Is the Pigeon Forge condo market slowing down in 2025?

The market is still selling, but it is more price-sensitive. In 2025 YTD, median days on market increased significantly compared to 2024, which indicates buyers are active but cautious and focused on value.

What is the market-clearing price per square foot for Pigeon Forge condos right now?

Recent closed sales in the last 12 months center around a median sold price per square foot near the mid-$200s to low-$300s range, while pending listings cluster near the high-$200s per square foot. Active and expired listings tend to be priced materially higher, which is a common reason they do not sell.

Why are some Pigeon Forge condos expiring instead of selling?

Overpricing is the primary pattern. Expired listings are commonly priced well above the buyer-supported range and accumulate extended days on market. In this market, accuracy outperforms optimism.

Which condo types are selling best in Pigeon Forge?

Two-bedroom condos dominate recent closed sales and represent the largest share of successful transactions. Smaller 0 to 1 bedroom units show a higher share of expirations, suggesting they are more sensitive to fee load, pricing, and short-term rental assumptions.

Did Pigeon Forge condo prices drop after the peak?

Median sold prices rose sharply into 2022 and then moderated in 2023. Pricing later stabilized near the upper $300,000 range in 2024 and 2025 YTD, while price per square foot remained below the 2022 peak.

What should sellers do to avoid chasing the market down?

Launch inside the active buyer search band with strong presentation and monitor market response closely in the first 10 to 14 days. If showing volume and online engagement are below peer properties, a timely adjustment typically protects momentum and reduces the risk of the listing becoming stale.

Pigeon Forge Condo Market Report 2025: What’s Selling, What’s Sitting, and Why Pricing Matters More Than Ever

The Pigeon Forge condo market has undergone a dramatic shift over the last five years. What began as a surge driven by low interest rates, limited inventory, and explosive short-term rental demand has now evolved into a market that rewards precision, realism, and strong positioning.

Monarch Realty LLC recently completed an in-depth Pigeon Forge Condo Market analysis using original data compiled by Devin Cowell. This report examines condo activity from 2020 through 2025 year to date and provides a clear picture of what is actually selling today and what is not.

This is not a market without buyers. It is a market where buyers are more selective, more analytical, and far less forgiving of pricing that is not supported by recent sales.

The Big Picture: How the Pigeon Forge Condo Market Changed

From 2020 through early 2022, the Pigeon Forge condo market experienced unprecedented appreciation. Condos sold quickly, often with multiple offers, and pricing escalated rapidly as investors sought short-term rental properties in the Smoky Mountains.

By mid-2023 and into 2024, the market began to normalize. Inventory increased, interest rates rose, and short-term rental performance softened due to oversaturation. By 2025, buyer behavior had fully adjusted.

Today’s buyers are still active, but they are disciplined. They are comparing sold data, price per square foot, days on market, and net rental performance before making decisions.

What the Data Shows: 2020–2025 Year to Date

The data tells a consistent story across multiple metrics:

Closed sales have stabilized, but at more conservative price points
Days on market have increased for overpriced listings
Expired listings are clustering at higher price per square foot ranges
Correctly priced condos are still selling within reasonable timelines

This shift does not indicate a failing market. It indicates a market that has matured.

What Is Selling Versus What Is Sitting

One of the clearest patterns in the Pigeon Forge condo market is the growing gap between sold listings and expired listings.

Condos That Are Selling

Priced in alignment with recent closed sales, not peak-era pricing
Positioned competitively on a price per square foot basis
Located in well-known, proven complexes
Marketed clearly with realistic income expectations

Condos That Are Sitting or Expiring

Priced above what buyers are currently willing to pay
Anchored to past performance or peak purchase prices
Listed without adjustment as market feedback accumulates
Accumulating excessive days on market, which further erodes buyer confidence

In today’s environment, the first 14 to 30 days on the market are critical. Early feedback almost always predicts the final outcome.

Price Per Square Foot Matters More Than Ever

One of the strongest indicators in this report is the role price per square foot now plays in buyer decision-making.

Buyers are no longer shopping based on list price alone. They are comparing condos within the same complexes, across similar floor plans, and against recent sold data. Listings that fall outside the supported price per square foot range are being bypassed, even when they have strong locations or mountain views.

This is especially true in Pigeon Forge, where buyers often have multiple similar options to choose from at any given time.

The Impact of Oversaturation on Investor Expectations

Many current condo owners purchased during or near the peak of the market. While many of these properties generated strong income in prior years, oversaturation has compressed nightly rates and occupancy.

As a result:

Buyers are underwriting more conservatively
Gross income alone is no longer enough to justify pricing
Net performance and long-term sustainability matter more

Waiting for the market to “come back” does not improve outcomes in this segment. In most cases, it increases the eventual adjustment required to achieve a sale.

Why Accurate Pricing Wins in This Market

The Pigeon Forge condo market in 2025 rewards accuracy, not optimism.

Well-positioned listings that enter the market aligned with buyer expectations still generate interest, showings, and offers. Listings that attempt to test the market too far above supported values tend to sit, chase price reductions later, and ultimately sell for less than they could have with a disciplined initial strategy.

Pricing correctly from the start preserves leverage.

Why Monarch Realty LLC Shares This Data

At Monarch Realty LLC, market research is not used as a sales tactic. It is used as a decision-making tool.

Devin Cowell’s market analysis is relied upon not only by buyers and sellers, but also by other real estate professionals, developers, and local leaders throughout the Great Smoky Mountains region. Monarch Realty believes accurate, transparent information strengthens the entire market.

Sharing this data openly allows clients to make informed choices based on facts, not guesswork.

Considering Buying or Selling a Condo in Pigeon Forge?

Understanding what is actually happening in the Pigeon Forge condo market is essential before making a move. Whether you are evaluating a purchase, preparing to sell, or reassessing an investment property, strategy matters more than timing.

Monarch Realty LLC provides data-driven guidance tailored to the realities of today’s market.

Pigeon Forge Condo Market FAQ

Is the Pigeon Forge condo market slowing down?

The market is not stopping, but it has become more selective. Buyers are active, but they are pricing-sensitive and focused on recent sold data rather than asking prices.

What price ranges are selling best in Pigeon Forge condos?

Condos priced in alignment with recent closed sales and supported price per square foot ranges are selling. Listings priced above market-supported values are more likely to sit or expire.

Why are some Pigeon Forge condos expiring?

Most expired listings are priced higher than what buyers are currently willing to pay. Extended days on market often signal pricing issues rather than lack of demand.

Is 2025 a good time to sell a condo in Pigeon Forge?

For owners who are prepared to price accurately and respond to market feedback, condos can still sell successfully. Waiting longer does not typically improve pricing power in this segment.

Are buyers still interested in short-term rental condos?

Yes, but buyers are underwriting more conservatively. Net performance, competition, and sustainability matter more than peak-era gross income numbers.