Ever fancied living by a lake? The shoreline of Lake Michigan has the largest recorded market for lakefront homes in the United States of America.
According to the latest quarterly report from the multi-state real estate company Lake Home Realty, the Lake Michigan shoreline boasts almost $1 billion of real estate.
Lake Michigan not only had the most listings at 1,495 and the most homes available at 673. The region also had the most land available in the state and the second most land in the country with 822 parcels.
The area is not only for the super-rich, properties are available for almost every budget.
Property prices for Lake Michigan were spread relatively evenly: 17 per cent were under $250,000; 25 per cent were $250,000-$500,000; 20 per cent were $500,000-$700,000; 12 per cent were $750,000-$1 million; 16 per cent were $1 million-$2 million; and 11 per cent were priced at $2 million or higher.
Glenn Phillips, CEO of Lake Homes Realty, confirmed that there has been a cultural shift towards more affordable lake homes, and high-end homes at the top of the price range are proving less popular.
He predicted that although lake homes priced at $1 million or more are selling well, the next two years are likely to see high demand for properties ranging between $175,000 and $750,000 in price.
Though Lake Michigan has some relatively high property prices, it’s not the most expensive lake on the list and not even in the top ten.
Comparatively, the most expensive lake market in Michigan is Walloon Lake, with homes averaging over $2 million. The most affordable lake homes in the state are at Lake Lancer, averaging just $66,507.
When calculating the ‘most expensive’ and ‘most affordable’ rankings, any lake with fewer than 10 home listings or 10 land/lot listings currently available was eliminated from the report to maintain consistency. Lakes with less than one total acre were not included in acreage price averages.
Brian Cauble, Lake Homes Realty director of market engagement and author of the report, confirmed that Lake Homes Realty doesn’t have enough data now to provide year-over-year analysis, but predicted the market would continue to grow in the spring, based on the cyclical nature of the market.
For those overseas property investors that are attracted to lake living in the US, it seems that Lake Michigan can offer a full range of affordable property options to choose from.
Wonderful settings and a plethora of water and land-based activities on and around the lake make for a great holiday destination for singles, couples, or families.
With a consistent demand from Americans for vacation homes on the lakes to either buy or rent, it could be a solid investment for the future, as well as a great holiday home.