Pigeon Forge area market report

Pigeon Forge area market report

John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes

Saw this from a Realtor in the area:

Understand a large portion of this market is STR's.

The market is on the move with a median sold price of $576,500 and a 5.41 Months Supply of inventory.

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First, let's look at the Months Supply of Inventory, which is currently 5.41. This metric indicates how long it would take for all the current homes on the market to sell at the current pace of sales. A lower number typically indicates a seller's market, where demand exceeds supply, leading to faster sales and potentially higher prices.

The 12-Month Change in Months of Inventory is +33.91%, indicating an increase in the supply of homes on the market compared to the previous year. This could suggest a shift towards a more balanced market or even a buyer's market, where there is more inventory available and less competition among sellers.

The Median Days Homes are On the Market is 18, which is relatively low and suggests that homes are selling quickly in this market. This could be due to high demand, competitive pricing, or desirable location.

The List to Sold Price Percentage is 97.2%, indicating that homes are typically selling close to their listing price. This could be a sign of strong negotiating skills among sellers or a market where buyers are willing to pay close to asking price.

Finally, the Median Sold Price is $576,500, which gives sellers an idea of the average sales price in the current market. This information can be helpful when setting a listing price for your home to ensure it is competitive and attracts potential buyers.

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Rental Property Investor · Member since 2019 · 276 posts · 235 votes
2y

I agree with @Ken Boone. 

For the last 14 months I have watched a development, from the clearing of the the ground to being listed for sale, by one of our properties we just rehabbed. It's about a dozen, identical one bedroom "modern" cabins that sleep 6. They are all about 10 feet apart. Absolutely no view, they're right off the road. They listed them for sale 11 months ago at $699k or something like that. Absolutely insane. They advertised them as turnkey and "guaranteed $65k in income every year." Price then went to $649k. Then to $500 something. They were then delisted then relisted at $529k and now they're $499k with no guarantee but so many seller concessions. They are all still sitting there. It's been interesting.

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  • Investor · Greenville, SC · Member since 2015 · 1k+ posts · 1k+ votes
    2y

    I think residential homes are skewing the numbers. I get those emails from a realtor too and sometimes have to scratch my head. If you go through the MLS what you see are a TON of homes with high prices that are not pending sale. Then all of the sudden you see a home that is pending and you look and see it's a shack of an STR that is selling for like 360k. There doesn't seem to be any movement in the 2-4 bedroom cabins as far as I can see. Of course I am not realtor not do I see any other reports other than probably the same one you got.

    I think we are seeing more inventory due to people who bought last year freaking out and realizing they made a mistake.  The problem is they are wanting the high price in order to come out somewhat even.  The buyers right now don't want that high price and want a deal.  To me it looks like the market is still stagnant with the exception of the bottom end STRs - and I mean very bottom end STRs.

    A lot of new building is finally getting completed as well which is also adding homes on the market.  But they still expect the high prices and most of those are sitting as well.

    I think largely the listing prices right now are unrealistic except for all cash buyers who only want to make a small return.

    So I think they want it to be on the move but I am not convinced that it is at this point.  I could be wrong though.

  • Rental Property Investor · Member since 2019 · 276 posts · 235 votes
    2y

    I agree with @Ken Boone. 

    For the last 14 months I have watched a development, from the clearing of the the ground to being listed for sale, by one of our properties we just rehabbed. It's about a dozen, identical one bedroom "modern" cabins that sleep 6. They are all about 10 feet apart. Absolutely no view, they're right off the road. They listed them for sale 11 months ago at $699k or something like that. Absolutely insane. They advertised them as turnkey and "guaranteed $65k in income every year." Price then went to $649k. Then to $500 something. They were then delisted then relisted at $529k and now they're $499k with no guarantee but so many seller concessions. They are all still sitting there. It's been interesting.

  • Investor · FL · Member since 2016 · 332 posts · 388 votes
    2y
    Quote from @Leora Merrell:

    I agree with @Ken Boone. 

    For the last 14 months I have watched a development, from the clearing of the the ground to being listed for sale, by one of our properties we just rehabbed. It's about a dozen, identical one bedroom "modern" cabins that sleep 6. They are all about 10 feet apart. Absolutely no view, they're right off the road. They listed them for sale 11 months ago at $699k or something like that. Absolutely insane. They advertised them as turnkey and "guaranteed $65k in income every year." Price then went to $649k. Then to $500 something. They were then delisted then relisted at $529k and now they're $499k with no guarantee but so many seller concessions. They are all still sitting there. It's been interesting.


     I get all the listings everyday and all pending/sold.  I have seen the ones you are talking about go pending and then back on market. $500k for a 1 bedroom even with a view is a stretch. I expect appraisals keep coming back too low for financing and they go back on market. If they wait too long on keeping the price high (above $459k) the appraisal for the 1 bedroom will not top $400k in a few months. 

    There are a lot more listings lately in the area market but I am not sure if that will taper as summer comes. I call it the Winter Fear. Low returns like pre covid numbers coupled with low price/high headache guests have scared people to sell. They do not think the juice is worth the squeeze. Now take that and add the new inspection requirements and higher commercial property taxes. It is a perfect storm to separate the wheat from the chaff in the Smokies STR market.

  • Rental Property Investor · Member since 2019 · 276 posts · 235 votes
    2y
    Quote from @Account Closed:
    Quote from @Leora Merrell:

    I agree with @Ken Boone. 

    For the last 14 months I have watched a development, from the clearing of the the ground to being listed for sale, by one of our properties we just rehabbed. It's about a dozen, identical one bedroom "modern" cabins that sleep 6. They are all about 10 feet apart. Absolutely no view, they're right off the road. They listed them for sale 11 months ago at $699k or something like that. Absolutely insane. They advertised them as turnkey and "guaranteed $65k in income every year." Price then went to $649k. Then to $500 something. They were then delisted then relisted at $529k and now they're $499k with no guarantee but so many seller concessions. They are all still sitting there. It's been interesting.


     I get all the listings everyday and all pending/sold.  I have seen the ones you are talking about go pending and then back on market. $500k for a 1 bedroom even with a view is a stretch. I expect appraisals keep coming back too low for financing and they go back on market. If they wait too long on keeping the price high (above $459k) the appraisal for the 1 bedroom will not top $400k in a few months. 

    There are a lot more listings lately in the area market but I am not sure if that will taper as summer comes. I call it the Winter Fear. Low returns like pre covid numbers coupled with low price/high headache guests have scared people to sell. They do not think the juice is worth the squeeze. Now take that and add the new inspection requirements and higher commercial property taxes. It is a perfect storm to separate the wheat from the chaff in the Smokies STR market.


     Re-listed now at $460k. Looks like they still have nearly all of them still available. They've got to be hurting.

  • Member since 2022 · 272 posts · 253 votes
    2y
    Quote from @Leora Merrell:
    Quote from @Account Closed:
    Quote from @Leora Merrell:

    I agree with @Ken Boone. 

    For the last 14 months I have watched a development, from the clearing of the the ground to being listed for sale, by one of our properties we just rehabbed. It's about a dozen, identical one bedroom "modern" cabins that sleep 6. They are all about 10 feet apart. Absolutely no view, they're right off the road. They listed them for sale 11 months ago at $699k or something like that. Absolutely insane. They advertised them as turnkey and "guaranteed $65k in income every year." Price then went to $649k. Then to $500 something. They were then delisted then relisted at $529k and now they're $499k with no guarantee but so many seller concessions. They are all still sitting there. It's been interesting.


     I get all the listings everyday and all pending/sold.  I have seen the ones you are talking about go pending and then back on market. $500k for a 1 bedroom even with a view is a stretch. I expect appraisals keep coming back too low for financing and they go back on market. If they wait too long on keeping the price high (above $459k) the appraisal for the 1 bedroom will not top $400k in a few months. 

    There are a lot more listings lately in the area market but I am not sure if that will taper as summer comes. I call it the Winter Fear. Low returns like pre covid numbers coupled with low price/high headache guests have scared people to sell. They do not think the juice is worth the squeeze. Now take that and add the new inspection requirements and higher commercial property taxes. It is a perfect storm to separate the wheat from the chaff in the Smokies STR market.


     Re-listed now at $460k. Looks like they still have nearly all of them still available. They've got to be hurting.


     Can you post a link? I’m not from that market, solely asking out of curiosity 

  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    2y
    Quote from @Leora Merrell:
    Quote from @Account Closed:
    Quote from @Leora Merrell:

    I agree with @Ken Boone. 

    For the last 14 months I have watched a development, from the clearing of the the ground to being listed for sale, by one of our properties we just rehabbed. It's about a dozen, identical one bedroom "modern" cabins that sleep 6. They are all about 10 feet apart. Absolutely no view, they're right off the road. They listed them for sale 11 months ago at $699k or something like that. Absolutely insane. They advertised them as turnkey and "guaranteed $65k in income every year." Price then went to $649k. Then to $500 something. They were then delisted then relisted at $529k and now they're $499k with no guarantee but so many seller concessions. They are all still sitting there. It's been interesting.


     I get all the listings everyday and all pending/sold.  I have seen the ones you are talking about go pending and then back on market. $500k for a 1 bedroom even with a view is a stretch. I expect appraisals keep coming back too low for financing and they go back on market. If they wait too long on keeping the price high (above $459k) the appraisal for the 1 bedroom will not top $400k in a few months. 

    There are a lot more listings lately in the area market but I am not sure if that will taper as summer comes. I call it the Winter Fear. Low returns like pre covid numbers coupled with low price/high headache guests have scared people to sell. They do not think the juice is worth the squeeze. Now take that and add the new inspection requirements and higher commercial property taxes. It is a perfect storm to separate the wheat from the chaff in the Smokies STR market.


     Re-listed now at $460k. Looks like they still have nearly all of them still available. They've got to be hurting.


    Are they still guaranteeing $65K income? I might sign up for that.

  • Rental Property Investor · Member since 2019 · 276 posts · 235 votes
    2y
    Quote from @Collin Hays:
    Quote from @Leora Merrell:
    Quote from @Account Closed:
    Quote from @Leora Merrell:

    I agree with @Ken Boone. 

    For the last 14 months I have watched a development, from the clearing of the the ground to being listed for sale, by one of our properties we just rehabbed. It's about a dozen, identical one bedroom "modern" cabins that sleep 6. They are all about 10 feet apart. Absolutely no view, they're right off the road. They listed them for sale 11 months ago at $699k or something like that. Absolutely insane. They advertised them as turnkey and "guaranteed $65k in income every year." Price then went to $649k. Then to $500 something. They were then delisted then relisted at $529k and now they're $499k with no guarantee but so many seller concessions. They are all still sitting there. It's been interesting.


     I get all the listings everyday and all pending/sold.  I have seen the ones you are talking about go pending and then back on market. $500k for a 1 bedroom even with a view is a stretch. I expect appraisals keep coming back too low for financing and they go back on market. If they wait too long on keeping the price high (above $459k) the appraisal for the 1 bedroom will not top $400k in a few months. 

    There are a lot more listings lately in the area market but I am not sure if that will taper as summer comes. I call it the Winter Fear. Low returns like pre covid numbers coupled with low price/high headache guests have scared people to sell. They do not think the juice is worth the squeeze. Now take that and add the new inspection requirements and higher commercial property taxes. It is a perfect storm to separate the wheat from the chaff in the Smokies STR market.


     Re-listed now at $460k. Looks like they still have nearly all of them still available. They've got to be hurting.


    Are they still guaranteeing $65K income? I might sign up for that.

    Nope! That verbiage has been removed! Down to $449k except for one that’s down to $429k. 
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