Pigeon Forge, TN
Smoky Mountain gateway - cabins and family demand
Pigeon Forge sits just outside Great Smoky Mountains National Park, offering the perfect mix of family attractions (Dollywood, Titanic Museum) and mountain cabin escapes. The STR market here is dominated by large cabin inventory with hot tubs, game rooms, and mountain views. Year-round demand patterns mirror Gatlinburg, with some of the highest occupancy rates in the Southeast.
Across 90 active STR-viable listings analyzed this month, Pigeon Forge shows a 2.6% median cap rate at a $450K median list price, 38% occupancy, and $191/night. That ranks #33 of 57 markets in STRROI's live ranking. At typical prices, cash flow is tight: most listings only pencil out with a large down payment, a below-list purchase, or above-market nightly rates.
Pigeon Forge real estate market right now
As of October 16, 2026, STRROI is tracking 90 homes for sale in Pigeon Forge that could run as short-term rentals, at a median list price of $450,000. The middle half are priced between $339K and $687K. That works out to a median of $337 per square foot for a typical 1,386 square foot home. Homes here have been on the market 76 days on average, shorter than the 101 days typical across the 56 markets in STRROI's ranking, so well-priced homes here tend to go quickly. 28 of them were listed in the last 30 days.
These numbers cover the homes for sale STRROI analyzes as potential short-term rentals in Pigeon Forge, mainly ZIP 37863. They are not every home sale in the area, so they can differ from MLS-wide figures. Month-by-month price history starts Oct 2026 and fills in as the market is re-checked each month.
What's for sale in Pigeon Forge right now
Of the 90 homes for sale we analyzed in Pigeon Forge, none project positive monthly cash flow with 20% down at a 7.5% rate, and none rate Buy or better on STRROI's 1-10 scale. 2-bedroom homes are the most common (34 for sale, median $395K). Returns are strongest in 4-bedroom homes at a 3.6% median cap rate, and weakest in 1-bedroom homes at 2.1%. By property type, single-family homes lead at a 2.7% median cap rate across 41 listings.
- Watch: 2
- Weak: 13
- Avoid: 75
| Beds | For sale | Median price | Cap rate |
|---|---|---|---|
| 1 | 11 | $300K | 2.1% |
| 2 | 34 | $395K | 2.6% |
| 3 | 22 | $490K | 2.8% |
| 4 | 6 | $737K | 3.6% |
| 5+ | 15 | $1.2M | 2.9% |
| Type | For sale | Median price | Cap rate |
|---|---|---|---|
| Single-family homes | 41 | $579K | 2.7% |
| Condos | 41 | $375K | 2.6% |
| Multi-family | 6 | $2.3M | 2.4% |
Top-ranked homes for sale in Pigeon Forge this month
Scored 1-10 against real Airbnb comps. Addresses, photos and the full underwriting are in the app.
- #1Watch · 5/108 bd · 8 ba single-family homeZIP 37863 · listed at $1.3M
- Cap rate
- 6.0%
- Cash flow
- -$811/mo
- Nightly
- $1,011 at 38%
- #2Watch · 5/108 bd · 8 ba single-family homeZIP 37863 · listed at $1.2M
- Cap rate
- 5.6%
- Cash flow
- -$1,100/mo
- Nightly
- $890 at 38%
- #3Weak · 4/105 bd · 3 ba single-family homeZIP 37863 · listed at $500K
- Cap rate
- 5.4%
- Cash flow
- -$550/mo
- Nightly
- $386 at 38%
How Pigeon Forge compares
Pigeon Forge ranks #12 of 21 Southeast markets in STRROI's live ranking; St. Augustine leads the region with a median cap rate of 5.7%. Its 2.6% cap rate is 0.3 points below the 2.9% median across all 57 ranked markets, and its $450K typical list price is cheaper than the Southeast median of $633K.
| Rank | Market | Cap rate | Typical price |
|---|---|---|---|
| #27 | Kissimmee, FL | 3.3% | $415K |
| #29 | Nashville, TN | 2.9% | $900K |
| #30 | Gatlinburg, TN | 2.7% | $575K |
| #33 | Pigeon Forge, TN | 2.6% | $450K |
| #40 | Destin, FL | 2.4% | $515K |
| #42 | Asheville, NC | 2.3% | $750K |
| #43 | Anna Maria Island, FL | 2.2% | $3.5M |
Rank is national, by median cap rate across active STR-viable listings. Cash flow uses STRROI's default financing assumptions. See the full ranking
Estimated Annual Performance
* Estimates based on market averages. Individual property performance varies. Always run a full underwriting analysis.
Why Investors Choose Pigeon Forge
Pigeon Forge STR investing, answered
Is Pigeon Forge, TN a good short-term rental market?
Pigeon Forge is a Southeast STR market with a 2.6% median cap rate, 38% annual occupancy, and $191/night across STR-viable listings, based on 90 active listings. It ranks #33 of 57 markets by median cap rate in STRROI's live ranking. This month none of its 90 homes for sale rate Buy or better.
What is the average Airbnb occupancy rate in Pigeon Forge?
STR-viable properties in Pigeon Forge average about 38% occupancy across the year. Peak season is Year-round (Oct foliage, Dec holidays, summer). Occupancy here reflects availability-adjusted booking performance, not raw calendar occupancy, so it represents what a full-time operated rental can realistically achieve.
How much do short-term rentals earn in Pigeon Forge?
At $191/night and 38% occupancy, a typical Pigeon Forge STR grosses roughly $26,143 per year before expenses, leaving an estimated $15,686 in net operating income. Across analyzed listings the median cap rate is 2.6%. Individual results depend on property, amenities, and management.
What types of properties work best for STR in Pigeon Forge?
Among homes for sale right now, 4-bedroom homes post the strongest median cap rate by size (3.6%), and single-family homes lead by property type (2.7%). With guests, the best-performing STR types here are Cabin, Chalet, Log Home. Matching the local guest profile and the amenities that drive bookings matters more than raw square footage.
How many homes for sale in Pigeon Forge cash flow as an Airbnb?
0 of 90 STR-viable listings (0%) project positive monthly cash flow after the mortgage, assuming 20% down at a 7.5% rate on a 30-year loan. The top-ranked listing this month is a 8-bedroom single-family home in ZIP 37863 listed at $1.3M, projecting a 6.0% cap rate and -$811 a month.
What is the median home price in Pigeon Forge, TN right now?
The median list price of the 90 homes for sale STRROI tracks in Pigeon Forge is $450,000, and the middle half are priced between $339K and $687K. The median price per square foot is $337. These are homes that could run as short-term rentals, mainly ZIP 37863, not every sale in the area. Against a 2.6% median cap rate, that price level sets the return baseline you'd underwrite against.
How long do homes stay on the market in Pigeon Forge?
Homes for sale in Pigeon Forge have been listed 76 days on average, shorter than the 101 days typical across the 56 markets in STRROI's ranking, so well-priced homes here tend to go quickly. 28 of them were listed in the last 30 days.
Market averages, not guarantees. Cap rates, occupancy, and nightly rates are market-wide averages based on active STR listings and historical data. Individual property performance depends on location, amenities, management, and listing quality. Always run a full underwriting analysis before purchasing.Stats sourced from 90 active listings · last updated Oct 16, 2026
Run a live analysis in Pigeon Forge
Search homes for sale in Pigeon Forge and instantly see cap rates, cash flow projections, and STR comp-backed nightly rates - all in one underwriting report.