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.

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.

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.

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.

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.

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.

We saw average price come back down, from the high we saw in March at $926,103, to $693,604 in April. Which is much closer to what we’ve seen this year, and what we saw last April at $654,004.

January 2024 – $685,047
February 2024 – $689,422
March 2024 – $926,103
April 2024 – $693,604

Days on market during the month of April sat at 80 days. Which is within the range we have seen this year, from 46 t to 82 day.

January 2024 – 82
February 2024 – 64
March 2024 – 46
April 2024 – 80

Price per square foot saw a slight reduction to $382 from $386.

We had a large increase in Days on Market for Condos, at 130 days, compared to 68 in March 2024, and 22 in April 2023.

The average price for land/lots during saw an increase to $133,517, from $86,410 in March 2023. 

Lots that sold in April spent an average for 179 days on market, up 23% from April 2023 at 146 days. 

Homes

Average price saw a 33% jump from last year at $926,103, compared to $693,727 in March of 2023.

There were 30 homes that sold during the month of March at over $1 Million. This is a sizeable lift from the 10 homes sold over $1 Million in February and 12 homes sold over $1 Million in January.

Days on market saw a yet another sizeable reduction to 46 days, down from 64 days on the market in February. This is a 15% reduction when compared to March of 2023 at 54 days on the market.

Price per square foot saw another bump during march at $386, up from $373 in February.

Lots/Land

The average price for land/lots during saw a dip to $86,410 when compared to February at $102,283. This is a 39% reduction when compared to March of 2023, when the average price of land/lots was $141,814.

Lots that sold in March spent an average of 247 days on the market, which is a 52% increase when compared to March of 2023 at 163 days on the market.

In January, various factors dampened the demand for short-term rentals across the United States. 

A notably cold spell, characterized as an “Arctic air mass” by the National Oceanic and Atmospheric Administration, ushered in record low temperatures nationwide,while we endured a relatively severe flu, COVID, and RSV season

Which led to total booked nights seeing minimal growth at just 1.3% compared to the same period last year, failing to reach the pre-pandemic occupancy levels witnessed in late 2023.

Historically, February stands as the lowest month for listings. This year saw a significant drop of 73,000 listings, a departure from the typical January figures, however this decline aligns with the anticipated reduction characteristic of February. 

AirDNA reports Key U.S. STR Performance Metrics for January 2024

• Revenue per available room (RevPAR) declined 6.6% year-over-year (YOY) to $133.80
• Available listings were 1.54 million, up 10.5% YOY
• Total demand (nights) rose 1.3% YOY
• Occupancy was 7.0% lower YOY at 43.2%
• Average daily rates (ADRs) increased 0.5% YOY to $309.63
• Nights booked decreased 2.7% YOY

“January produced the first negative YOY change in new bookings (-2.7%) in 21 months. Some of this can be attributed to the strong performance in bookings in January 2023, which stands as the highest monthly bookings recorded in the last 34 months. On the other hand, the growth in demand for January was just 1.3%, which is considerably lower than December’s 4.1% or November’s 7.4% growth rate.”

What’s that mean for the Gatlinburg/Pigeon Forge area?

Our area was one of the 25 markets that saw an increase in demand. 

“Even though demand saw a downturn, the growth in average daily rate (ADR), or the average rental income per paid occupied room in a given period, improved in January compared to December. “

This year Easter falls in March, instead of April, so we may see an early influx of Spring Breakers. 

The tourism board provides the school breaks for the surrounding areas! 

The majority of the school systems listed on this document will be out during the weeks of 3/25 and 4/1. 

You can use this to see if your short term rental is seeing a shift based on the shift in holidays.