Lewis Smith Lake, a gem amongst the nation’s lake markets, continues to shine brilliantly. Its captivating emerald waters and richly varied ecosystem render it an idyllic destination for those seeking a picturesque second home.

As we concluded the fourth quarter of 2023, the lake’s real estate market reflected a subtle yet notable dip. Although the sales of waterfront homes slightly decreased to 45 properties, compared to the same quarter in 2022, the market vitality is unmistakable. The average sale price witnessed an encouraging increase of 7.67% over the previous year, surpassing the inflation rate with a solid 4% margin.

The pricing dynamics during 4th quarter revealed a convergence, with the listing-to-selling price difference coming in at only 4%. The inventory of waterfront homes experienced a marginal increase, reaching a balanced seven-month supply. This equilibrium underscores a market that is harmoniously poised, not swaying distinctly towards either buyers or sellers.

Despite an uptick in the absorption rate, the inventory levels remain constrained, with only 105 active listings at the close of the quarter, a decrease from the 132 listings in the third quarter of 2023.

Focusing on specific market segments, the $500k-$750k price bracket continues to lead in liquidity, with the shortest average days on the market at 105 days for active listings. The overall average days on the market for sold waterfront properties stood at 118 days, an expected increase given the fourth quarter’s traditional sales slowdown. The highest waterfront home sale for the quarter was $2,700,000, and the lowest price home on the water sold for $270,000. The pricing and variety of homes available on Smith Lake are as diverse as the lake itself. Smith Lake offers a wide variety of living options along its shores.

As we step into 2024, Smith Lake’s sales market exhibits robust health and shows promising signs of further strengthening. With mortgage rates declining and inflation receding, the market dynamics are increasingly favorable. Those contemplating a purchase might find themselves at a disadvantage if they delay, as all indicators suggest a likely rise in prices alongside falling rates.

For those considering selling their Smith Lake property, the current market offers a window of opportunity. For those looking to buy, our team of experts specialize in waterfront properties, and are dedicated to assisting you in your quest to “Find your Latitude”. Whether you are looking to buy or sell at Smith Lake, we at Lake & Coast stand ready to serve. Call today to start your property search or sale!