Sevierville, TN Real Estate Market Condition Report May 2011

By
Real Estate Agent with Prime Mountain Properties

Sevierville offers a hometown atmosphere combined with plenty of shopping, attractions and mountain history. Most residents who are employed in the tourism industry in Pigeon Forge and Gatlinburg call Sevierville home.

CURRENT MARKET: We are experiencing a buyer's market in the residential, vacation home and cabin/condo investment property markets. Inventory is high while demand has slowed. Foreclosures and short sales represent a good opportunity for buyers. For an example of Sevierville foreclosures visit our website below. Residential home loans appear be getting easier to obtain these days. However, lenders are now requiring more money down for second home and condo loans due to recent changes in the mortgage insurance industry.

If you are interested in purchasing a foreclosure or short sale, be sure to get your pre-approval letter before shopping. Most banks require pre-approval letters/proof of funds and a minimum amount of earnest money with any offers submitted. Don't let your dream property get away due to lack of preparation. Get ahead of the game and speak with your lender before looking at property.

 There are currently 995 single family homes on the market in the Sevierville area and 119 condominiums(including Bluff Mtn/Walde, Kodak, New Center, Wears Valley and Jones Cove).

There were 42 residential homes and 3 condominiums sold in the Sevierville area in May, 2011. 19 of these sales were either foreclosures or short sales. The average sales price was $199,334 for residential homes and $80,800 for condominiums. Prices for residential homes have increased slightly from the first quarter of 2011.

We have had many questions regarding area property tax rates. Sevier County has some of the lowest property tax rates in Tennessee. When buyers work through us, we include the tax information in the listings we send. Can't find the right property? We are authorized by the listing Realtors® to assist buyers with any property listed (per our MLS). We are then paid by a split in the listing sales commission with no additional charge to you, the buyer. Tell us what you are looking for and let us do the searching for you. Contact us today for details! *Listing and sales information based on the Great Smoky Mountain Association of Realtors MLS.

Comments (1)

Cindy Edwards
RE/MAX Checkmate - Johnson City, TN
CRS, GRI, PMN - Northeast Tennessee - 423-677-6677

Hi Autumn and David,

We'll have to meet up along the way. I live in the Tri-Cities area.  I've read your post often.  Cindy

Jun 06, 2011 09:58 AM