The state of Alabama is home to a number of lakes, both large and small, with varying amounts of waterfront properties. From Smith Lake to Lake Cyrus, the demand for property is increasing.
Glenn Phillips, CEO and lead economic analyst of Lake Homes Realty, discussed some of the data from the lake home real estate market and trends that he has observed recently.
“While the number of lake homes for sale changes daily, even by the hour, the majority of the lake homes and lots for sale in Alabama are naturally on the larger lakes,” said Phillips.
According to Phillips, the largest lake property markets in Alabama are:
- Lewis Smith Lake: 223 homes
- Lake Martin: 192 homes
- Logan Martin Lake: 162 homes
- Lake Guntersville: 106 homes
- Weiss Lake: 72 homes
- Lake Wedowee: 48 homes
“There are still several hundred more lake homes for sale across the state on a large number of smaller lakes,” Phillips said. “And hundreds of lots for sale as well that are not in these numbers above. These numbers are considered ‘low inventory’ and are expected to increase slowly over the next two years.”
When asked if some lakes are more popular than others, Phillips called it “an interesting question with several facets.”
“Large lakes have the most homes, so mathematically, that makes them more popular than small lakes,” he said. “However, popularity of a lake is more complex, and it can be attributed to the what people seek in a lake experience. Larger lakes have more activities, more boat traffic, and more nearby restaurants, shops, and entertainment. So these are more popular with people seeking activity.
“In Alabama, Lewis Smith Lake (more commonly called ‘Smith Lake’) and Lake Martin are the two largest and most active lakes, and are popular with the largest number of people. Logan Martin and Guntersville Lake can also be considered large and active.”
Phillips said a lot of lake home owners prefer the more quiet retreats of the small lakes.
“Smaller lakes are often, but not always, quieter,” he said. “These are more popular for those looking for a retreat, or a ‘get away from the world’ home. Some of these lakes may not even permit motorized boats or limit the size of such boats. They may even be private lakes requiring membership.”
He gave also gave an example of some of the smaller lakes within the state.
“Within the smaller lakes are a number of lakes within suburban communities, such as the lakes in the Highland Lakes community off Highway 280 in Birmingham and Lake Cyrus and Trace Lake in Hoover (as well as many others),” he said. “In these communities, waterfront is prized but the activities of the lake will be limited to fishing and peaceful kayaking and boating. Metro-Birmingham has 241 homes for sale in these types of communities right now.”
According to Lake Homes Realty, Alabama was ninth among the top 10 states in the country for the most lake homes and lot listings recently.
Austen Shipley is a staff writer for Yellowhammer News.