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If your heart is set on a home Up North, repeat this mantra: I am patient, I am flexible, I am quick. It will serve you well. The Northwoods, long considered a paradise for visitors, has become a hot real estate market. Here’s what to know if you’re considering buying a place of your own.
Sales Are Booming
The Northwoods housing market skyrocketed overnight, according to Tom Bird, a First Weber agent who’s president of the Northwoods Association of Realtors. “In 2021, we had the best year of residential sales in Northwoods history. It was like someone spread fertilizer all over the area and sales sprang up.”
It’s time to pick your Milwaukee favorites for the year!
That year, waterfront home sales in the north-central Vilas and Oneida counties hit a combined $629 million, a 62% increase over 2018 figures. And the pace has remained steady, with 2024 the second-best year ever. “I was writing offers above asking, without contingencies or inspection,” Bird says. “I had to tell two clients they were overpaying. It didn’t matter. They wanted the property.”
There are signs the market may be cooling off, but low inventory and high demand will keep things competitive. “It’s still a seller’s market,” Bird says, “but it’s not unheard of now to see an offer closer to list price.”
How Much Will It Cost?
The median price for a lakefront home in Vilas County was just over $650,000 in the first quarter of 2025. In Oneida County, the same figure was just shy of $440,000. “That is double pre-COVID prices.” according to Jackie Leonhard, president of Greater Northwoods MLS, and broker/owner of Northwoods Community Realty. Still, there is positive insight for buyers: “Inventory peaks midsummer when sellers are around to prep their houses,” Leonhard says, “which may lower prices.”
Key Questions to Guide You
“A strong buying strategy begins with key questions,” according to Jim Mulleady, sales director for Shorewest Eagle River and co-author of the book Buying Northwoods Properties.
Where is your comfort zone?: “Knowing where you want to be, near the action or farther out, helps get you there faster.”
How will you use the lake or river?: “Maybe you like swimming, boating or socializing. If it’s fishing, I’ll find you a good lake right down to the species, muskie or trout.”
Where are you willing to compromise?: “A sandy lake bottom is ideal for swimmers, but you may need to consider a rocky shoreline or weeds if you want to pay less.”
Are you OK with stairs for lake access?: “80% of our lakefronts are elevated. Prices are higher for a flat lakefront.”
Will you rent out the property?: “If so, figure the cost of special taxes, permits and upgrades into your overall budget.”
The Lakefront Premium
Don’t need to be on the water? A cabin back in the woods without direct lake or river access can come at a steep discount. Just how much depends on the terrain, proximity to the nearest lake (such buyers still want to fish or paddle!) and many other factors.
The Value of a Buyer’s Agent
Ryan Janecek wouldn’t have the cabin he bought in 2022 without his Realtor. Hunting for a cabin Up North from Milwaukee is possible, but even if you’ve spent plenty of time in the Northwoods as Janecek has, there’s so much you don’t know. “As an outsider, you really need somebody on the ground to help you make these choices – and quickly,” he says.
His agent, Sutten Stephan of Coldwell Banker Mulleady in Eagle River, found listings (even some off-market properties) within their budget, toured them and described what she saw on video play-by-play, pointing out property lines, the type of well and details like the roof condition. She helped the family understand the lay of the land almost like a tour guide – the vibes on certain lakes, the popular ATV trail nearby, the town with a great grocery store or bakery. “A local translator was super helpful,” he says. “She was incredible.”
The Unlikely Accelerant
Who would guess high-speed internet would set off a home-buying firestorm? Across the Northwoods, including cabin hot spots Vilas and Oneida counties, tens of millions are being spent to expand broadband access.
“It was the pandemic and people were re-evaluating what was important to them,” says Tony Pharo, executive director of Oneida County Economic Development Corp. “At the same time, they realized they could work remotely and stay.” Adds Kathy Schmitz of the Vilas County Economic Development Corp.: “Having high-speed internet rivaling cities like Chicago, Milwaukee and Minneapolis has made a huge difference.”
