Before you start targeting lakes, it’s good to know that the average price varies significantly based on the popularity of the lake. A potential client reached out with a budget of a little more than $1 million, looking for a large home on Glenn Lake in good condition. Ten homes sold on Big or Little Glenn in 2022, but the average price was $2,370,000, making it the most expensive waterfront in the five-county Traverse City region. It easily tops a list of nine lakes with average prices over $1 million. Lake Michigan, including East and West Bays, places second at $1.6 million. Lake Leelanau, north and south, sits third at just below $1.5 million.
Below find the average and median prices for the region’s most popular waterfront.
|
Lake |
# of Sales |
Average |
Median |
|
Big & Little Glenn lakes |
10 |
$ 2,370,800 |
$ 2,162,500 |
|
Lake Michigan |
71 |
$ 1,607,900 |
$ 1,350,000 |
|
Lake Leelanau |
16 |
$ 1,486,000 |
$ 1,150,000 |
|
Torch Lake |
24 |
$ 1,415,370 |
$ 1,275,000 |
|
Elk Lake |
13 |
$ 1,392,700 |
$ 1,259,000 |
|
Crystal Lake |
6 |
$ 1,278,800 |
$ 1,250,000 |
|
Long Lake |
10 |
$ 1,190,500 |
$ 937,000 |
|
Lake Bellaire |
4 |
$ 1,026,500 |
$ 1,128,000 |
|
Clam Lake |
5 |
$ 1,020,500 |
$ 1,150,000 |
|
Silver Lake |
8 |
$ 956,900 |
$ 875,000 |
|
Green Lake |
4 |
$ 855,250 |
$ 884,500 |
|
Duck Lake |
14 |
$ 824,700 |
$ 847,000 |
|
Platte lakes |
7 |
$ 705,900 |
$ 695,000 |
|
Arbutus & Spider lakes |
10 |
$ 667,000 |
$ 627,500 |
|
Skegemog |
3 |
$ 663,200 |
$ 721,500 |
|
Lake Ann |
4 |
$ 546,750 |
$ 553,500 |
|
Fife Lake |
5 |
$ 421,000 |
$ 378,000 |
Here is something good to know when considering waterfront. On 11 of these 18 lakes properties sold for less than asking in 2022. Homes selling for less than asking was not the norm in our region for 2022.
As most of you know, Median is the number in which half sold for more and half sold for less. It’s less impacted by outliers, very high or very low sales prices, that can skew the average. So which should you use?
Back to the client looking to be on Glenn Lake. The median price was $2,162,500, meaning half (5) sold for more and half (5) sold or less. So you can always find something less than the average, but that means the property is also less than average. Of course if the structure is below average, it can improved. But it’s often issues you have no control over, such as lot size, an unbuildable area, high water tables that prohibit septic systems, eroding shore line, or a shoreline that is mostly swamp. A good Realtor, with experience and understanding of waterfront, can help you navigate to find the right property to fit your budget. Our recommendation is to focus on the property first, the home second.
If you really want to be on one of the more popular lakes, but it is out of your price range, consider shared waterfront. But know not all shared waterfront is the same.
So visit my website for future updates on waterfront living in the Grand Traverse Bay region or reach out directly by phone, email, or text. I’m happy to share my knowledge or research the answers you seek. And as always, in your search for waterfront living, we wish you fair winds and following seas.
