Smith Lake Waterfront Home Market Update for Q4 2023: Supply remains steadily low, likely for the foreseeable future

By Trent A Taylor of Lake & Coast Real Estate Co.
Oct 19, 2023

With its close proximity to several of the hottest metropolitan areas in North Alabama and growing recognition for its exceptionally clean water, laid-back lifestyle and abundance of watersports, Lewis Smith Lake is increasingly one of the most sought after waterfront living destinations in the Southeast, and the consistently low supply of listings we’ve been seeing for a while now has been a direct reflection of this.

At Smith Lake, we currently have a low supply of waterfront homes of only 5 months. The supply of homes is down 28 percent from the 2nd quarter of this year, while the average days on the market for sold properties has been consistent with last quarter and only up by 8 percent from the same time period last year. The average number of days on the market is 85 for listings sold in this past quarter, whereas the average days on the market for active listings is just around double that number.

Growth of pricing remains solid as well, with the average sales price up $120,000 from last quarter and up 11.5 percent from the same time last year. We currently sit at 132 active listings at the start of the 4th quarter, with 85 new listings coming on the market in that time period. In total, there were 78 homes sold on Smith Lake between July 1 and Sept 30 of this year.

As long as new homes hitting the market continue to stay in pace with sold listings, our inventory should remain low, and we should continue in a normalized market into Q4 and beyond. For now, there is no notable indication that conditions will change for the foreseeable future.

Once a relatively well-kept secret, Smith Lake continues to be one of the stronger waterfront markets in the Southeast, and the popularity of the lake keeps inventory low and demand high. This can be attributed to a multitude of factors, including the growing economy and population of nearby Birmingham, Huntsville, as well as the lake’s closer neighbors, Cullman and Jasper. With so many prospering communities seeking a haven at Smith Lake, either as a vacation home or a full time residence, it’s little wonder why investors have their eyes on this market and competition is high right now.

If you are looking to sell your home at Smith Lake, now is still an opportune time to enter the market. But regardless of whether you are buying or selling on Smith, we invite you to reach out to us at Lake & Coast Real Estate, where our team of highly specialized and experienced agents dedicated to waterfront real estate can help you “Find your Latitude” today!

Also, be sure to visit lakeandcoast.com to learn more about the unique mindset and effective marketing methods that set us apart from the competition, as well as the growing list of popular Southeastern waterfront markets in which we operate, and stay tuned for more updates on those markets.