Explore Beautiful Onaway, MI Waterfront Homes Available in 2025

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Onaway, Michigan

Discover the tranquil charm of Onaway, Michigan, where nature meets neighborly living along the shores of Northern Michigan’s most scenic lakes. Nestled in Presque Isle County, Onaway is best known for its pristine waterfront properties on Black Lake, Twin Lakes, and Rainy River — offering a mix of cozy cottages, luxurious lakefront estates, and seasonal retreats.

Waterfront homes in Onaway provide stunning views, private access to the water, and unbeatable recreational opportunities year-round. Whether you're into boating, fishing, or simply soaking up the peaceful lake breeze, life here offers serenity without sacrificing convenience.

Real Estate Statistics

Average Price	$438K
Lowest Price	$125K
Highest Price	$750K
Total Listings	4
Avg. Price/SQFT	$269

Property Types (active listings)

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New

$749,900

21661 Bluffs Highway, Onaway

5 Beds 2 Baths 2,995 SqFt Residential MLS® # 201831382

$599,000

432 N Black River Road, Onaway

3 Beds 2 Baths 1,344 SqFt RESIDENTIAL MLS® # 474466

New

$279,000

↓ $16,000

7039 River Bend Drive, Onaway

5 Beds 3 Baths 2,484 SqFt Residential MLS® # 201832948

New Pending

$125,000

↓ $5,000

Vl Kliebber Street 7 Acs +/_, Onaway

0 Beds 0 Baths 0 SqFt Land MLS® # 201832335

Discover the Best Onaway, MI Waterfront Homes for Sale in 2025

Explore stunning Onaway, MI waterfront homes for sale in 2025. Learn about lakeside living, real estate trends, home types, pricing, and investment tips.

Introduction to Onaway, MI

Geographic and Natural Appeal

Onaway, Michigan, a picturesque town nestled in Presque Isle County, offers some of the most scenic and serene waterfront living opportunities in Northern Michigan. Known for its abundant natural beauty, Onaway sits near lush forests, pristine lakes, and a variety of outdoor adventures. The area’s proximity to Black Lake and other freshwater bodies makes it a top destination for anyone looking to enjoy a peaceful, lake-centric lifestyle.

Small-Town Charm and Community Vibe

Onaway isn’t just about nature—it’s about community. With a population of just over 800 residents, the town radiates small-town charm where everyone knows your name. From local festivals and family-owned diners to community-driven events and farmer’s markets, it’s the kind of place where neighbors become lifelong friends. This tight-knit environment makes owning a waterfront home here more than just a real estate purchase—it’s a lifestyle investment.

Why Waterfront Homes in Onaway Are Highly Sought After

Lake Access and Scenic Views

One of the biggest draws to waterfront living in Onaway is the easy access to expansive lakes and scenic vistas. Whether you’re sipping coffee on a deck overlooking Black Lake or enjoying a sunset paddle across Rainy River, the views are always stunning. Properties on the water often come with private docks, allowing direct access to fishing, boating, and kayaking.

Peaceful, Nature-Centric Lifestyle

Living in a waterfront home in Onaway means you’re stepping into a more tranquil world. The region is a haven for birdwatchers, hikers, and wildlife enthusiasts. With miles of shoreline and wooded areas, residents enjoy a lifestyle rooted in nature, free from the hustle and bustle of big cities.

Recreational Opportunities Year-Round

From snowmobiling in the winter to swimming and waterskiing in the summer, Onaway’s waterfront homes offer year-round recreation. Black Lake, in particular, is a hotspot for ice fishing during the colder months and a favorite for boating enthusiasts in the summer.

Types of Waterfront Properties in Onaway, Michigan

Lakefront Cabins

Perfect for vacationers or minimalists, lakefront cabins offer rustic charm with modern upgrades. They are typically smaller in size but provide all the essential comforts while placing you steps from the water.

Single-Family Waterfront Homes

These are the most common type of waterfront property in Onaway, providing ample space for families, couples, or retirees. Many of these homes come with multiple bedrooms, private docks, and large yards.

Luxury Waterfront Estates

For those seeking upscale features like hot tubs, wraparound decks, chef’s kitchens, and multi-acre lots, luxury estates near Black Lake are ideal. These homes serve both as prestigious primary residences and opulent vacation retreats.

Most Popular Lakes for Waterfront Living in Onaway

Black Lake

The crown jewel of Onaway, Black Lake is Michigan’s seventh-largest inland lake, offering over 10,000 acres of aquatic enjoyment. It’s popular for fishing, with species like walleye, northern pike, and sturgeon drawing in anglers from all over the Midwest.

Rainy River

Flowing through quieter parts of Presque Isle County, Rainy River appeals to those who prefer seclusion. It’s great for kayaking, canoeing, and birdwatching, and many properties here have large wooded lots.

Tomahawk Creek and Smaller Bodies

For buyers looking for a more affordable entry point into waterfront living, Tomahawk Creek and other small water bodies offer serenity and rustic charm. These properties tend to be more affordable while still offering water access.

Check out this video for a look at the Waterfront Lifestyle

Real Estate Market Overview in Onaway, MI

Market Trends in 2024–2025

The real estate market in Onaway has seen a noticeable uptick in demand, especially for waterfront properties. With remote work becoming more popular, more buyers are seeking peaceful, nature-rich locations like Onaway. In 2024, waterfront homes experienced a 6–8% rise in median prices, and this trend is projected to continue through 2025. Despite the increase, Onaway remains more affordable than similar lakefront towns in northern Michigan.

Price Ranges for Waterfront Properties

Waterfront homes in Onaway range widely in price depending on location, size, and amenities. Here's a breakdown:

Homes directly on Black Lake typically fetch a premium, especially if they include private docks or extensive acreage.

Inventory Availability and Demand

Due to limited shoreline development, waterfront homes in Onaway are in short supply. The best properties often sell quickly, sometimes within weeks of listing. Seasonal inventory spikes in spring and early summer, so timing your search during these months can offer more options.

Buying Guide for Onaway, MI Waterfront Homes

Partner with Experts Like Northern Michigan Escapes

If you're exploring waterfront properties in Onaway, working with a trusted local company like Northern Michigan Escapes can make all the difference. They specialize in luxury real estate, vacation rentals, and property management across Northern Michigan. Whether you're buying your dream home or looking to turn your lakefront property into a vacation rental, their experienced team offers tailored guidance every step of the way.

Understanding Zoning and Environmental Laws

Many waterfront lots in Michigan are subject to strict zoning laws to protect shorelines and wetlands. Be sure to check local restrictions related to:

• Dock construction

• Tree removal near the waterline

• New building permits

• Setbacks and buffer zones

Getting legal advice or a title search can prevent future complications.

Home Inspection and Shoreline Evaluation

A professional home inspection is crucial, but for waterfront properties, also consider:

• Shoreline erosion analysis

• Flood zone status and drainage

• Septic and well system condition

• Mold and humidity risks

This protects you from future repair costs and helps you negotiate repairs before closing.

Pros and Cons of Buying Waterfront Homes in Onaway

Benefits of Scenic Living

• Incredible Views: Morning sunrises over the lake can be breathtaking.

• Outdoor Access: Fishing, swimming, boating—right from your backyard.

• Privacy: Many waterfront homes are set back with long driveways and tree cover.

Seasonal Maintenance Needs

• Snow removal and roof maintenance are musts in the winter.

• Spring and fall require shoreline clean-up and potential dock removal.

Flood Insurance Considerations

Some areas may require flood insurance, particularly those within FEMA flood zones. It's essential to:

• Check flood maps before purchasing.

• Get quotes for insurance costs.

• Consider flood-resistant upgrades like raised foundations.

Cost of Living and Property Taxes in Onaway

Annual Property Tax Rates

Michigan has a property tax rate of about 1.5% on average, though waterfront homes in desirable locations may be assessed higher. Expect:

• Standard Waterfront Homes: $3,000 – $5,000/year

• Luxury Estates: $6,000 – $10,000/year

Utility Costs for Waterfront Homes

Waterfront homes may rely on private wells and septic systems. Monthly utility costs typically include:

• Electric: $100–$300/month

• Propane (if off-grid): $150–$400/month (winter season)

• Septic maintenance: $300–$500 every few years

Long-Term Investment Potential

Onaway’s natural beauty and low competition make waterfront properties a smart long-term investment. As nearby areas become saturated, values in towns like Onaway are poised to rise steadily.

Financing Options for Waterfront Homes

Mortgage Programs in Michigan

Most conventional loans apply, but some lenders may consider waterfront homes riskier. Look into:

• 30-year fixed-rate mortgages

• Adjustable-rate mortgages (ARMs)

• FHA or VA loans if you qualify

Special Loans for Vacation Properties

For second homes or vacation properties, consider:

• Second-home mortgages with higher down payments (10–20%)

• Jumbo loans for homes above $726,200

• Interest-only loans for investors

Tips for First-Time Waterfront Buyers

• Save for extra insurance and taxes

• Get pre-approved before house hunting

• Factor in seasonal travel and accessibility

Legal Aspects and Permits for Waterfront Properties

Shoreline Access Rights

Not all waterfront lots come with lake access. Clarify:

• If the shoreline is deeded

• Who controls public access (if any)

• Easements or shared pathways

Building Permits and Renovation Approvals

Renovating a waterfront home requires state and local approvals. You'll need to consult:

• The Michigan Department of Environment, Great Lakes, and Energy (EGLE)

• The local zoning board

• A licensed contractor for shoreline work

Tips for Maintaining Your Waterfront Property in Onaway

Erosion Control Measures

Use riprap, seawalls, or natural vegetation to prevent erosion. This preserves your shoreline and property value.

Septic Systems and Water Wells

Inspect and service these systems annually. Test your water quality regularly, especially if you're using a private well.

Winterization Techniques

Before winter hits:

• Drain outdoor plumbing

• Remove or lift docks

• Cover HVAC systems

• Install storm windows and seal gaps

Investment Opportunities and Rental Income Potential

Vacation Rental Market Trends

Onaway is gaining popularity among vacationers, especially during summer and fall. This demand translates into strong potential for short-term vacation rentals. Many waterfront homeowners are leveraging platforms like Airbnb and Vrbo to earn supplementary income.

• Peak Season Rates: $150–$400 per night depending on the size and location

• Occupancy Rate: 60–75% during summer months

• Annual Income Potential: $15,000–$45,000 for a well-maintained property

If you plan to rent out your waterfront home, be sure to research Onaway’s short-term rental regulations and secure any necessary permits or licenses.

Managing Your Property as a Rental

To maximize returns, consider hiring a local property management company. They can handle:

• Guest check-ins

• Cleaning and maintenance

• Emergency repairs

• Marketing your property online

This ensures your investment remains profitable and well-maintained, even from afar.

Testimonials from Waterfront Homeowners in Onaway

Real Stories from Residents

Amy L., Black Lake homeowner:
“We bought our waterfront home as a weekend escape, but it’s become our retirement dream. Nothing beats waking up to the lake view and hearing the loons at night.”

Tom and Sarah D., Rainy River homeowners:
“It was the best decision we ever made. We kayak every morning and host family BBQs on the dock. The peace and quiet is unlike anywhere else.”

What They Love About Waterfront Living

• Close connection to nature

• Friendly and welcoming local community

• Ability to enjoy every season with unique activities

• Real estate appreciation over time

Frequently Asked Questions (FAQs)

1. What is the average cost of a waterfront home in Onaway, MI?

A. As of 2025, the average cost for a waterfront home in Onaway ranges between $250,000 and $500,000, depending on location and size. Lakefront properties on Black Lake tend to be on the higher end of that range.

2. Can you swim or boat on the lakes in Onaway?

A. Absolutely. Black Lake and surrounding bodies of water are ideal for swimming, kayaking, boating, and fishing. Many properties include private docks or shared access to the water.

3. Are there waterfront lots available for building?

A. Yes, there are a few undeveloped waterfront lots available in the Onaway area. These are ideal for buyers who wish to build a custom home. Be sure to check with local authorities about building permits and zoning.

4. Is Onaway a good place to retire?

A. Definitely. Onaway offers a peaceful lifestyle, low cost of living, and close proximity to healthcare, outdoor activities, and community events—making it a top choice for retirees.

5. What’s the difference between lakefront and riverfront homes?

A. Lakefront homes typically offer broader water views and are more desirable for boating and swimming. Riverfront homes may be quieter, offer better privacy, and are often ideal for fishing or kayaking.

6. How do property values hold up in Onaway, MI?

A. Waterfront property values in Onaway are stable and steadily rising. Thanks to limited shoreline development and growing interest in small-town living, these homes represent solid long-term investments.

Conclusion: Is a Waterfront Home in Onaway Right for You?

Final Thoughts and Buyer Recommendations

If you’re seeking tranquility, natural beauty, and a tight-knit community, Onaway, MI waterfront homes for sale could be your dream opportunity. Whether you're a first-time buyer, retiree, or vacation home seeker, Onaway offers a lifestyle filled with peace, adventure, and value.

Before diving in:

• Partner with a knowledgeable local realtor

• Understand the maintenance and seasonal considerations

• Explore financing and legal aspects early

• Visit the area to experience the atmosphere first-hand

With the right preparation, your dream of owning a serene waterfront home in Michigan’s hidden gem town can become a fulfilling reality.

Eager to learn more about Onaway, Michigan waterfront homes for sale? Connect with Brook Walsh today! We'll be happy to help you through every step of the Northern Michigan lifestyle real estate process.