Real Estate Statistics
| Average Price | $588K |
|---|---|
| Lowest Price | $70K |
| Highest Price | $4.2M |
| Total Listings | 46 |
| Avg. Days On Market | 176 |
| Avg. Price/SQFT | $351 |
Property Types (active listings)
Browse Elk Rapids Homes for Sale
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- Under $100,000
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Elk Rapids, MI Homes for Sale – Top 15 Irresistible Listings to Explore Today
Introduction to Elk Rapids, Michigan
Nestled along the shores of Grand Traverse Bay and Elk Lake, Elk Rapids, MI is the kind of small town that seems straight out of a postcard. With its walkable downtown, charming shops, sandy beaches, and access to pristine lakes, it’s no wonder this gem in Northern Michigan draws in buyers looking for their dream home.
Whether you're seeking a waterfront retreat, a forever home, or an investment property, homes for sale in Elk Rapids offer something for everyone.
Let’s take a deep dive into why Elk Rapids is gaining buzz in the Michigan real estate scene—and why it could be the perfect place for your next move.
Real Estate Overview in Elk Rapids
Median Home Prices and Market Trends
The Elk Rapids housing market is strong but not out of reach. As of early 2025, the median home price hovers around $445,000, with waterfront properties typically commanding higher price points. Over the last five years, prices have steadily increased by 4–6% annually, signaling long-term growth and stability. Whether you're a first-time buyer or an experienced investor, Elk Rapids offers solid value.
Types of Homes Available
Elk Rapids has something for everyone:
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Cottages and bungalows with cozy charm
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Modern lake homes with high-end finishes
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Family-sized ranches in quiet subdivisions
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Historic homes in downtown Elk Rapids
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New builds in up-and-coming developments
From rustic cabins tucked into the woods to luxury estates with panoramic lake views, the variety of homes ensures every lifestyle can find its match.
Waterfront vs. Inland Properties
Waterfront homes on Elk Lake, Bass Lake, and Grand Traverse Bay offer incredible views and instant access to water recreation. Expect premium prices here, but also a higher return on investment—especially if you're eyeing the vacation rental market.
Inland homes offer better affordability while still being just minutes from beaches, marinas, and downtown Elk Rapids.
Check out this video for a look at the Elk Rapids community
Top Neighborhoods in Elk Rapids
Downtown Elk Rapids Charm
Living in downtown Elk Rapids puts you steps away from restaurants, ice cream parlors, local boutiques, and the beach. Homes here include renovated Victorians and smaller historic properties that maintain their original charm.
Baywoods Subdivision
Baywoods offers a suburban lake lifestyle—think large lots, manicured lawns, and easy access to Elk Lake. It’s a perfect spot for families who want quiet streets without being too far from town.
Bass Lake Area Properties
For a more secluded, rustic feel, the homes near Bass Lake are tucked into wooded lots with lakefront options. Kayaking and wildlife sightings are part of the everyday scenery.
East Elk Lake Estates
This upscale community features executive-style homes, many with private docks, multiple-car garages, and panoramic water views. It’s a hotspot for retirees and remote professionals seeking tranquility and luxury.
Featured Listings: 15 Must-See Homes
1. Modern Lakefront Retreat
A 4-bedroom, 3-bath home with floor-to-ceiling windows overlooking Elk Lake. Smart home features, chef’s kitchen, and a private dock make this a rare find.
2. Historic Downtown Cottage
Quaint 2-bedroom home built in the 1930s with original hardwood floors, updated kitchen, and walking distance to shops and beaches.
3. Custom-Built Luxury Home
Located in East Elk Lake Estates, this 5,000 sq ft property includes 5 bedrooms, a gourmet kitchen, wine cellar, and infinity pool.
4. Cozy Log Cabin Hideaway
This 2-bedroom retreat sits on 2 wooded acres and includes a stone fireplace, wraparound porch, and detached garage with workshop.
5. Family-Friendly Ranch Style
Three bedrooms, open-concept living, and a fenced backyard make this ideal for young families.
6. Newly Renovated Split-Level
Featuring new HVAC, updated electrical, and stylish finishes, this home is move-in ready with an oversized garage for toys and tools.
7. Classic Colonial Home
Four-bedroom Colonial with updated baths, granite countertops, and charming curb appeal. Close to Elk Rapids schools.
8. Spacious Contemporary Farmhouse
New construction with modern farmhouse styling, vaulted ceilings, and a three-car garage—perfect for hosting family gatherings.
9. Minimalist Tiny Home on Elk Lake
This 600 sq ft treasure packs a punch with minimalist design, high-end finishes, and unbeatable lakefront views.
10. Waterfront Condo with Views
Maintenance-free living at its best in this 2-bedroom condo overlooking the bay. Includes community pool, dock, and storage.
11. Investment Duplex Near Marina
Two rental-ready units just a short stroll from Elk Rapids Marina. Ideal for short-term or long-term rental income.
12. Craftsman Home with Character
Beautiful woodwork, built-ins, and a cozy front porch give this 1920s home unique flair.
13. Eco-Friendly Smart Home
Solar panels, geothermal heating, and energy-efficient appliances make this 3-bedroom home a green dream.
14. Modern A-Frame in Wooded Setting
Stunning A-frame design with open floor plan, skylights, and a wraparound deck nestled in the trees.
15. Grand Estate with Private Dock
An 8,000 sq ft showstopper with 7 bedrooms, guest cottage, home theater, and over 200 feet of Elk Lake frontage.
What You Need to Know Before Buying
Elk Rapids Zoning and Building Rules
Before purchasing your dream property, it's smart to check Elk Rapids’ zoning ordinances. The village’s zoning board outlines regulations on:
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Setbacks and lot sizes
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Short-term rental allowances
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Dock construction and waterfront modifications
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Renovation and demolition permits
This ensures your plans for upgrades or rentals align with local laws and avoids future surprises.
Property Taxes and Assessments
Elk Rapids, located in Antrim County, has relatively moderate property taxes. As of 2025:
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Average millage rate: ~33 mills
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Estimated tax on a $400,000 home: ~$6,600 annually
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Principal Residence Exemption (PRE): Available to full-time residents
Buyers should review special assessments for lakefront properties which might include lake association dues or road maintenance costs.
Seasonal vs. Year-Round Homes
Michigan’s distinct four seasons make Elk Rapids a year-round delight—but not all homes are built for winter. When shopping, confirm:
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Insulation ratings and window efficiency
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Heating system (forced air, radiant, or baseboard)
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Road plowing agreements for rural homes
If you're planning a vacation rental, seasonality also affects pricing and occupancy—summer sees high demand, while winter brings lower, steady bookings.
Lifestyle and Amenities
Outdoor Activities and Recreation
Elk Rapids is a paradise for nature lovers and outdoor enthusiasts. Highlights include:
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Boating and sailing on Elk Lake and Grand Traverse Bay
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Fishing and kayaking along the Chain of Lakes
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Sandy beaches perfect for sunbathing and swimming
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Golfing at nearby Elk Rapids Golf Club
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Winter sports like cross-country skiing and snowmobiling
With over 180 days of sunshine annually and breathtaking fall foliage, there's always something to enjoy outdoors.
Schools and Education Options
For families, Elk Rapids offers highly rated educational options under Elk Rapids Schools:
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Lakeland Elementary (K–5)
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Cherryland Middle School
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Elk Rapids High School
Also within commuting distance:
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Traverse City private schools
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Northwestern Michigan College (NMC)
Shopping, Dining, and Entertainment
Downtown Elk Rapids might be small, but it's mighty in charm:
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Fine dining: Siren Hall and Pearl’s New Orleans Kitchen
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Cafés and bakeries: Cellar 152 and Short’s Brewing
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Local shops: Bookstores, galleries, and artisan goods
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Live music & events: Elk Rapids Harbor Days and Art Beat
It's the kind of place where the barista knows your name and summer concerts are held at the beach.
Elk Rapids Real Estate Investment Potential
Vacation Rentals and ROI
Thanks to its desirable location and natural beauty, Elk Rapids is a hot market for vacation rentals. Key metrics:
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Average nightly rate (summer): $275–$450
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Occupancy rate (peak season): 85–95%
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Annual gross income for waterfront homes: $40,000–$90,000+
Platforms like Airbnb and VRBO make it easy to manage remotely—or team up with a professional like NorthernMichiganEscapes.com for hands-off success.
Long-Term Appreciation Trends
Elk Rapids has seen consistent real estate appreciation over the past decade. This trend is driven by:
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Limited inventory
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Strong second-home market
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Increasing remote work lifestyle
Owning a property here isn't just about vacationing—it’s about building equity in a sought-after market.
Working With a Local Realtor
Why Local Knowledge Matters
In a competitive market like Elk Rapids, working with a local expert can mean the difference between securing your dream home and missing out. An experienced agent understands:
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Pocket listings and unlisted properties
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Realistic negotiation points
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Seasonal selling patterns
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Local builder reputations and inspection pitfalls
Choosing the Right Agent
Look for a real estate professional who:
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Lives locally and understands the community vibe
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Offers a personalized, client-first approach
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Has a proven track record in waterfront and vacation home sales
Brook Walsh — your Northern Michigan real estate expert.
Home Buying Process in Michigan
Financing Options and Pre-Approvals
In Michigan, it pays to be pre-approved before house hunting. Loan options for Elk Rapids include:
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Conventional fixed-rate mortgages
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Jumbo loans for high-value waterfront homes
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Portfolio loans for investment properties
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FHA and VA loans (limited due to stricter appraisal standards)
Inspection and Appraisal Tips
Waterfront and rural properties come with unique inspection items:
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Well and septic systems
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Shoreline erosion checks
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Winterization systems
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Pest and mold inspections
Appraisers may factor in water frontage, private access, and dock rights, so be sure your lender uses one familiar with the region.
Frequently Asked Questions About Elk Rapids Homes for Sale
Q. Are Elk Rapids homes expensive?
A. While not the cheapest in Michigan, Elk Rapids offers great value considering its lakefront location and lifestyle perks. Inland homes are more budget-friendly than their waterfront counterparts.
Q. Is Elk Rapids a good place to retire?
A. Yes! With low crime, serene settings, walkability, and access to health care in nearby Traverse City, Elk Rapids is a top retirement choice.
Q. Can I find waterfront property under $500K?
A. Absolutely—especially smaller cottages or condos. Timing and quick action are key, as these listings are scooped up fast.
Q. What are average property taxes?
A. Property taxes typically range from 1.5–1.75% of a home's taxable value, though lakefront and luxury homes may run higher.
Q. How’s the winter weather in Elk Rapids?
A. Expect cold, snowy winters—great for skiing, snowshoeing, and cozy nights by the fire. Homes built for year-round use handle winters comfortably.
Q. Are short-term rentals allowed?
A. Yes, but they’re subject to zoning and permit requirements. Some HOAs and subdivisions prohibit them, so verify before buying.
Conclusion: Your Next Step to Finding Home
Why Now’s the Time to Buy
With remote work flexibility, rising values, and increased interest in Northern Michigan, now is the ideal time to make Elk Rapids your home base or weekend escape.
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Inventory is tight
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Interest rates are favorable
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Demand continues to rise
Don’t wait for the market to price you out.
How to Get Started
If you're ready to explore Elk Rapids homes:
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Set your budget and get pre-approved
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Identify must-have features (location, bedrooms, view)
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Partner with a trusted local expert
Ready to open the door to your Northern Michigan dream?
Start your journey at BrookWalsh.com
Continue Your Northern Michigan Real Estate Search. Explore homes and real estate in the Northern Michigan communities below or contact Brook Walsh to help you with your search.
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