Q1 2025 – SMITH MOUNTAIN LAKE REAL ESTATE MARKET SNAPSHOT
The first quarter of 2025 reveals a dynamic start to the year for the Smith Mountain Lake real estate market, with notable shifts across all property categories. Drawing on data from RVAR MLS, this report provides insights into current trends for buyers, sellers, and investors alike.
WATERFRONT HOMES
Waterfront properties continue to perform strongly. Sales rose 11% with 41 units sold, compared to 37 in Q1 2024. The average sold price increased by 6%, reaching $1,218,893, while days on market dropped sharply by 47%, indicating accelerated buyer activity and strong demand.
WATER ACCESS HOMES
This segment saw the largest increase in sales volume, up 22%, with 22 homes sold versus 18 last year. The average sale price surged by 15% to $554,285, though these homes spent 48% more time on the market, averaging 77 days.
CONDOS AND TOWNHOMES
A steady market for attached homes: sales grew 5%, prices climbed 8% to an average of $569,173, and time on market decreased by 8%, reflecting modest but consistent demand.
WATERFRONT LOTS
In contrast, the market for waterfront lots saw a sharp decline in activity. Sales were down 52%, with only 12 lots sold compared to 23 the previous year. Despite this, the average price jumped 60% to $404,775, and days on market dropped by 24%, suggesting fewer but more premium sales.
CONCLUSION
Q1 2025 shows an evolving landscape around Smith Mountain Lake. The continued strength of waterfront and water access homes indicates a resilient high-end market, while the significant increase in average prices for lots hints at long-term investment potential despite fewer transactions. Whether you’re buying, selling, or investing, staying informed with the latest market data is key to making confident real estate decisions.
