Pigeon Forge area market report

[John Underwood]

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.

[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.