If you’re buying, selling, or holding short term rental properties in the Smokies June’s market numbers offer some clear signals.
Here’s a breakdown of what happened last month in Sevier County and what it could mean for you.
Residential Sales Are Slowing, But Not Stopping
Compared to June 2024:
- Total units sold: Down 11.84%
- Total sales volume: Down 12% (a loss of $5.6 million)
- Average price: Dropped 3.69%
- Price per square foot: Fell 7%
- Days on Market (DOM): Jumped 45%, now averaging 77 days
Properties are still moving, but buyers aren’t in a hurry.
If you are selling a home in Gatlinburg, Pigeon Forge, or Sevierville, pricing too high could cost you tens of thousands.
Properties that sold within 30 days got 99.82% of their asking price.
Properties that lingered 121+ days? Often sold for 30–40% less than their original list.
Condos Show Resilience
- Sales volume: Up 13%
- Total dollar volume: Up nearly 10%
- DOM: Increased 136% (now 99 days average)
- Average price & Price per Square Foot: Both slightly down, but activity remains solid
This shows us that there is buyer demand for low-maintenance, income-producing properties at a more accessible price point, but keep in mind it might take quite a bit longer for those properties to sell.
Land Sales Took a Hit
- Lots sold: Down 48%
- Total land volume: Down 32%
- Average price per lot: Surprisingly up 31%
We’re seeing fewer transactions, but high-quality parcels in desirable locations are still commanding attention and price.
Whether you’re weighing a new investment, prepping to sell, or just want to understand your property’s value in this evolving market, we’d love to help.
P.S. We’re digging into what the new tax breaks for STR investors could mean for your investment strategy and next week we’ll tell you all about them!