Pigeon Forge, Tennessee, a popular tourist destination known for its proximity to the Great Smoky Mountains National Park and attractions like Dollywood, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, the city saw a modest increase in homeownership rates, rising from 59% to 61%. During the same period, average home prices surged dramatically from $155,366 to $501,473, more than tripling in value. Despite this substantial increase in home prices, the city maintained a relatively stable homeownership rate, suggesting a strong local demand for homeownership. This trend may be driven by the city's appeal as a tourist destination and potential investment opportunities.

The impact of federal interest rates on homeownership trends in Pigeon Forge has been notable. Between 2013 and 2016, historically low interest rates ranging from 0.09% to 0.4% coincided with a stable homeownership rate of around 59%. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, the homeownership rate showed slight fluctuations but remained within the 56-59% range. Interestingly, the homeownership rate increased to 61% in 2022 despite a rise in interest rates to 1.68%, possibly indicating other local factors influencing home buying decisions.

The rental market in Pigeon Forge has shown a different pattern compared to home ownership. In 2013, the renter-occupied percentage was 41%, with an average rent of $858. By 2022, the renter percentage decreased slightly to 39%, while the average rent decreased to $786. This suggests that despite the overall increase in housing prices, the rental market in Pigeon Forge has remained relatively affordable, possibly due to an increase in housing supply or changes in the local economy.