As we head into a new year, the Smoky Mountains offer a harmonious blend of outdoor splendor and economic promise. From the steady appreciation of real estate values to the robust tourism industry, the Smokies stand as a testament to the resilience and timeless appeal of this investment haven. In 2024, investing in the Smoky Mountains holds an unprecedented significance, as the region unfolds as not just a picturesque haven but a strategic economic opportunity. The convergence of several factors makes this the opportune moment to consider the Smoky Mountains for investment, but we will further explore three specific reasons why investment potential in the area will continue to grow in 2024.
- Increased Vacation Rental Demand: With over 450 million people worldwide choosing to stay in vacation rental properties, demand for short-term stays continues to grow year after year. Evolve, a vacation hospitality platform company in North America, has announced Sevierville as one of its 12 best places to buy a vacation rental in 2024. Many factors make Sevierville an ideal place to invest including rental revenue potential, home listing prices, and yearly operational expenses.
- Improved Infrastructure: Ongoing or planned infrastructure projects, such as improved roads or amenities, enhance the appeal of the region and positively impact property values. Most recently, the Tennessee Department of Transportation announced a new project plan that includes a new interstate exit, Exit 408 off Interstate 40. The exit is expected to significantly improve traffic flow for residents and visitors. In addition to the new exit, the plan also includes an expansion of Veterans Boulevard to Highway 66, featuring a bridge across the Little Pigeon River. In Pigeon Forge, the Jake Thomas Connector is expected to be completed by May 2024. The 2-mile road will connect the existing Jake Thomas Boulevard to Veterans Boulevard in Pigeon Forge.
- Integration of Sustainable Practices: When the local community and authorities prioritize sustainable development, it can contribute to the long-term appeal of the area, attracting environmentally conscious investors. In 2024, it is expected that developers in the region will continue to implement green building practices. Some of these practices include utilizing eco-friendly materials, incorporating energy-efficient appliances, and smart home technology. This modification further emphasizes the region’s increased awareness and pledge to preserve the area’s natural beauty and historical sites.
In 2024, the Smoky Mountains present a prime investment opportunity, blending natural allure with economic prosperity, driven by factors like increased vacation rental demand, improved infrastructure, and a commitment to sustainability. If you're looking to invest in the region this year, let us guide your investment to success.