Officials say the lake is about four feet below normal for this time of year, creating changing conditions that can quickly turn dangerous for anyone navigating the lake.
Aerial footage captured earlier this week shows receding water levels and expanding shorelines, with dry areas and sandbars becoming more visible. The changes are happening as temperatures climb across the Triangle, bringing more lake traffic for boating, tubing and fishing.
Boaters say the shifting conditions can create sudden and unexpected risks.
"When we first got started, we did have a moment where it immediately went from, let's say, ten feet to about two feet," said Nate Brisson of Rolesville.
Others say the drop has been noticeable in recent weeks, with water levels falling even further since last fall.
"It's been down since the fall, but it's definitely dropped another foot or two feet in the last 2 to 3 weeks," Will Klemme of Raleigh said.
The lower water levels are revealing hazards that are often hidden beneath the surface, even in commonly used parts of the lake. Rocks, tree stumps and debris that were once well below the water are now much closer to the surface.
"You see a lot of trees and stumps and rocks and stuff like that that you wouldn't look out for normally but you can't see," John Davis of Rolesville said.
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Footage from the lake also appears to show more shoals - shallow areas that can pose a danger to boats - emerging as the water recedes.
"There's shoals and everything, especially out into the bigger lake," Klemme said.
As a result, some boaters say they are taking extra precautions, especially near the shoreline or in unfamiliar areas.
"I kind of spent some time on the front of the boat while we were getting closer to the bank parts, just trying to make sure we didn't run up on anything," Davis said.
With more people expected to head to Falls Lake as the weather warms, those on the water are urging others to stay alert and adjust to the changing conditions.
"Just be careful, especially if you're tubing or skiing, you know, try to be mindful that there are things in the water obstacles, things that you could possibly collide with that you may not normally have to worry about," Brisson said.
Boaters say awareness is key to avoiding damage or injury as the drought continues and water levels remain low.