News Summary
A recent study has revealed that Walloon Lake in Northern Michigan is the most expensive lakefront home market in the U.S., with an average listing price of $6.44 million. This price surpasses Lake Sherwood’s $6.15 million and Lake Tahoe’s $3.83 million. Over three months, Walloon Lake saw total active listings valued at approximately $84.7 million, with high demand from buyers in states like Texas and California. The area’s property market continues to thrive, reflecting significant year-over-year growth in home prices as buyers seek luxury lakefront living.
Walloon Lake, Michigan – In a remarkable reveal, Walloon Lake in Northern Michigan has been identified as the most expensive lakefront home market in the United States, as reported in a recent study by Lake Homes Realty. For the three-month period ending July 30, the average list price for homes on Walloon Lake reached an astounding $6.44 million.
This average price narrowly surpasses the second-ranked Lake Sherwood located outside Los Angeles, which has an average listing price of $6.15 million. Walloon Lake’s pricing significantly exceeds that of Lake Tahoe in Nevada, where the average price stands at $3.83 million.
The study conducted an analysis of lakefront real estate across 38 states that had at least 10 active listings during the period. During this timeframe, Walloon Lake had total active listings that were valued at approximately $84.7 million, positioning it as the fourth-largest lake market in Michigan by dollar value.
Key Michigan Lake Markets – Michigan’s premier lake markets include Lake Michigan, leading with a staggering value of $1.1 billion, followed by Lake Huron valued at $126.8 million and Torch Lake, which stands at $90.9 million. The report sheds light on how Walloon Lake, with its 22nd ranking among Michigan’s inland lakes, boasts approximately 4,500 acres of water surface, nearly 30 miles of shoreline, and a maximum depth of 100 feet. It is situated straddling Emmet and Charlevoix counties, about 5 miles south of Petoskey.
Recent patterns have shown an increase in the demand for properties around Walloon Lake. The pandemic has significantly boosted the area’s popularity, praised for its clean waters and safety, attracting buyers from states including Texas, California, and various locations on the East Coast. Notable properties currently on the market include a log cabin with a guest house listed at just under $11.5 million and an impressive five-bedroom home priced at nearly $14 million.
Market Trends – Home prices in the Walloon Lake region have observed abrupt increases, with the highest sale in the area soaring from about $4.5 million in previous years to a flourishing market where sales routinely exceed $9 million. The overall value of lake homes in Michigan has surged by 16% year over year, escalating from approximately $3.1 billion to over $3.6 billion.
The statistics reveal a notable rise in the number of active listings in Michigan’s lake home market—from 4,692 to 5,312 listings within just a year—which has been a contributing factor to the overall market growth. Michigan currently ranks eighth nationally in terms of total value in lake home markets, with Texas holding the top position at $13.1 billion.
Deeper Dive: News & Info About This Topic
- Crain’s Grand Rapids: Nation’s Priciest Lake Homes Market
- Petoskey News: $18M Walloon Lake Estate
- Crain’s Grand Rapids: Walloon Lake Log Cabin Listing
- Realtor.com: $18M Lake House Listing
- Wikipedia: Walloon Lake, Michigan
- Encyclopedia Britannica: Michigan
Author: STAFF HERE DETROITMI WRITER
DETROIT STAFF WRITER The DETROIT STAFF WRITER represents the experienced team at HEREDetroitMI.com, your go-to source for actionable local news and information in Detroit, Wayne County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Movement Electronic Music Festival, Detroit Grand Prix, and America's Thanksgiving Parade. Our coverage extends to key organizations like the Detroit Regional Chamber and Focus HOPE, plus leading businesses in automotive and healthcare that power the local economy such as General Motors, Ford Motor Company, and Henry Ford Health. As part of the broader HERE network, including HEREGrandRapids.com, HERENorthville.com, HERENovi.com, and HEREPlymouth.com, we provide comprehensive, credible insights into Michigan's dynamic landscape.
