Seven Years of the Madeline Island Real Estate Market at a Glance
About a dozen years ago, the Island Gazette newspaper offered a column entitled "What's it Worth?", written by a local real estate agent. The column was an effort to forecast the current and future market for homes in LaPointe, Wisconsin.
At that time, most of our local agents were not using comprehensive SOLD data or detailed comparable sales statistics to construct a clear picture of our local real estate market.
Fast forward to 2020, and we're now able to view a quick, accurate picture of median home prices on Madeline Island over the past seven years:
Over the past seven years, our local market median home price appears to have returned to the mid-$200,000 range. The drop in median price may be attributed to multiple factors, including a generational shift on the Island (baby boomers selling their vacation homes) and recent concerns about high water levels on Lake Superior and shoreline erosion affecting portions of our Madeline Island shoreline.
The good news is that existing homes and acreage on Madeline Island are now a bargain. With a return to affordability comes opportunity.
No one can yet predict what will happen to prices as we enter the COVID-19 era. But we do know that we enter the 2020 tourist season with a new reality when it comes to determining the true value of Madeline Island homes.
[Data courtesy of NorthstarMLS® - Minnesota & Western Wisconsin]