November 2022 Sevier County Tennessee Real Estate Market Report

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Homes in Sevier County, Tennessee

The average price during the month of November was $785,613, up from $746,590 in October and $667,609 in September.

Properties spent an average of 78 days on the maket during te month of November, down from 85 days in October.

Price per square foot saw a jump from $379 to $445 during the month of November.

 

Land in Sevier County, Tennessee

The average price for land/lots in November is under 100,000 at $82,254.

The average days on market dropped below 100 this month, at 85 days.

Sevier County, Tennessee Real Estate Market Report

Posted by Jason White on

Homes in Sevier County, Tennessee

The average price during the month of October in Sevier County, TN was $746,590, up from September’s average price of $667,609.

We’ve seen ups and downs in our average market this year, but they have continued to stay between $660,000 and $750,000. 

The average days on market in October was 85 days, up from last month at 75 days. 

Price per square foot saw a slight increase during October 2022 to $379, up from $372 in September. 

 

 

Land in Sevier County, Tennessee

The average price for land/lots in October in Sevier County, Tennessee was $207,162 – a large jump from September at $111,390. 

The average days on market saw a reduction from 137 days days on market in September to 106 days on market in October. 

September 2022 Real Estate Market Report

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Homes in Sevier County, Tennessee

The average price during the month of September in Sevier County, TN was $667,609, down from last month at $709,500.

The days on market this month saw a large jump this month to 75 – from 41 last month.

Price per square foot saw a slight reduction to $372 from $386 last month

 

Land in Sevier County, Tennessee

The average price for land/lots in September popped back above $100,000 to $111.390.

The average days on market was saw a large jump to 137 days to 88 days.

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

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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

Posted by Jason White on

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

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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.

 

July 2022 Sevier County Real Estate Market Report

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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. 

 

 

June 2022 Sevier County Real Estate Market Update

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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! 

Five Steps to Making an Excellent Buying Decision

Posted by Jason White on

This week we partnered with Fairway Independent Mortgage in Knoxville, TN to answer the question “How do I make an excellent buying decision in this market?”

Branch Manager, Corey Freels shares his opinion with us:

According to a recent Gallup poll , only 30% of Americans believe it’s a “good time” to buy a home, while 69% of Americans believe it’s a “bad time”.  What’s perhaps more interesting is 7 in 10 Americans believe home prices will rise in their local areas… and as a whole, Americans believe real estate is the best long-term investment.

If 70% of us believe prices will continue to rise, and as a whole we believe housing to be the best long-term investment, then why do we also believe it’s a bad time to buy? 

Does something feel amiss here to you, too?

Well, if you work in the real estate industry OR you’ve waded into the treacherous waters of homebuying over the past two years, this might not surprise you all that much.  Interest rates are at their highest level in 13 years. 

Home prices are up 20% year over year nationally. Goodness, one study reports that half of Americans physically cried  at one point or more during the process. 

 

So, why in the world would we dip our toe into the housing market right now?? 

What was my greatest fear during the last two years of cheap mortgage rates, crippling supply, and a buying frenzy?  It was that we were subsequently pricing an entire generation (or more) out of owning their own home. 

I could write an entire article on the importance of the housing industry to the entire American economy, and its impact on net worth and social mobility.  Perhaps I will, but for now take my word for it: it’s crucial, non-negotiable, essential. 

You can make a great long-term buying decision in this market, and those that do will have taken advantage of what might be a generational buying opportunity. 

Housing is a basic human need (food, shelter, water) and there is no alternative.  You will participate in the housing market one way or another.  You can pay your own mortgage or cover your landlord’s.  The choice is yours. 

Whether or not you should buy a home, trade up, or sell your current home is far more about you individually than it is about market conditions. 

What volatile markets ARE good for, however, is making us stop and think so that we make a really good decision.  This is something we should be doing all of the time. 

 

Five Steps to Making an Excellent Buying Decision 

  1. Know your numbers – know what monthly payment you are comfortable with, how much cash you will need at closing, and how much you will have left over for a rainy day.  This is impossible without first meeting with a trusted mortgage advisor.  Put a lot of work and thought into this; it’s important. When you get comfortable with these numbers, do not waver.
  2. Manage your expectations – this is a deep concept, and you need a trusted real estate agent to walk you through it.  Maybe the home that was personally decorated by Joanna Gaines and has a pool with a waterfall in the back yard is out of reach, and that’s okay.  Think long term, which brings us to the next point.
  3. Think LONG term – some advice I got early on that has stuck and holds true: don’t buy a home you couldn’t OWN for 10 years. And I’m not talking about utopia here, I mean worse case, the world falls apart, will this house work for 10 years? 
  4. Fear scape – this is something you won’t read often as given advice.  Let your mind play out your fears.  A job loss, an illness, the market turns, etc.  Let your mind chase down those scenarios to their end, and then realistically see how prepared you are for those scenarios.  You’ll often find that the worst case isn’t all that bad, and that you could make things work. And then, LET IT GO.
  5. LET IT GO – there, we’ve given our mind time to be afraid, to think this through.  Now, we make decision on what we KNOW.  We know WHY we want our own home.  We know WHAT we’re looking for.  We also know WHAT we can afford.  Now, you’re ready. 

 

With the right counsel in a great mortgage lender and a great agent, you can absolutely make a great buying decision in this market.  And this market, unlike the past two years, will present opportunities for the majority of buyers who were left out of the frenzy. 

For two years, buyers with seemingly unlimited resources have dominated the market.  Now, they’re either all bought out or they’re afraid.  It’s your opportunity to participate in one of the greatest wealth building vehicles available to everyone. 

Feeling some fear about buying a home is completely normal.  I know I did.  But letting fear prevent you from making a wise decision is not productive, and we need to let logic lead us to the right conclusions. 

Fortune favors the bold, and this market will prove to be opportune for those that are bold. 

 

Fairway Independent Mortgage in Knoxville, TN can help with any of your mortgages needs!  

 

May 2022 Sevier County, Tennessee Real Estate Market Report

Posted by Jason White on

Have you been wondering how the real estate market is doing in Sevier County, Tennessee? This data includes Sevierville, Gatlinburg, Pigeon Forge, and the surrounding areas.

The total (both single family and condo) average price lift stayed consistently consistent from this month to last, both up 28% 

Days on market saw a large reduction, from 76 days in May of 2021 to 58 days on market during May of this year. 

We saw a large drop in days on market for condos this month, from 72 days on market in May of 2021 to 2 days on market in May of 2022.

Sevier County Tennessee Real Estate Market Statistics

 

Average days on market for land saw another decrease, from 143 days in April to 130 days in May of 2022. 

Average price saw a lift. Average price was $126,934 in April compared to $140,475 in May. 

 

Whats happening with the Sevier County Tennessee real estate market?

 

Check out our blogs on the Sevier County, TN real estate marketing statistics and national housing market statistics!