Michigan summers are short and when they come, who doesn’t enjoy getting out on the water? Our lakes were formed as the result of the de-glaciation of the region during the ice age. Local fresh water provides a valuable natural resource that’s unique to Michigan. You’re never more than 6 miles from an inland lake or 85 miles from one of the Great Lakes.
Waterfront Inventory across Southeast Michigan makes up about 7.5% of all active single-family homes. July 1st active waterfront inventory reached 919 listings—up 9% from last month and up 20% from last year. Inventory is up in all price ranges except for the over-$1 million range, which is down 11%.
Waterfront properties are costly. Just 2% of the total homes sold in our local markets have a shoreline and they sell for nearly twice the price of non-waterfront properties.
In our 5-county Southeast Michigan region, the largest concentration of waterfront properties is in Oakland County. Forty-two percent of all Southeast Michigan waterfront sales occur there.
With 70 YTD Washtenaw County waterfront sales (compared to 282 in Oakland County), Washtenaw has a relatively small waterfront market. While other local waterfront markets have been slipping (closed volume in Oakland County dropped 28%), Washtenaw’s sales are up 8%, values are up 6% and closed waterfront volume is up 14%.
Waterfront Definition: Residential single family home with frontage feet of a canal, river, lake, or pond.
