Third Quarter 2024 Sales & Fourth Quarter Forecast:

The Smith Lake waterfront housing market continues to evolve as we enter the final quarter of 2024. While the market has seen some shifts in supply and demand, it remains a promising landscape for buyers and sellers alike. Here’s a detailed look at the third-quarter performance and what we expect moving forward.

Sales Prices & Listings:

The average sales price for waterfront homes on Smith Lake increased slightly year-over-year, rising from $917,911 in Q3 2023 to $927,700 in Q3 2024. This gradual growth in sales prices reflects the market’s resilience and value, even amidst shifting economic factors.

Despite the higher prices, the number of homes sold in Q3 2024 declined by 15% compared to the same period last year, with 58 homes sold. While this dip in sales volume signals a cooling market, it also presents opportunities for buyers who have more time and negotiating power.

On the supply side, 63 new lake homes were listed during the third quarter, adding to the growing inventory. The current number of active listings has reached 147 by the start of October, a significant jump from 59 homes available at this time last year.

Market Activity & Inventory:

Market activity has slowed slightly, with the average number of days on the market increasing to 105 for sold homes in Q3 2024, up from 84 days a year ago. This indicates that while properties are still moving, they are taking longer to sell.

The average list price, however, continues to climb, with the current average reaching $1,169,218, up from $1,015,167 in Q3 2023. This signals that sellers remain optimistic, especially for higher-end properties, as the market adjusts to new conditions.

Inventory levels are building as new listings continue to outpace sales, with months of inventory rising to 8.5 months, up from just 3 months during the same period last year. This trend suggests that we are transitioning further into a buyer’s market, where those looking to purchase a lakefront property will have more options and negotiating leverage.

Number of Listings Smith LAke AL – Q3 2024

Market Outlook:

While sales have slowed in the short term, the waterfront market remains attractive for buyers, especially as interest rates continue to fall. Looking ahead, we anticipate that inventory will keep growing, and with the upcoming election, some buyers may take a cautious approach. However, this presents a prime opportunity for those looking to buy, as competitive pricing and increased inventory work in their favor.

For sellers, pricing competitively and working with experienced agents like those at Lake & Coast Real Estate Co. will be key to navigating the current market. Whether you’re looking to buy or sell, the Smith Lake market offers opportunities for those ready to take advantage of changing conditions.

Ready to Buy or Sell at Smith Lake?

If you’re thinking about buying or selling a lakefront home, Lake & Coast Real Estate Co. is here to guide you. With our deep knowledge of the waterfront housing market and a commitment to serving our clients, we’ll help you make the most of the current market conditions. Start your search or sale with us today and experience the expertise that makes a difference.