a total of 323 days. 

Formula: (total days booked/total available days) * 100
If you home is booked for 175 of those days, your occupancy rate is 54%
If you home is booked for 225 of those days, your occupancy rate is 69%

 

How to Increase Your Occupancy Rates?

Turno has tons of great ideas for how to increase your property’s occupancy rates. 

Some effective tactics include:

  • List on multiple sites 
  • Use high quality photos 
  • Write an intriguing and accurate property description
  • Enable instant booking 
  • Use dynamic pricing 
  • Improve your marketing strategy 
  • Incentivize positive reviews from guests

 

We have a few other ideas for how you can increase your occupancy rates

  • Elevate your amenities 
  • Expand your sleeping areas 
  • Hire a property manager for improved marketing strategies and client experience
  • Consider upgrades 

 

Market Trends in 2024

AirDNA completed a midyear market review. Here are their key takeaways from the article:

  • May saw an 11.4% increase in demand and a 3.1% rise in occupancy, signaling strong recovery and growth in the short-term rental market.
  • Coastal and rural locations are thriving with high demand, while urban areas face declines due to high interest rates and stricter regulations.
  • Summer bookings, particularly beach reservations for July 4th, are seeing substantial growth.

 

The surge in post-pandemic demand pushed short-term rental (STR) occupancy to record levels in 2021 and 2022. However, monthly occupancy has been declining ever since. Although occupancy year-to-date is still down by about 1.5%, May saw a growth rate of 3.1%—the highest monthly increase since early 2022. This was just before new supply, taking advantage of pandemic-level occupancy, started to impact individual unit performance.”

 

 

 

Demand for rentals is up, and supply is slowing down. The last time demand growth in May was this high was during the peak of 2022. 

The market appears to be at a turning point for occupancy rates. As demand outpaces supply, occupancy rates have shown signs of recovery, which is promising for property owners who experienced declines in previous years.

“Although year-to-date occupancy is still down about 1.5%, the strong summer performance expected ahead suggests that May marked a significant turning point for occupancy growth.

 

 

While the average daily rate (ADR) for rentals is growing, it’s at a slower pace compared to past years, this is largely due to inflation. 

 

 

Pacing, which tracks future reservations compared to previous periods, shows that bookings for the second half of 2024 are trending positively. This forward-looking data indicates that occupancy rates are likely to remain strong, providing a positive outlook for rental owners.

As we look ahead to the rest of 2024, the short-term rental market shows promising signs of recovery and growth. 

By adapting your strategies accordingly, you can ensure your short-term rental remains competitive and profitable throughout the year!