Price Appreciation in Smoky Mountain Real Estate

I have in this Gatlinburg real estate blog tracked unit sales in our Smoky Mountain area residential real estate market for many years, but haven't often posted about prices. There are a number of reasons for this (lack of time, more difficult to properly compare data, etc.) but I hope now to change that. Here is my analysis of the average prices of sold three bedroom, two bath homes over the past 8 years based on my review of the records available from our Great Smoky Mountain Association of Realtors MLS database:

Year         Total # of Sales    Avg Days On Market         All 3/2  
2006                 827                               146                       $170,925                  
2007                 897                               136                       $175,430
2008                 577                               150                       $168,484
2009                 505                               158                       $158,116
2010                 486                               168                       $150,943
2011                 525                               177                       $149,949
2012                 627                               151                       $128,783
2013                 817                               157                       $142,355
2014                 798                               158                       $147,381

Of course, some caveats should be offered here. I am not distinguishing between different areas in our community, and I am including the sales of only homes with exactly 3 bedrooms and exactly 2 baths, (but with any number of half baths). Also, it is very hard to compare homes, even when you limit the number of bedrooms and baths. For instance, a 3 bedroom, 2 bath log home with 2,000 square feet of living space on a large lot with a mountain view is very different from a 3/2 straight line rancher with 1100 feet on a PUD site but both of these homes would be included in the totals and averages above.

Another way to tell that some prices are definitely increasing is to look at the very small available inventory of lower priced (under $100,000) 3 bedroom (any number of baths) homes in Sevier County. This segment of the market is where we have seen the most dramatic price improvement lately. Unfortunately, it is now hard for buyers to find a decent home for under $100,000 and this certainly wasn't the case just 2 years ago. On the other hand, owners of these properties have received quite a nice return on their investment. If you are looking for a great return on your investment, contact us!

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