Sevier County, TN Real Estate Market Update – September 2023

Homes in Sevier County, Tennessee

Average price saw a decrease to $690,994 during the month of August, which is a slight dip from July, but within the range we’ve seen through the year from $641,000 to $750,000.

Average home price in Gatlinburg, TN Year to date 2023 – $742,604
Average home price in Sevierville, TN Year to date 2023 – $666,828
Average home price in Pigeon Forge, TN Year to date 2023 – $601,402

Days on the market saw an fairly large decrease to 58 days on market, which falls within the range we’ve seen throughout the year from 55 days to 83 days.

Price per square foot saw an slight decrease to $371 from $378. We’ve seen a range of $358.72 to $401.65 this year.

 

Land in Sevier County, Tennessee

The average price for land/lots during the month of August was $134,661.

Lots that sold in August spent an average of 145 days on the market.

What’s happening with Short Term Rentals right now?

 

AirDNA released an article this week, which reviews their data on the Short Term Rental Market.

The most notable data point was July’s stays. 

“July 2023 broke the record for the most short-term rental (STR) stays in one month, with 35.4 million nights stayed, beating the previous high recorded in July 2022 by 9.4%.”

 

Even with  challenges like a heatwave and inflation-cautious consumers, the demand for short term rentals was strong!

“Data from the Bureau of Labor Statistics revealed that July saw the addition of 187,000 jobs, keeping unemployment at one of its lowest rates in half a century. Even as inflation looms above the Federal Reserve’s 2% target, our economy seems stable, as wages grow and inflation remains relatively controlled.”

 

Looking forward

“August appears to be seeing a somewhat slower pace than current demand trends would indicate. Lead times have shortened since last year, so while August pacing is currently only 4% ahead of this time last year, last-minute bookings should still push the final realized demand for August higher.”

 

Check out the AirDNA article  for a few projections through the end of the year. 

Interesting to note, AirDNA’a data shows that the occupancy levels are much closer to 2022 levels, than 2019 levels. 

Maybe you are wondering what does this mean for prospective property investors or those interested in securing their dream Smoky Mountain retreat?

The steady economy and potential pause in interest rate hikes by the Federal Reserve could keep the real estate market buoyant for some time!

For those considering a dive into the STR market, now is still a good time! If you dream of owning a slice of the Smoky Mountains or wish to invest in a thriving STR market, reach out. 

 

July 2023 Sevier County, TN Real Estate Market Update

Homes in Sevier County, Tennessee

Average price saw a increase from $672,791 in June 2023 to $708,860 in July of 2023, which falls within the range of $640,000 and $750,000 we’ve seen throughout the year.

Days on the market saw an increase from 55 days in June 2023 to 83 days in July 2023, which is a bit higher than the range we’ve seen throughout the year at 60-77 days on the market.

Price per square foot saw an slight decrease to $378 from $383

 

 

Homes in Sevier County, Tennessee Year to Date Market Statistics

 

 

Land in Sevier County, Tennessee

The average price for land/lots during the month of July was $128.829.

Lots that sold in July spent an average of 111 days on the market.

Both Average Price was elevated in June and Days on Market saw a decrease. There have returned to metrics, much closer to what we’ve seen the rest of the year

 

Land in Sevier County, Tennessee Year to Date Market Statistics

June 2023 Sevier County Market Statistics

Homes

Average price saw a decrease to $672,791, which is much different that the average price during June of last year at $730,233.

Days on the market for homes that closed during June was 55 days, which falls just below the range of 60 and 77 days we’ve seen this year.

Price per square foot saw an slight decrease to $383, down from $389 per square foot in May 2023.

 

 

2023 Year To Date

Land

The average price for land/lots saw an another increase in price to $243,763. Lots that sold in June spent an average of 85 days on the market, down from 104 days in May.

May 2023 Market Statistics

 

HOMES:

Averaage price saw an increase to $750,609, which is less than 1,000 difference to the average price during May of last year at $749,281.

Days on the market for homes that closed during May was 76 days, which falls between the range of 60 and 77 days we’ve seen this year.

Price per square foot saw an increase to $389 per square foot, up from $358 in April and down from the $425 in May of 2022.

 

LAND:

The average price for land/lots saw an increase in price to $107,613.

Lots that sold in May spent an average of 104 days on the market, down from 144 days in April.

 

April 2023 Sevier County Real Estate Market Statistics

Average price saw a decrease to $653,686 from $698,263 in March.Average price has stayed between $641,572 to $753,033 this year. 

Time on market saw a bit of an increase to 73 days for homes that sold during April. Days on the market has been between 60 and 77 days on the market this year. 

Price per square foot saw a decrease to $358 per square foot. Price per square foot has been between $358 and $401 this year. 

 

 

LAND:

The average price for land/lots saw a decrease in price to $95,263 from March’s price at $161,225.

Lots that sold in April spent an average of 144 days on market, which is very similar to March 2022 where lots spent an average of 141 days on the market. 

 

March 2023 Sevier County, TN Real Estate Statistics

Average price saw an increase to $698,263, down from $713,446 in March of 2022.

  • February 2023 – $641,572
  • January 2023 – $735,033
  • December 2022 – $829,234

Properties spent an average of 60 days on the market, down from 70 in March of 2022.

  • February 2023 – 77
  • January 2023 – 68

Price per square foot saw another slight increase to $401 per square foot, which is higher this year, than in March of 2022 where it sat at $390.

  • February 2023 – $395
  • January 2023 – $373
  • December 2022 – $369

 

Sevier County Market Statistics for Land

The average price for land/lots saw an increase to $161,225, up from $118.394 in February, and 56% higher than last March’s average price, which was $103,213.

The average days on market saw a decrease to 175, up on 4% to last March at 168 days on the market.

February 2023 Sevier County Real Estate Market Statistics

Homes

We saw another large drop in average price to $641,572, down $735,033 in Janaury 2023 and $829,234 in December 2022.

Properties spent an average of 77 days on the market, a slight increase from 68 days on the market in January 2023.

Price per square foot saw another slight increase to $395 per square foot in February 2023, up from $373 in January 2023 and $369 in December 2022.

The average price for land/lots saw an decrease to $118.394, a

 

Land

The average price for land/lots saw an decrease to $118.394, a decrease from $158,542 in January 2023, but higher than the average price in December 2022 at $102,244. The average days on market saw a large increase to 292 days.

 

 

January 2023 Sevier County Real Estate Market Statistics

Sevier County Market Statistics for Homes

The average price during the month of January 2023 was $735,033 a substantial drop from the average price of $829,234 in December 2022.

Properties spent an average of 68 days on the market in January 2023, down from 78 days on the maket during the month of December 2022.

Price per square foot saw a slight increase from $369 in December 2022 to $373 in January 2023.

Sevier County Market Statistics for Land

The average price for land/lots saw an increase to $158,542 in January 2023 from just above $102,244 in December 2022.

The average days on market decreased from 160 days in December 2022 to 132 in January 2023.

 

 

A snapshot of average home prices in 2022.

 

A snapshot of days on market in 2022.

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