Smith Mountain Lake Waterfront Homes for Sale

Smith Mountain Lake is the largest lake entirely within Virginia: about 20,600 acres of water and more than 500 miles of shoreline, roughly 40 miles long, set against the Blue Ridge foothills southeast of Roanoke. The lake touches three counties, Bedford on the north shore and Franklin and Pittsylvania to the south, and it is home to everything from cozy lake cottages and condos to custom estates with deep-water docks.

The Lee Team helps buyers and sellers across the whole lake. Below you will find what living here is like, a current market snapshot, what every waterfront buyer should know about docks and shoreline rules, and guides to each of the main lake communities.

Smith Mountain Lake Market Snapshot

As of November 2026, there are roughly 230 homes, condos and townhomes for sale at Smith Mountain Lake, priced from about $130,000 for a small condo to more than $5 million for a large waterfront estate. The average asking price is close to $990,000, and the average home has about 3.5 bedrooms and 2,700 square feet. There are also more than 220 lots and land parcels on the market, averaging around $265,000, for buyers who want to build.

These figures come from live MLS data, change daily and are rounded. Listings on this page are properties the MLS ties to Smith Mountain Lake, which includes true waterfront along with some water-view and lake-access homes. Ask us which ones have deeded frontage and a permitted dock.

Living at the Lake

Calm water and cattails in the Craddock Creek area of Smith Mountain Lake — Craddock Creek, Smith Mountain Lake. Photo: James Roney / SMLVC, CC BY-SA 3.0, via Wikimedia Commons.

Life here revolves around the water: boating, fishing, paddling and swimming in summer, and quiet coves and mountain views the rest of the year. Smith Mountain Lake State Park in Huddleston offers a public beach, hiking trails, camping and cabins. Bridgewater Plaza by the Hales Ford Bridge in Moneta, known locally as "the Bridge," has restaurants, shops, a marina and the Smith Mountain Lake Visitor Center. Westlake Towne Center in Hardy covers the everyday errands with a grocery store, dining and a movie theater.

The lake was created by Appalachian Power. Construction of the Smith Mountain Dam began in 1960, and the lake first reached full pond, 795 feet above sea level, in March 1966. Appalachian Power still operates the dam today, so lake levels move with power generation and the seasons. You can check the current level on smithmtn.com.

What Waterfront Buyers Should Know

Owning waterfront at Smith Mountain Lake comes with rules that surprise many first-time lake buyers:

The shoreline is regulated. Appalachian Power manages all land below the 800-foot elevation contour under a federally approved Shoreline Management Plan. Docks, riprap, dredging and clearing vegetation in that zone need permits.
A dock is not automatic. A new or expanded dock needs an Occupancy and Use Permit from Appalachian Power, plus any county permits. Before you buy, confirm the existing dock is permitted and find out what the shoreline classification allows.
Water depth matters. Some coves get shallow when the lake is drawn down. Ask about depth at the dock, not just the view.
Bedford or Franklin County? The north and south shores are in different counties with different tax rates and school systems. Check the county and the school district's boundary tools for any specific address.

We walk every waterfront buyer through these checks before an offer goes in. Appalachian Power's shoreline FAQs are a good place to start reading.

Explore Smith Mountain Lake Communities

Moneta - the busiest part of the lake, home to Bridgewater Plaza and the most listings.
Huddleston - Smith Mountain Lake State Park, Mariners Landing and plenty of condos.
Hardy - Westlake shopping and golf, with easy access from Routes 220 and 460.
Union Hall - quieter Franklin County shoreline with upscale lake communities.
Penhook - the lake's luxury end, near the dam and Smith Mountain.
Wirtz - Franklin County lake living with easy access to Route 220.

Buy or Sell at the Lake with The Lee Team

Whether you are searching for a weekend lake house, a full-time waterfront home or a lot to build on, The Lee Team at Red Key Realty knows the lake, the communities and the shoreline rules. Steven Lee has worked in residential construction since 2004, so we look hard at docks, decks and lake-home construction before you commit.