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.