Real Estate Trends in Chequamegon Bay
- Ryan Hogan
- Jun 5
- 4 min read
Updated: Jun 16
ASHLAND
In May, only seven single-family homes closed. Buoyed by the sales of a couple of acreages and a beautiful Victorian home on Chapple, both the average and median sales prices of homes rose sharply. The average rose from $151,000 to $198,000, while the median increased from $170,000 to $206,000.
Chapple had sat on the market for a considerable time—181 days—before selling. However, the other homes sold fairly quickly. For instance, the average days on the market for the seven homes was 47 days, with a median of just 5 days.
A couple of those quick sales, located at 607 15th Ave W and 1111 Sanborn Ave, sold above their initial asking prices. They were the only two that achieved this feat. What was appealing about these homes? The property on 15th Ave W, while needing some exterior and yard work, was bright and thoughtfully updated throughout, priced at $159,000. The home on Sanborn Ave had a dated interior, but it was a clean and well-maintained property with a newer garage on 1.5 acres, priced at $199,900.
The sale of 704 Chapple Ave was on the other end of the scale. It sat on the market for 181 days and sold for only 82% of the sellers’ initial asking price of $449,900. Although it's a cool old home, it's rare for a home in this part of Ashland to sell above $400,000. In fact, only one such home sold: 822 Chapple Ave, which sold for $410,000 last year.
Another intriguing note from last month’s sales: five of the seven sales were cash transactions.
If you’re interested in multi-family properties, two closed last month. A duplex and a fourplex both sold below their list prices; one on 14th Ave W and the other on 6th St W. They sold for $76 and $71 per square foot, respectively.
There were no land sales in the area.
BAYFIELD/LA POINTE
For the first time since February, a single-family home sold in Bayfield. In total, two homes closed.
Each had been on the market for a while. One, a 4+ acre parcel with a modest farmhouse and some storage units on Trailer Court Rd, sold for $440,000 after being listed last April. Initially, sellers wanted $589,000.
The second home, located at the corner of Rittenhouse and 3rd, is a turn-of-the-century property with a tuck-under garage. With its finished basement, four bedrooms, and proximity to downtown Bayfield, it has a lot to offer. This home was also listed last summer before finally selling last month.
In addition, twenty acres off Hwy 13 in Russell sold for $52,000, equating to $2,600 an acre.
On the island, no residential properties closed last month. However, multiple one-acre lots on Raspberry Trail, just east of the golf course, were sold. The seller initially asked for $60,000 an acre; two lots sold for $52,500, one for $53,500, and the last for $54,500.
Commercially, the Copper Trout has closed, and rumors suggest it will soon reopen as a deli/sandwich shop—an exciting addition to Bayfield.
SOUTH SHORE
It was a super slow month on the west side of the peninsula.
Other than a couple of land parcels in Herbster, nothing else closed.
A five-and-a-half-acre parcel on Lenawee Road sold for $8,300 an acre after being on the market for 277 days. Meanwhile, on E Half Mile Rd, a 40-acre parcel sold for $1,800 an acre—a solid deal—and sold in just 8 days.
No properties sold in Port Wing or Corny.
WASHBURN
If you want to know two of the hottest streets around Chequamegon Bay, look no further than 3rd St E and Lakeshore Dr in Washburn.
Also known as Dupont Row in Washburn’s historic district, the bungalows on 3rd St E are highly desirable. Few have been on the market over the past few years, but when they are, they sell quickly and for cash.
As for Lakeshore Dr, those few homes—particularly those with lakeshore frontage—have also sold quickly and were primarily purchased with cash.
This trend was evident when two homes sold last month. The property at 210 3rd St E sold the day it was listed for $299,000. Meanwhile, 74520 Lakeshore Dr sold just three days after listing for $420,000. If you have your eye on a property on either street, be prepared to move quickly.
In addition, a small acreage on Williamson Road sold for $315,000, having been on the market for only 20 days.
The only property that had been on the market longer was 622 W 5th St, a well-maintained home on a 1/3 of an acre lot. It ultimately sold for $364,900, which was down from the sellers’ initial asking price of $424,900. This home had been on the market for a staggering 468 days.
On the land front, a 15-acre parcel on McKinley Road sold for $5,400 an acre. This would make a fantastic little homestead!
Overall, the Chequamegon Bay area continues to see shifting trends, making it an exciting time for prospective buyers and sellers alike. If you are considering a move, now may be the ideal chance to explore the market.
Comments