What Is The Average Home Price In Gatlinburg TN?

A champion rises above all other contenders for the title: which is the most beautiful and adorable town to visit in Tennessee? Though Nashville, the state capital, put up a decent fight, no one can beat Gatlinburg. This city features a jaw-dropping and all-inclusive resort experience. And it excels in promising economic prospects at the same time! 

The Great Smoky Mountains serve as a picturesque backdrop for a town with 3,500 residents residing on a total area of 10.41 square miles. Only a first-hand experience obtained on the spot can do Gatlinburg justice. A plethora of recreational activities in Gatlinburg await travelers and locals alike, so there’s no room for idle standby mode.

Moving to Gatlinburg, Tennessee, is a no-brainer.

Many out-of-towners will ask themselves after experiencing this slice of heaven on their own skin: should I move here? Don’t postpone answering this (likely) life-changing decision, and reach out to the best local real state agents in Gatlinburg TN, today! In short, they will bring you up-to-date with the local housing trends and help you buy or rent a property in Gatlinburg, TN, on a budget.

What must you know about the real estate market in Gatlinburg, Tennessee?

The local housing market trends have experienced many impressive changes during the last three years. In June 2019, the average home price was slightly above $200,000. The market started to pick up in the upcoming period, featuring more expensive properties listed. January 2021 marked a crucial turning point in the soaring real estate prices, reaching almost $600,000. 

Analysts explained this tendency to the harsh Covid restrictions in major American cities, resulting in relocation trends for many American families. They searched for more favorable economic prospects and personal space unbridled by constraints. As a result, Gatlinburg became one of those cities where real estate boomed during the pandemic. 

Find out how have real estate prices changed recently!

Properties in Gatlinburg became a hot commodity to such an extent that home selling prices, on average, increased above $800,000 as of October 2021. Since then, real estate costs have dropped but never below $600,000. 

According to the latest market statistics, the median home sale price stayed at $625,000 as of June 2022. The homes’ financial value has increased by about 8.7 percent since the last year. Gatlinburg real estate prices are approximately fourteen percent higher than the Tennessee average.

News for home sellers

In 2021, sellers could sell their property in 48 days, on average, after listing. The average time to sell real estate changed to 51 days in 2022. In addition, home sellers rarely receive multiple offers. Also, suppose you wish to sell your property in this period. Then be prepared to get an offer below your list price. 

Sellers can actually sell above the list price only once in a blue moon. According to cautious predictions, prices won’t skyrocket again as spectacularly as they did one year ago.  

Home buyers, get ready!

Skilled local realtors in Gatlinburg pointed out that the housing market isn’t particularly competitive. This fact gives you wiggle room to negotiate home prices. The chances are that in the foreseeable future, you can purchase your dream home at a more affordable price. 

You can choose from various properties in Gatlinburg, such as single and multi-family homes, condominiums, and new constructions. By all means, you can extend your investment portfolio by buying inexpensive lands and farms in and near Gatlinburg.

Conclusion

The housing market in Gatlinburg has seemingly reached a standstill. Irrelevant to the current market trends, being one of Tenessee’s best places, Gatlinburg will always feature properties in high demand! Prices apparently froze; that might be an ideal time to invest and sell real estate in this little but adorable American town.