Welcome to the Smith Lake Real Estate Market Update, where we provide you with the latest insights and forecasts to help you navigate the waterfront housing market. Our team at Lake & Coast Real Estate Co. is dedicated to collecting valuable information to benefit our clients. If you’re looking to buy or sell at Smith Lake, begin your journey with us.

Smith Lake Housing Market Analysis:

The Smith Lake housing market has been bustling this year. The number of homes hitting the market has surged compared to last year. In Q1 2024, 123 new homes were listed, followed by 109 in Q2. This increase has contributed to a significant rise in inventory over the past 12 months.

2024 Q1 & Q2 Waterfront Housing Market Insights:

The average listing price of waterfront homes on Smith Lake has risen dramatically. In Q1 2024, the average listing price soared to $1,200,000, up from $930,800 in Q1 2023. Q2 saw a slight increase from Q1 with an average listing price of $1,232,841. This rise is largely due to the introduction of larger, more luxurious homes to the market.

Sales performance has varied throughout the year. Q1 2024 experienced a dip in sales, with only 32 homes sold, marking a decrease from 39 homes sold in Q1 2023. However, Q2 showed a rebound with 66 homes sold, slightly lower than the 70 homes sold in Q2 2023. The increase in sales in Q2 is typical, with most homes sales taking place in Q2 & Q3 of each year.

The average sales price in Q2 2024 jumped to $896,225, a significant increase from $614,950 in Q1 2024, while in 2023, the average sales prices were $734,000 in Q1 and $742,989 in Q2.

Inventory levels have seen a sharp rise. The year started with 62 active listings, which ballooned to 160 by the end of March 2024. This trend continued into Q2, ending with 175 homes for sale. For comparison, Q1 2023 had 60 active listings and Q2 2023 had 73. The rapid rise in listings, outpacing sales, suggests a potential stabilization in prices. Sellers are becoming more flexible, with many price reductions, signaling a shift toward a buyer’s market.

The average days on market for sold homes increased slightly to 100 days by the end of Q2 2024, compared to 84 days in Q2 2023. For Q1, the average days on market were 88 in 2024 and 96 in 2023. With many homes sitting on the market for longer periods of time, sellers are going to need to reduce prices and/or make improvements to attract buyers. The days on the market for sold homes reflects many new homes hitting the market and getting snagged up quickly, because they have the qualities desired by particular buyers or they are priced more aggressively for the current market.

The months of inventory also show significant changes, with Q1 2024 having 11 months and Q2 2024 at 9 months, compared to 6 months in Q1 2023 and 3.5 months in Q2 2023.

Factors Influencing Sales:

The pace of sales is influenced by current interest and inflation rates, which, though lower than last year, combined with electoral anticipation, have led buyers to adopt a cautious approach. This wait-and-see attitude may impact buying decisions and market dynamics for the remainder of 2024.

2024 Fall Market Forecast:

We anticipate a leveling off in waterfront home prices for the rest of 2024, with value increases potentially trailing behind inflation rates. With the upcoming election in November, we expect sales to remain slow through the end of the year, leading to increased inventory and longer days on the market. Buyers will have more negotiation power as the market continues to adjust.

Thinking of Selling or Buying a Smith Lake Home?

Partner with Lake & Coast Real Estate Co. for unparalleled expertise in the waterfront housing market. Our deep knowledge and marketing prowess are here to guide you confidently through the buying or selling process. Start your Smith Lake search or sale with Lake & Coast, the experts in waterfront properties.