As mortgage interest rates continue to rise, the United States government’s goal of slowing the nationwide real estate market is being accomplished. Although our Smoky Mountain community continues to grow rapidly and is still rather robust, our local real estate market is also feeling the impact of raised loan rates. Multiple offers, escalation clauses, purchases of un-viewed properties, and other indications of an over heated market are much less common than they were earlier this year. Our Sevier County market is still friendly to sellers, but only if the asking price is right which is something that was almost ignored during the past couple of years.
We have been keeping statistics on our local Gatlinburg, Pigeon Forge, Sevierville area market for many years, and have a single document that shows Sevier County residential unit sales by month since 2005. In September, residential unit sales as reported by the Great Smoky Mountains Association of Realtors totaled only 255 homes. This is a significant drop from last September’s number of 341. For a more detailed look at our real estate market, please view the very small print report below.
If you would like more information or to discuss a particular East Tennessee real estate question, please don’t hesitate to contact us. Email Jeff@GatlinburgHomes.com or call our office at 865.436.0444. We cover Sevier County and the adjoining counties and would love to work with you to provide you with professional Smoky Mountain real estate assistance!