As November comes to a close, the Smoky Mountain real estate market is offering its clearest signal yet: we are in a period of stabilization.

The feverish pace of 2021–2023 is firmly behind us and in its place is a more deliberate market where buyers take their time, evaluate conditions carefully, and show strong interest in well-located and truly turnkey vacation rentals.

Buyers are becoming more discerning. Sellers who price strategically and present their properties well continue to see results.

What we are seeing now is a market correcting to sustainable, pre-pandemic patterns with continued demand for cabins that show well, perform well on the rental market, and offer buyers confidence in both use and income.

 

Residential Market Overview

Across all residential property types, there were 71 closings this November compared to 80 at this time last year, an 11% decrease. This tells us that buyers remain active, but they are more cautious than before.

The average residential sales price decreased from $747,500 last year to $689,576 in 2025, a 7.75% drop.

Importantly, this does not indicate depreciation across the board. Instead, it reflects a shift in the types of homes that are selling. Higher-end properties,  which significantly influence averages,  are moving more slowly, while moderately priced cabins make up a larger portion of this year’s activity.

The average time to sell has increased from 81 days to 103 days, a 27% rise. Buyers are comparing options and negotiating more firmly. Pricing and presentation matter now more than they have in several years.

Price per square foot fell from $368 to $319, a 13% decline that aligns with the shift toward smaller, lower-priced properties making up a greater share of this year’s closings.

Total volume dropped by 18%, from $59.8M to $48.9M, confirming that while buyers are present, they are purchasing at lower price points and with more restraint.

 

Single-Family Homes (Cabins & Residences)

Compared to last year, 64 single-family homes sold this November, down from 75, marking a 15% decrease.

Buyer demand is still solid, but the sense of urgency that defined the last few years has eased substantially.

The average single-family sales price declined about 6%, from $775,641 to $731,593.

This is not due to widespread depreciation but to the changing mix of homes that closed. Luxury cabins typically inflate average prices, and with fewer of them selling, the overall average naturally shifts downward.

Days on market increased from 83 to 100 days. Price per square foot decreased from $372 to $327, a 12% drop that further supports the trend of buyers choosing mid-tier options rather than stretching for high-end inventory.

Total single-family volume fell from $58.1M to $46.8M, a 20% decrease consistent with the reduced number of luxury properties changing hands.

Condos

The condo market remains a small, highly variable segment, where just one sale can cause significant swings in the data.

Six condos sold this November, compared to four last year.

Although average price appears to have risen from $294,225 to $314,666, this comparison is skewed because 2025 included a $600k outlier sale. Without that anomaly, this year’s average was closer to $257,000, meaning this year’s price is far more modest.

Condos took much longer to sell this November — 146 days versus 54 last year.

With such limited sales, trends can be difficult to interpret, but the increased days on market suggest heightened buyer pickiness and a slower-moving segment overall.

Price per square foot increased slightly, from $228 to $249, while total condo volume rose from $1.17M to $1.88M.

 

Land

Perhaps the most notable shift this year is in the land market. Only 13 land parcels sold this November compared to 27 last year, a 52% decrease.

High construction costs and extended building timelines have caused many buyers to favor existing cabins over new-build opportunities.

Interestingly, while the number of sales decreased, the average land price rose sharply from $113,148 to $212,838, an 88% increase.

This reflects a shift in the type of land being purchased. The parcels selling today are more often view lots or build-ready parcels, not lower-priced or more challenging tracts.

Days on market increased dramatically, from 45 to 148 days, showing that land is taking much longer to move.

Total land volume dipped slightly from $3.05M to $2.76M.

 

What the Market Is Really Telling Us

Buyers are present and motivated, but far more selective than they were in recent years. They are willing to pay strong prices for cabins that are turnkey, well-located, and rental-ready, but they are not rushing into purchases or overpaying for homes that need work.

Turnkey condition matters more than ever. Properties that photograph beautifully, feel updated, and offer a seamless transition into rental use continue to receive good attention.

Land demand has softened significantly. Many buyers prefer cabins they can use or rent immediately, especially when construction timelines and building costs remain elevated.

Finally, days on market are stretching across the board, signaling a return to pre-COVID norms rather than a weakening market.

A more measured pace gives buyers the breathing room they lacked for several years and rewards sellers who prepare, price properly, and stand out in today’s more strategic marketplace.

 

If you’d like a personalized look at how these trends affect your buying or selling plans, or you’re considering an investment property and want guidance rooted in decades of local expertise, we’re here to help! The Jason White Team has been serving Smoky Mountain buyers, sellers, and investors since 1996, and we’d be honored to support your next step.