There's one more reason to purchase a home on beautiful Smith Mountain Lake: it's been named the "Lake Tahoe of the East" by Travel + Leisure and dubbed one of the best places to buy a vacation home in the country.
SML Named 1 of "Best Places" to Buy a Vacation Home in the U.S.
Virginia may be known for its charming small towns, many wineries, and historic landmarks, but the Old Dominion is also home to spectacular lakes that draw vacationers from near and far.
Case in point: Smith Mountain Lake was recently named one of the best destinations to invest in a second home, ranking higher than other more prominent locations such as Pocono Lake in Pennsylvania and Missouri's Lake of the Ozarks.
Set against the towering Blue Ridge Mountains, this scenic lake offers abundant recreational activities.
It spans 40 miles, making it the second-largest body of water in Virginia, with excellent recreational opportunities year-round.
Whether it's water sports, hiking, boating, swimming, fishing, or golfing, the destination is a magnet for travelers seeking outdoor adventures on and off the lake's clear waters.
Smith Mountain Lake boasts 500 miles of scenic shoreline and two dozen islands.
According to data from Evolve, the median listing price was $462,772, with homes reaching a cap rate of 5.1 percent.
That, coupled with an estimated yearly rental revenue of $33,692, made the area one of the top-performing vacation rental markets in the country.
The local real estate market is still going strong despite the nationwide downturn.
Brenda Fichtner Bratt
Realtor, Long & Foster Real Estate
"Smith Mountain lake makes you feel like you are home as soon as you get here."
"Homes, condos, and town houses are rented year-round because our area has very gentle seasons compared to our neighboring states."
"The majority of my clients come from areas such as northern Virginia, New Jersey, Pennsylvania, California, New York, and other states with much higher [real estate] taxes."
