2025 Year-in-Review with December Snapshot

Executive Summary

The Vilas and Oneida County waterfront market in 2025 demonstrated resilience and balance following the rapid shifts of the post pandemic years. While total annual closed sales were essentially flat compared to 2024, pricing continued to edge upward and inventory tightened modestly. December activity, in particular, stood out as unusually strong, signaling continued buyer confidence heading into 2026—especially at higher price points.
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Full-Year 2025 vs. 2024: A Stable Market with Gradual Price Growth

Sales Activity

• Closed sales for the full year were nearly unchanged year-over-year (727 in 2025 vs. 733 in 2024), reflecting a market that has normalized after earlier volatility.
• Pending sales increased slightly (+2.45%), suggesting demand remained steady and carried momentum into early 2026.
This stability indicates that waterfront buyers are still active, but more deliberate—taking time to evaluate value, location, and long-term use rather than rushing decisions.

Inventory & Supply

• New listings rose modestly year-over-year (+1.8%), but not enough to materially loosen supply.
• Months of supply declined from 4.5 to 4.2 months, reinforcing that inventory remains relatively tight for a specialty market like waterfront property.
Overall, the market remained well-balanced, favoring neither buyers nor sellers strongly, but rewarding well-priced and well-presented properties.

Pricing Trends

• Average list price increased 3.8% year-over-year.
• Average sale price rose 1.6%, reaching approximately $608,000.
These incremental gains point to sustained long-term value growth rather than speculative pricing. Sellers are achieving higher prices, but buyers are still negotiating thoughtfully.

Market Efficiency

• Average days on market increased slightly (+5.9%), indicating buyers are taking more time before committing.
• Sale-to-list price ratio dipped from 95.19% to 93.57%, reinforcing the importance of accurate pricing and realistic expectations.
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December 2025 vs. December 2024: A Strong Finish to the Year

December 2025 delivered a notable surge in activity compared to December 2024, defying typical seasonal slowdowns.

Sales & Demand

• Closed sales jumped 60.5% year-over-year.
• Pending sales increased 72.7%, signaling strong buyer engagement heading into winter.
This level of December activity reflects motivated buyers—often second home purchasers and long term investors—who are less constrained by seasonality.

Inventory Dynamics

• New listings declined 28.6%, further tightening available inventory.
• Active inventory fell 7.2%, pushing months of supply down to 4.2.
Fewer new offerings combined with elevated demand created a more competitive environment, particularly for high-quality waterfront homes.

Price Performance

• Average list price rose nearly 20% year-over-year.
• Average sale price increased just over 20%, reaching approximately $638,000.
These sharp December gains suggest that higher-end waterfront properties were a significant driver of late year activity.

Days on Market & Negotiation

• Days on market increased to 97 days.
• Sale-to-list ratio dipped slightly to 92.7%.
Even with strong demand, buyers remained selective—rewarding turnkey properties and prime lake frontage, while negotiating harder on homes needing updates or priced aggressively.
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What This Means for Buyers and Sellers

For Sellers:

• Waterfront values remain strong, especially for well-located, well-maintained properties.
• Strategic pricing is critical; overpricing leads to longer market times and greater negotiation.
• Winter listings can succeed when marketed effectively, as December 2025 clearly demonstrated.

For Buyers:

• Inventory remains limited, particularly in desirable lake classes and price ranges.
• Opportunities still exist, especially where sellers are realistic and properties need improvement.
• Long-term ownership fundamentals—lake quality, frontage, privacy, and usability—continue to drive value.
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Outlook for 2026

Entering 2026, the Vilas and Oneida County waterfront market appears healthy, balanced, and resilient. Stable sales volume, modest price appreciation, and tightened inventory suggest continued confidence in Northwoods waterfront ownership. While rapid appreciation has cooled, the market is well-positioned for sustainable growth driven by lifestyle buyers, remote workers, and multi-generational ownership trends.
As always, success in this market depends on understanding lake-by-lake nuances, pricing with precision, and aligning strategy with long-term goals.

“Waterfront real estate in the Northwoods has always been about more than statistics—it’s about lake quality, frontage, privacy, and how a property fits a buyer’s long-term lifestyle.”

“What we’re seeing right now is a confident, informed market. Buyers are still willing to pay a premium for the right property, but they’re doing their homework. Sellers who understand how their lake, frontage, and improvements compare to recent sales are the ones achieving the strongest outcomes. The opportunities are absolutely still here—but strategy matters more than timing.”

— Diane Misina, Eliason Realty, Owner/Broker

Eliason Realty specializes in waterfront and recreational properties across Vilas and Oneida Counties, providing lake-specific insights, data-driven pricing strategies, and hands-on guidance from listing through closing.

For further market insights and real estate assistance, reach a Realtor at one of our three Eliason Realty locations:
St. Germain – 715-542-3223 | Eagle River 715-479-4431 | Land O’ Lakes 715-547-3341