Smith Mountain Lake is the jewel of Central Virginia. With over 500 miles of shoreline, crystal-clear water, and the Blue Ridge Mountains as a backdrop, it's one of the most beautiful lakes on the East Coast. But SML isn't just one neighborhood. It's a collection of 13 distinct planned communities, each with its own character, amenities, price point, and personality.
I'm Teresa Grant, and I've been selling homes on and around Smith Mountain Lake for 20 years. I've walked nearly every street, toured hundreds of homes, and helped clients find their perfect fit in each of these communities. Today, I want to give you the real insider's guide -- not the marketing brochure version, but the honest, boots-on-the-ground perspective that only comes from deep experience with this market.
Before we dive in, here's the big picture: the SML waterfront median is approximately $825,000 as of early 2025, with prices continuing their upward trajectory. Waterfront lots range from $100,000 to over $1 million depending on location, frontage, and dock potential. Luxury new construction on the water runs $1.2 million to $3 million and beyond. This is a market that rewards buyers who move with confidence.
1. The Waterfront
The Waterfront is the flagship luxury community at Smith Mountain Lake. When people say "SML luxury," this is often what they're picturing: gated entry, manicured grounds, and some of the most impressive lakefront estates in the region. Homes here typically start around $900,000 for off-water properties and climb well past $2 million for prime waterfront. The community includes a marina, pool, clubhouse, and meticulously maintained common areas.
Who lives here: Established professionals, executives, retirees from Northern Virginia and the Northeast who want a turn-key luxury lake lifestyle. This is where you find the custom-built, architect-designed homes with deep-water docks and panoramic lake views.
My take: If your budget supports it and you want the best of the best, The Waterfront delivers. The quality of construction and the community standards here are exceptional.
2. The Farm
Don't let the name fool you -- The Farm is a sophisticated lakeside community with a rural Virginia aesthetic. The lots are generous, the architecture blends seamlessly with the natural landscape, and the community has an equestrian heritage that gives it a character you won't find elsewhere on the lake. Homes range from $600,000 to over $1.5 million.
Who lives here: Nature lovers, horse enthusiasts, and buyers who want lake access without the dense, neighborhood feel. If you want to wake up to horses grazing in the pasture across the road and still be on the water by 10 AM, The Farm is your community.
My take: This is one of the most unique communities on any lake in Virginia. The lots are larger, the pace is slower, and the vibe is genuinely relaxed. I love showing properties here.
3. Cottages of Contentment Island
This intimate community lives up to its name. Situated on a peninsula that feels like an island, the Cottages offer a quieter, more private lake experience. Homes range from charming cottages at $400,000 to waterfront homes at $800,000+. The community is smaller and tightly knit.
Who lives here: Buyers who value privacy, quiet, and a close-knit community over resort-style amenities. Many weekenders and seasonal residents.
My take: If you want to feel like you're on your own private island in the Blue Ridge, this is the closest you'll get. Limited inventory means homes here don't last long on the market.
4. The Boardwalk
The Boardwalk offers a more accessible entry to the SML lifestyle with townhome-style living right on the water. This is one of the more affordable waterfront-access communities, with units typically ranging from $300,000 to $550,000. The community features a boardwalk (naturally), marina access, and a social atmosphere that's perfect for people who want to be part of the lake scene without maintaining a large estate.
Who lives here: Young professionals, couples, and retirees who want low-maintenance lake living. This is also a popular choice for vacation/investment properties.
My take: Great entry point to the SML market. If you're buying your first lake property or want a weekend getaway without the maintenance of a single-family home, The Boardwalk is worth a serious look.
5. South Harbour
South Harbour is an established, family-friendly community with a mix of waterfront and off-water homes. The community has a well-maintained marina, pool, tennis courts, and a community center. Homes range from $350,000 for off-water properties to $900,000+ for prime waterfront.
Who lives here: Families, year-round residents, and second-home owners who want a full amenity package. South Harbour has a warm, welcoming community culture with regular social events and an active homeowners association.
My take: This is one of the best all-around communities on the lake. Good mix of price points, strong amenities, and a genuine sense of neighborhood. I've placed many happy families here.
6. Waverly
Waverly is a well-established community that offers solid value for SML waterfront living. Homes typically range from $400,000 to $850,000, and the community has a loyal, long-tenured resident base. Marina access, a community pool, and a clubhouse round out the amenity package.
Who lives here: A mix of year-round residents and weekenders. Waverly attracts buyers who want a genuine lake community without the premium pricing of newer or more exclusive developments.
My take: Waverly is honest, unpretentious, and well-located. The homes tend to be well-built, and the community has matured beautifully. An excellent value play on the lake.
7. Water's Edge
Water's Edge is a resort-style community that combines residential living with vacation amenities. The community includes a golf course, multiple pools, a spa, fitness center, tennis courts, and a full-service marina. Homes range from $350,000 for condos and townhomes to over $1 million for waterfront estates.
Who lives here: Retirees, vacation home buyers, and anyone who wants resort amenities built into their daily life. Water's Edge functions almost like a private club -- you're not just buying a home, you're buying a lifestyle.
My take: If you want the most amenity-rich experience on the lake, Water's Edge is hard to beat. The golf course alone is a major draw. Just be aware that HOA fees reflect the extensive amenity package.
8. The Coves
The Coves is a newer development that's brought contemporary architecture and modern amenities to the SML market. Homes here start around $500,000 and climb to $1.5 million+ for waterfront. The design aesthetic is more current than many of the established communities, with open floor plans, large windows, and indoor-outdoor living spaces.
Who lives here: Buyers who want new or newer construction with modern finishes. Many relocators from metro areas who are accustomed to contemporary design and want it at the lake.
My take: The Coves fills a real gap in the SML market. Not everyone wants a traditional log-cabin or Colonial-style lake house. If you want clean lines, open plans, and modern kitchens, The Coves delivers.
9. Copper Cove at Westlake
Copper Cove is one of the most accessible planned communities on the lake, and it's where I often direct first-time SML buyers. Off-water homes start in the mid-$200,000s, and waterfront properties begin around $500,000. The community has a pool, clubhouse, and marina access, and it's located in the Westlake area with easy access to shopping, dining, and the SML Visitor Center.
Who lives here: First-time lake buyers, young families, retirees on a moderate budget, and investors. Copper Cove offers the SML lifestyle at a price point that's genuinely accessible.
My take: This is where the SML dream becomes achievable for buyers who thought the lake was out of reach. I've helped many clients find their first lake home here, and the community has only gotten better over time.
10. Vista Pointe
Vista Pointe earns its name with some of the most dramatic lake and mountain views of any community on SML. The topography here is elevated, giving homes panoramic sightlines across the water to the Blue Ridge beyond. Homes range from $450,000 to over $1 million.
Who lives here: View-driven buyers. If your number one criterion is waking up to a jaw-dropping panorama, Vista Pointe should be on your shortlist.
My take: The views here are genuinely special, even by SML standards. The community is quieter and less amenity-heavy than some others, which is actually a selling point for buyers who want the lake's natural beauty to be the main attraction.
11. Mariners Landing
Mariners Landing is a large, well-established resort community with condos, townhomes, and single-family homes ranging from $200,000 to $800,000+. The community features a conference center, restaurant, pool, marina, and an 18-hole golf course. It's one of the most visible and well-known communities on the lake.
Who lives here: A diverse mix of full-time residents, vacationers, and rental investors. The condo and townhome inventory makes Mariners Landing one of the most accessible entry points to the SML market.
My take: Mariners Landing offers the broadest range of price points on the lake. It's an excellent choice for buyers who want to get into the SML market at a lower price point, and the rental income potential is strong for investors.
12. Bernard's Landing
Bernard's Landing is a well-run resort community with a mix of condos and townhomes. It's located on the Franklin County side of the lake and offers pool, marina, and fitness amenities. Units typically range from $200,000 to $500,000, making it one of the more affordable options for lake access.
Who lives here: Weekenders, vacation rental investors, and retirees looking for a manageable, low-maintenance lake property. The Franklin County location means a $0.43 per $100 property tax rate, which is one of the lowest in the region.
My take: Bernard's Landing is a solid, well-managed community that delivers lake living at an approachable price. The Franklin County tax advantage is a real bonus. I recommend it frequently for investors and first-time lake buyers.
13. Park Place
Park Place rounds out the SML community landscape with a family-friendly, moderately priced option. Homes here range from $250,000 to $600,000, and the community offers basic amenities including a pool and common areas. It's a bit more casual and relaxed than some of the more upscale communities.
Who lives here: Families, young couples, and buyers who want the SML address without the higher price tags of the premium communities. Park Place has an easygoing, welcoming vibe.
My take: Park Place is the neighborhood where you'll find kids riding bikes and neighbors chatting over back fences. It's unpretentious and genuine, and the lake access makes it a wonderful place to raise a family.
Community Comparison at a Glance
| Community | Price Range | Character | Best For |
|---|---|---|---|
| The Waterfront | $900K - $2M+ | Luxury gated | High-end buyers |
| The Farm | $600K - $1.5M | Equestrian/rural luxury | Nature lovers, horse enthusiasts |
| Cottages of Contentment Island | $400K - $800K+ | Intimate, private | Privacy seekers |
| The Boardwalk | $300K - $550K | Townhome/low-maintenance | Weekenders, low-maintenance |
| South Harbour | $350K - $900K+ | Family-friendly, full amenities | Families, year-round residents |
| Waverly | $400K - $850K | Established, unpretentious | Value-conscious buyers |
| Water's Edge | $350K - $1M+ | Resort-style with golf | Amenity-focused retirees |
| The Coves | $500K - $1.5M+ | Contemporary/modern | Design-forward buyers |
| Copper Cove at Westlake | $250K - $500K+ | Accessible, community-oriented | First-time lake buyers |
| Vista Pointe | $450K - $1M+ | Panoramic views | View-driven buyers |
| Mariners Landing | $200K - $800K+ | Resort with golf, broad range | Investors, mixed budgets |
| Bernard's Landing | $200K - $500K | Low-maintenance resort | Investors, weekenders |
| Park Place | $250K - $600K | Family casual | Families, young couples |
Key Factors When Choosing Your SML Community
After helping hundreds of buyers find their SML home, here are the questions I always ask:
- Full-time or weekender? Full-time residents tend to prefer South Harbour, The Waterfront, or The Farm for their year-round community feel. Weekenders often gravitate to The Boardwalk, Bernard's Landing, or Mariners Landing for lower maintenance.
- Bedford County or Franklin County? The lake straddles both counties, and the tax rates differ: Bedford at $0.53 per $100 vs. Franklin at $0.43 per $100. On a $700,000 home, that's a difference of $700 per year. It adds up.
- Amenities or solitude? Water's Edge and Mariners Landing offer resort-level amenities. Cottages of Contentment Island and Vista Pointe offer peace and privacy. Know which you value more.
- New construction or established? The Coves offers the newest housing stock. Waverly and South Harbour offer mature landscaping and established communities. Both have their appeal.
- Investment potential? Mariners Landing, Bernard's Landing, and The Boardwalk have the strongest short-term rental markets due to their condo/townhome inventory and resort amenities.
The SML Market Outlook
Waterfront inventory at Smith Mountain Lake remains tight. The lake has approximately 500 miles of shoreline, and it will never have more. Every waterfront lot that develops is one fewer remaining. This fundamental scarcity, combined with strong demand from retirees, remote workers, and vacation buyers, means I expect waterfront prices to continue climbing through 2025 and beyond.
If you've been thinking about SML, my consistent advice is this: don't wait for the market to come to you. It won't. The lake isn't getting bigger, the demand isn't softening, and the lifestyle is worth every penny.
I'd love to take you on a tour of any or all of these communities. We'll drive the neighborhoods, walk the docks, and find the community that feels like home. That's my favorite part of this job, and after 1,300+ closings, I know these communities like the back of my hand.
Teresa Grant is the Team Lead of The Realty Group Team at Keller Williams in Central Virginia. For a personalized Smith Mountain Lake community tour, call our office or visit therealtygrouponline.com.