If you’re thinking about buying or selling an East Tennessee home this upcoming year, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023?
This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and mortgage rates stabilize. Here’s what they have to say. Lawrence Yun, Chief Economist at NAR, explains home prices will vary by local area, but will net neutral nationwide as the market continues to adjust:
“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”
While the national housing market is shifting, our lake home market typically tends to be focused towards retirees, vacation homes, and investment properties so we don’t typically get affected quite the same as larger city markets. National headlines about the market don’t always reflect the local and niche markets, the best way to keep a pulse is look at the data in the local market and talk with our Lake Team.
Free to the public, the market report can help lake home buyers and sellers better understand their local market and how it relates to other similar competing markets. Finding an affordable lake home can be a challenge in the ever change real estate market. Our report helps buyers understand:
How do lake markets compare statewide and regionally by price?
Which lake markets have the most affordable homes or land?
Which lake markets have the most homes in your target price range?
Our report will help sellers understand:
How does your lake market compare to OTHER similar lake markets around you?
How many homes are in the same price range as your home or lot (a key when pricing your property)?
LAKES WITH YEAR ROUND WATER – (4-6 FT. WATER LEVEL DROP IN WINTER MONTHS)
Tellico Lake offers beautiful Smoky Mountain Views and fabulous award winning communities. TVA also restricts future development on the lake which ultimately keeps price point for lakefront stronger.
CLICK HERE to view all active properties for sale on Tellico Lake.
This lake is nearby double the size of Tellico, Watts Bar Lake offers both a variety of lake communities and lake homes with few to no restrictions.
CLICK HERE to view all active properties for sale on Watts Bar Lake.
Ft. Loudoun Lake is a popular choice for folks wanting all the conveniences of living close to Knoxville and an active lake.
CLICK HERE to view all active properties for sale on Ft. Loudoun Lake.
LAKES WITH SEASONAL WATER – (20-50 FT. WATER LEVEL DROP IN WINTER MONTHS)
Douglas Lake offers private and seclusion while also being close to popular destinations such as Sevierville, Pigeon Forge and the Great Smoky Mountains National Park.
CLICK HERE to view all active properties for sale on Douglas Lake.
Norris Lake has the largest reservoir on a tributary of the Tennessee River and is a popular lake for all your favorite summer water activities and offers a variety of seasonal lakefront marinas and restaurants.
CLICK HERE to view all active properties for sale on Norris Lake
As a multi-state, full-service brokerage, Lakefront Living Realty has not only data on the different East Tennessee lake areas, we have local knowledge and specialize in the major lake communities such as Rarity Bay and Tellico Village. This quarterly report contains real estate information from the Knoxville MLS on the 5 major lakes where lake homes are sold.
Reposted by Karen Millikan, Lakefront Living, On The Lake Realty, TN