Smith Mountain Lake is a reservoir and the second-largest freshwater lake in Virginia that covers over 20,000 acres. A popular destination located in the foothills of the Blue Ridge Mountains, this lake offers more than 500 miles of picturesque shoreline and various opportunities for recreational activities set against a backdrop of iconic peaks.
Before looking at waterfront homes for sale at Smith Mountain Lake, Virginia, get to know this locale’s real estate market climate to see how best to go about with your real estate investment plans. You’ll be glad to know that the local real estate market is a thriving and diverse one, with properties ranging from cozy lakefront cottages to high-end waterfront estates. Known for its scenic views, serene atmosphere, and natural beauty, you can never go wrong with investing in Smith Mountain Lake homes and properties. People are drawn to the community for the lovely lake and the mountains surrounding it, making Smith Mountain Lake an ideal location for anyone looking for a luxurious, laid-back permanent residence or a relaxing getaway.
As of March 2023, Realtor.com reports that Smith Mountain Lake has transformed into a buyer’s market, indicating a steady increase in the supply of houses for sale to meet the demand. Homes here have been sold at a median price of $590,000 with a sale-to-list price ratio of 99.33%. Given this ratio, sellers got the opportunity to recoup their investment as they were able to sell their home at almost the same asking price they gave. Waterfront properties in Smith Mountain Lake require the biggest investment due to their premium location, scenic views, and amazing amenities as they could fetch price tags as high as almost $8 million.
Smith Mountain Lake’s undeniable progress is largely due to a robust local economy, excellent schools, and a wide range of local amenities and services. This reservoir has a friendly neighborhood feel and a thriving tourism industry. Below are more reasons why Smith Mountain Lake homes for sale are worth your investment as either a vacation home or a primary home.
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BENEFITS OF OWNING A SMITH MOUNTAIN LAKE WATERFRONT HOME
Whether you are a vacation homeowner, a rental owner, or a full-time resident, investing in waterfront homes for sale at Smith Mountain Lake is one of the best decisions you will ever make. Known as the Jewel of the Blue Ridge Mountains and Lake Tahoe of the East, Smith Mountain Lake was named one of the best destinations to invest in a second home. People choose to visit or permanently live here to enjoy numerous year-round recreational activities, including water sports, boating, swimming, golfing, hiking, and fishing for bass. Smith Mountain Lake is a haven for people seeking outdoor adventures on or along the lake’s clear waters.
For vacation homeowners
If you want to get away from the hustle and bustle of the city, escaping to one of the most coveted locations in the country is a great idea – even better when you have a vacation home of your own here. This means not having to worry about finding a hotel or renting accommodation when you need to visit. You can go whenever you want to, extend your stay any time, and perhaps ultimately decide to move in here permanently.
A waterfront vacation home in Smith Mountain Lake can also be a nice gathering place for family members to come together for holidays and special occasions – a great location where your children and grandchildren can create memories.
Your vacation home in Smith Mountain Lake can also be your future retirement home. After years of living in urban spaces, you can finally move to a more serene location by the water and in the mountains while still enjoying the culture of nearby cities.
For rental homeowners
Many vacationers would prefer to rent a private waterfront home instead of staying in a hotel. With that in mind, consider monthly rent prices in Smith Mountain Lake should you decide to invest in a rental in Smith Mountain Lake, Prices can range from $675 to a whopping $6,000 per month – an undeniable indication of the profitability of your potential SML investment. The estimated yearly rental revenue is around $33,692, making Smith Mountain Lake one of the top-performing rental markets in the United States. Rental properties also offer tax benefits, such as deductions for mortgage interest, property taxes, insurance, repairs, and maintenance expenses.
You can actually turn your Smith Mountain Lake property into a hybrid where you can rent it out during peak travel seasons and then use it with the family when the travel season ends. That way, it can still become a good source of secondary income and a lucrative investment. You can also choose to manage the property yourself or hire a property manager to handle day-to-day operations, including cleaning and maintenance.
As a popular tourist destination blessed with very gentle seasons and spectacular vistas of the Blue Ridge Mountains, Smith Mountain Lake will give your waterfront home’s tenants front-seat mountain and lake views, as well as access to hiking and biking trails. It is also close to various attractions like golf courses, wineries, breweries, food stops, and other fantastic local amenities and attractions. On the lake itself, your tenants can enjoy swimming, fishing, and boating as there are several marinas and boat rentals available.
For full-time residents
Homeownership is a great financial investment, and buying a Smith Mountain Lake property for sale will take your investment further. Smith Mountain Lake is a thriving, growing location with many opportunities for you to enjoy waterfront living. You get the full waterfront lifestyle package from the health benefits to the various outdoor recreational opportunities without living too far from modern conveniences.
Know also that if you properly maintain your waterfront home and give it smart upgrades, you can bat for a higher resale value due to this type of home’s desirability and location.
Smith Mountain Lake has a tight-knit community, providing opportunities to build meaningful relationships and connect with other residents. It also offers a range of excellent schools, making it an ideal location for families and children. These schools provide quality education and extracurricular activities to support the overall development of children.
ATTRACTIONS AND ACTIVITIES IN SMITH MOUNTAIN LAKE
In addition to the lake, which is an attraction itself, Smith Mountain Lake is home to several state parks, hiking trails, and year-round activities.
Lake activities
As the second-largest freshwater lake in Virginia, Smith Mountain Lake features breathtaking, clear water that offers many lake activities, great mountain views, and sandy beaches.
- BOATING – Boats of all types and sizes are allowed on the lake, including powerboats, pontoons, and sailboats. Smith Mountain Lake also has several boat ramps and marinas where boaters can launch their boats or rent one for the day.
- FISHING – The lake is one of Virginia’s premier fisheries popular for striped bass. Here, you can also find large and smallmouth bass, white and channel catfish, crappie, bluegill, and redear sunfish. The lake also hosts several fishing tournaments throughout the year.
- SWIMMING – The lake’s clear waters make it an ideal location for swimming, especially during the summer. The public beaches in Smith Mountain Lake are equipped with picnic tables, grills, and restrooms for visitors’ convenience.
- KAYAKING AND CANOEING – Smith Mountain Lake has several designated paddling trails that offer a unique perspective of the lake’s natural beauty.
- PADDLEBOARDING – Stand-up paddleboarding is becoming increasingly popular at Smith Mountain Lake. Many rental facilities offer stand-up paddleboarding boards for rent.
- JET SKIING – Looking for an adrenaline rush? Jet skiing is a popular lake activity, with several rental facilities in Smith Mountain Lake offering jet ski rentals.
- WAKEBOARDING AND WATERSKIING – You can enjoy the lake’s calm waters by going wakeboarding or waterskiing. Many boat rental companies in Smith Mountain Lake offer lessons and equipment rentals.
Golf courses
Golf enthusiasts will be delighted to hear that Smith Mountain Lake has five golf courses in and near the reservoir where you can take in the spectacular mountain and lake views while enjoying a good golf game.
- COPPER COVE GOLF CLUB – Located in Hardy, VA, this is one of Smith Mountain Lake’s premier public golf courses that features a challenging 18-hole course that offers scenic views of the surrounding Blue Ridge Mountains.
- THE WATERFRONT COUNTRY CLUB – This full-service private club in Moneta nestled beside Smith Mountain Lake is a championship 18-hole golf course that offers club memberships to The Waterfront residents and Smith Mountain Lake residents.
- MARINERS LANDING GOLF & COUNTRY CLUB – Designed by Robert Trent Jones, Mariners Landing has a prestigious layout that sits on the edge of Smith Mountain Lake. It is an 18-hole championship golf course that offers challenging holes, a lakeside resort, and an inviting community.
- WINTON COUNTRY CLUB – This challenging 18-hole golf course features rolling hills, mature trees, and scenic views of the surrounding countryside. Winton Country Club is best known for its open fairways.
- IVY HILL GOLF CLUB – This 18-hole semi-private golf club is open to the public and offers challenging holes with five sets of tees and a rolling terrain course.
Wineries
Smith Mountain Lake is located in the heart of Virginia’s wine country, with several wineries within a short drive from the lake.
- HICKORY HILL VINEYARDS – This oldest winery at Smith Mountain Lake and the 75th winery in Virginia offers a range of award-winning wines, including chardonnay, cabernet franc, and merlot. Enjoy tastings, tours, and scenic views of the surrounding countryside.
- RAMULOSE RIDGE VINEYARDS – Primarily known for its red wines, Ramulose Ridge Vineyards offers a selection of handcrafted wines, including chardonnay, cabernet sauvignon, and Petit Verdot. The winery also features a tasting room and outdoor patio.
- WHITE ROCK VINEYARDS AND WINERY – This family-owned and operated vineyard and farm winery produces a selection of wines, including chardonnay, cabernet franc, and Viognier. The winery also offers tastings, tours, and a picnic area overlooking the vineyard.
- BROOKS MILL WINERY – This family-owned and operated winery located near Smith Mountain Lake in Franklin County offers award-winning handcrafted fruit wines, as well as tastings, tours, and live music on weekends.
- PEAKS OF OTTER WINERY – Passed down through six generations, Peaks of Otter Winery offers a unique selection of fruit wines, including apple, peach, and blueberry. The winery also features a tasting room and picnic area.
Craft breweries
Craft breweries have become increasingly popular, and Smith Mountain Lake is not one to miss out on the trend. Here are some of the popular craft breweries in the area.
- SUNKEN CITY BREWING COMPANY – Located near the shores of Smith Mountain Lake, this brewery offers a range of handcrafted beers, including IPAs, stouts, and pilsners. It also has a taproom and outdoor patio.
- BEALE’S BREWERY – This brewery offers a variety of craft beers, including IPAs, porters, and lagers. It also has a taproom and outdoor seating area with live music on weekends.
- CHAOS MOUNTAIN BREWING – This is where you’ll find a selection of high-quality handcrafted beers, from easy-drinking session beers to big, intense Belgian-style ales. The brewery also rotates seasonals and limited-release barrel-aged brews.
- HAMMER & FORGE BREWING COMPANY – This modern craft brewery features a taproom with a sleek industrial design and a selection of up to 10 small-batch brews and seasonal selections on tap, including house-made IPAs, a Russian imperial stout, American amber, and Irish red ale.
- TWIN CREEKS BREWING COMPANY – What started from three owners making beer in a garage to today’s beloved local brewery, Twin Creeks Brewing Company makes and serves quality ales and lagers.
Nature parks
Smith Mountain Lake is surrounded by fantastic natural landscapes and offers several parks and trails around and near the lake for you to explore.
- SMITH MOUNTAIN LAKE STATE PARK – Smith Mountain Lake is bordered by Smith Mountain Lake State Park to the north, covering 1,500 acres of shoreline, a 500-foot-long sandy beach, picnic areas, well-equipped cabins, campsites, miles of hiking trails, and an amphitheater for special events.
- BOOKER T. WASHINGTON NATIONAL MONUMENT – This 207-acre national park in Hardy, VA, features a historic farm, hiking trails, and interpretive programs highlighting the life of Booker T. Washington.
- FRANKLIN COUNTY PARKS & RECREATION – Visit this 136-acre park which features hiking trails, picnic areas, a fishing pond, and sports fields for basketball, tennis, and volleyball.
- BLUE RIDGE PARKWAY – Noted for its scenic beauty, this is the country’s longest linear park running 469 miles through 29 Virginia and North Carolina counties. It offers stunning views of the Blue Ridge Mountains and several hiking trails, picnic areas, and campgrounds.
- ROANOKE MOUNTAIN ADVENTURES – This outdoor recreation center in Roanoke, VA, offers guided hikes, bike rentals, and kayaking tours of the surrounding natural areas.
BEST TOWNS TO BUY WATERFRONT HOMES FOR SALE AT SMITH MOUNTAIN LAKE
Smith Mountain Lake has several vibrant and welcoming communities with like-minded individuals and families who enjoy a range of activities and events throughout the year.
Here are some of the highly sought-after neighborhoods where you can buy waterfront homes for sale at Smith Mountain Lake.
- THE WATER’S EDGE COUNTRY CLUB – Enjoy the lakefront country club lifestyle in The Waters Edge, located on a peninsula jutting into Smith Mountain Lake. You can find homes of different sizes, architectural styles, and prices, from New England cottage-style houses to golf villas and waterfront luxury townhomes.
- THE WATERFRONT – This luxurious private community features a rolling countryside and remarkable hardwoods, featuring custom-built homes, townhomes, and condominiums. The Waterfront is home to the first country club community at Smith Mountain Lake.
- THE FARM – Ten minutes away from Westlake Corner and across The Boardwalk, this neighborhood features waterfront homes in Hammock Pointe, the first neighborhood in The Farm.
- THE BOARDWALK – This elegant New England-style community features mid-level and luxury waterfront homes with resort-style amenities. One of the newest communities at Smith Mountain Lake, The Boardwalk has charming Nantucket-style cottages, each with a lake view porch and boat slip.
- SOUTH HARBOUR – Several properties here sit on prime waterfront land. This community is home to perfectly manicured landscapes, tree-filled yards, and picturesque walking trails.
- WAVERLY – This luxury waterfront neighborhood offers privacy and stunning lake views. Waverly offers custom-built single-family homes and development lots if you want to customize your waterfront home to your liking.
- PARK PLACE – Look at this neighborhood if you want luxury amenities in a prestigious waterfront community in Smith Mountain Lake. It offers home sites on 138 acres of the lake’s premier real estate.
- CONTENTMENT ISLAND – Live contentedly in any of the luxury waterfront homes found here. Enjoy carefree living with spectacular views inside cottages that feature high ceilings, hardwood floors, and open floor plans.
- MONETA – Located on the northern end of Smith Mountain Lake, Moneta offers a range of waterfront homes, including luxury estates and cozy cottages. The town has several marinas, restaurants, and shops, plus easy access to the lake’s main channel for boating and fishing.
- HUDDLESTON – Huddleston on the southern end of Smith Mountain Lake has a mix of Smith Mountain Lake houses for sale, from secluded retreats to upscale communities. The town has several marinas, restaurants, and golf courses. You can also access Smith Mountain Lake State Park through Huddleston.
- HARDY – Located on the western shore of Smith Mountain Lake, Hardy has a range of waterfront homes, including charming cottages and modern estates. The town has a variety of restaurants and shops and offers access to the Blue Ridge Parkway and other nearby attractions.
- UNION HALL – On the easter shore of Smith Mountain Lake is Union Hall. It offers a mix of Smith Mountain Lake properties for sale, from secluded houses to waterfront communities.
- NORTH SHORE AND PENHOOK – If you’re willing to go on a food trip or simply have a fun day or night out, you can do those and more at North Shore and Penhook – towns popular for their dining and entertainment options. These towns have, in fact, seen an over 30% increase in home sale values year-over-year.
FIND THE PERFECT WATERFRONT HOMES FOR SALE AT SMITH MOUNTAIN LAKE WITH JANE HORNE
Buying Smith Mountain Lake homes for sale is not only a great investment but also a good way to increase your overall investment portfolio and build long-term wealth. Don’t know where to start? Let me, Jane Horne, help you find the best Smith Mountain Lake waterfront property that will suit your lifestyle and taste. I am a resident of The Water’s Edge Country Club and a Realtor since 1986. Let my experience and knowledge of the Smith Mountain Lake communities and real estate market help you in your home-buying journey! Leave a message here or call me at 540.493.1690 to get started.
