Onekama, MI Waterfront Homes for Sale

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Onekama, Michigan

Located along the pristine shores of Portage Lake with direct access to Lake Michigan, Onekama, MI is a picturesque waterfront community that perfectly blends small-town charm with natural beauty. Known as the "Two Lake Town," Onekama offers stunning waterfront real estate options ranging from cozy lakeside cottages to luxurious estate homes with private docks and panoramic views.

The area is a haven for outdoor enthusiasts, offering year-round recreation including boating, fishing, kayaking, hiking, and snowmobiling. Residents enjoy a laid-back lifestyle, vibrant summer events like Onekama Days, and access to charming local shops, marinas, and farm-to-table dining.

Real Estate Statistics

Average Price	$1.2M
Lowest Price	$750K
Highest Price	$1.6M
Total Listings	2
Avg. Days On Market	196
Avg. Price/SQFT	$653

Property Types (active listings)

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$1,550,000

4472 Crescent Beach Road, Onekama

3 Beds 2 Baths 1,529 SqFt Residential MLS® # 1923610

$750,000

3171 Midway Drive, Onekama

4 Beds 3 Baths 2,571 SqFt Residential MLS® # 1934536

Onekama, MI Waterfront Homes for Sale: Explore Stunning Lakeside Living in 2025

Find out why these homes are turning heads in 2025. Discover serene lakeside properties, market trends, and lifestyle perks in this hidden Michigan gem.

Introduction to Onekama, Michigan

Nestled along the banks of Portage Lake and a stone’s throw from Lake Michigan, Onekama is a charming village in Manistee County that’s quickly becoming one of Michigan’s most sought-after waterfront destinations. Known for its tranquil beauty, small-town atmosphere, and year-round recreation, Onekama is more than just a place to visit—it's a place to call home.

Originally settled in the mid-1800s, the town has preserved much of its historical character while evolving to meet modern needs. With a population of just under 500, Onekama offers the perfect escape from the hustle of city life without sacrificing access to amenities and community life.

Whether you're searching for a cozy lakefront cottage, a luxurious estate with private beach access, or a rental-friendly investment property, Onekama has it all.

Check out this video for a look at the Waterfront Lifestyle

Why Choose Waterfront Homes in Onekama, MI?

Waterfront homes in Onekama offer a unique blend of lifestyle and investment benefits that few other regions in Michigan can match.

1. Breathtaking Natural Scenery
Imagine waking up to sunrises over the lake, spending afternoons boating or paddleboarding, and ending your day with a sunset barbecue on your private deck. The proximity to both Portage Lake and Lake Michigan provides double the shoreline and double the beauty.

2. Recreation and Relaxation
From fishing and kayaking to hiking and beachcombing, living on the water means your backyard is your playground. The peaceful surroundings also make it a great place for wellness and reflection.

3. Property Value Stability
Historically, waterfront properties in Onekama hold their value well and continue to appreciate. With limited lakefront space and increasing demand, now is a strategic time to buy.

4. Community and Culture
Despite its small size, Onekama offers a strong sense of community, with local festivals, farmers markets, and art shows that give the town its vibrant spirit.

Types of Waterfront Properties Available

Onekama caters to a diverse range of buyers, offering various property types to match different preferences and budgets.

Single-Family Homes: Perfect for families or full-time residents looking for space and comfort.
Lakefront Cottages: Cozy and often historic, these are ideal for seasonal use or rentals.
Luxury Estates: With private docks, expansive views, and upscale finishes, these homes are dream-worthy retreats.
Condos and Townhouses: Great for buyers who want low-maintenance living with waterfront access.

Each property type comes with its own perks and challenges, so working with a local expert is key to finding the right fit.

Popular Neighborhoods and Locations

Onekama’s layout along the lakes means that each neighborhood has its own unique character:

Portage Point: This peninsula offers stunning water views on both sides, and it's one of the most exclusive areas for lakefront living.
Downtown Onekama: Walkable, quaint, and close to shops and cafes, this area is great for those who enjoy a blend of convenience and charm.
North and South Shorelines: These stretches offer a mix of private homes and public access points, catering to both quiet retreats and community-living vibes.

Whether you're looking for privacy or proximity to action, there's a perfect slice of shoreline waiting for you.

Price Ranges and Market Trends in 2024

Onekama's waterfront real estate market is experiencing notable growth in 2024, fueled by increasing demand for second homes, retirement properties, and investment rentals. Here’s a snapshot of the current trends and price points:

1. Average Prices

Entry-level lakefront cottages start around $275,000 to $350,000.
Mid-range homes, including updated properties with 2–3 bedrooms and dock access, range from $450,000 to $650,000.
Luxury estates or newer constructions with panoramic water views can easily exceed $1 million.

2. Rising Demand
In the past year, listings have seen faster turnover, with homes spending fewer days on the market. This is driven by both local buyers and out-of-state purchasers, particularly from Illinois, Ohio, and Indiana.

3. Limited Inventory
Due to the village's small size and finite lakefront space, inventory is limited, especially for homes with private frontage. This scarcity adds to the appeal—and the investment potential.

4. Appreciation and Forecasts
Home values have appreciated an average of 5–7% year-over-year. With remote work trends and renewed interest in small-town living, Onekama's growth shows no sign of slowing.

Factors That Influence Property Prices

Several elements determine the asking price and resale value of a waterfront home in Onekama:

Waterfront Footage: The more direct lake frontage a home has, the higher the price.
Orientation & View: Homes with sunset-facing decks or open water views command premiums.
Property Size: Larger lots offer more privacy and potential for expansion.
Condition & Upgrades: Modern amenities, new roofs, updated kitchens, and energy-efficient systems add significant value.
Access to Water: Whether the property includes a dock, boat lift, or beach access influences its marketability.

Buyers should also factor in flood zone designations, which can affect insurance premiums and resale opportunities.

Buying Process for Waterfront Homes

Purchasing a waterfront property in Onekama involves specific steps that go beyond the typical home buying process:

1. Pre-Approval and Budgeting
Waterfront homes often require higher down payments or special financing. Get pre-approved and understand your budget early.

2. Work with a Local Realtor
A local expert can guide you through zoning, seasonal access, and property history—vital for lakefront purchases.

3. Due Diligence
Inspections should include well and septic systems, shoreline stability, flood risk, and erosion checks.

4. Permits and Local Ordinances
Depending on the location, you may need permits for docks, renovations, or shoreline improvements. The Portage Lake Watershed Authority and Manistee County zoning office oversee many of these regulations.

5. Closing and Title Transfer
Ensure clean title and consider title insurance—especially important for waterfront parcels that may have access easements or shared drives.

Financing a Waterfront Home in Onekama

Financing waterfront homes can differ slightly from traditional mortgages due to the unique nature of the properties:

Conventional Loans: Many buyers qualify for standard 15 or 30-year fixed-rate loans, particularly if the home is a primary residence.
Second-Home Loans: If you’re purchasing a vacation property, lenders may require a larger down payment (usually 10–20%) and higher credit scores.
Jumbo Loans: For homes above the conforming loan limit (typically over $726,200), a jumbo mortgage may be necessary.
Local Credit Unions: Institutions like Honor Credit Union and West Shore Bank offer competitive rates for in-state buyers with a local advantage.

Always work with lenders experienced in waterfront or seasonal property financing to ensure a smooth process.

Investment Potential and ROI

Onekama waterfront homes offer not just lifestyle perks, but also impressive investment potential:

Rental Opportunities: Short-term vacation rentals (Airbnb, VRBO) are popular during peak summer months, with homes often generating $1,500–$3,000/week in rental income.
Appreciation Value: With limited supply and increasing demand, homes have consistently appreciated in value.
Seasonal Use and Tax Benefits: Owners can benefit from using the home seasonally and writing off mortgage interest or depreciation depending on usage.

If managed properly, owning a lakefront property in Onekama can become both a financial asset and a personal retreat.

Lifestyle Perks of Living on the Water

Life in Onekama is defined by tranquility, nature, and connection to the outdoors. Here’s why residents love it:

Water Recreation: Enjoy boating, jet skiing, tubing, or just a quiet paddle along Portage Lake’s calm waters.
Wildlife and Scenery: From eagles and herons to spectacular lake sunsets, nature is ever-present.
Local Culture: The village hosts seasonal events like Onekama Days, Fourth of July fireworks, and artisan markets.
Wellness and Peace of Mind: Many residents report lower stress and improved well-being thanks to the quiet environment and slower pace of life.

Local Amenities and Infrastructure

While Onekama retains its small-town charm, it doesn't fall short on essential services and conveniences that make daily life comfortable for residents and visitors alike.

1. Education and Schools
Onekama Consolidated Schools serve the area, offering education from preschool through high school. The school district is known for its close-knit learning environment and community support. For higher education or trade skills, nearby institutions in Manistee or Traverse City are easily accessible.

2. Healthcare Facilities
Residents benefit from proximity to Manistee’s Munson Healthcare system, including urgent care, general hospitals, and specialized providers. Clinics and pharmacies are available within a short drive.

3. Dining and Shopping
Downtown Onekama is dotted with charming local eateries like The Glenwood and Grille 44, offering lakefront dining experiences. Farmers markets, antique shops, and locally-owned boutiques round out the shopping options.

4. Outdoor Recreation & Parks
Portage Lake and the surrounding area feature numerous public parks, marinas, and hiking trails. The Arcadia Dunes Preserve and Little River Casino are just a short drive away, offering nature and entertainment options.

5. Transportation and Accessibility
Onekama is located just off scenic M-22 and is a 20-minute drive from Manistee Blacker Airport (MBL), which offers regular flights to Chicago. For longer journeys, Traverse City’s Cherry Capital Airport is about 90 minutes away.

Seasonal Considerations for Buyers

Waterfront homes offer year-round enjoyment, but each season brings unique responsibilities and opportunities:

Spring and Summer

Prime buying season with the most listings and fastest market movement.
Ideal for home inspections and enjoying the lake during tours.

Fall

A great time for negotiating as the tourist season winds down.
Fewer listings, but often less competition.

Winter

Waterfront homes require winterization, including pipe protection, dock removal, and snow access plans.
Excellent time for off-season deals.

For snowbirds or investors, many properties offer dual-season usage—enjoy summers on the lake and rent out during ski season or holidays.

Partner with Experts: Northern Michigan Escapes

For those seeking professional guidance in buying, renting, or managing waterfront homes in Onekama, Northern Michigan Escapes offers unmatched expertise. Specializing in high-end vacation homes, seasonal rentals, and property management, they are a trusted resource across Northern Michigan.

Whether you're a first-time buyer looking for a cozy lakeside retreat or an investor wanting to maximize rental income, Northern Michigan Escapes provides personalized service backed by years of local experience.

Why Choose Northern Michigan Escapes?

In-depth market knowledge of Onekama and surrounding areas
Full-service vacation rental management
Access to exclusive listings and luxury waterfront homes
Outstanding customer support and community involvement

Their team ensures that your Onekama real estate journey is both profitable and stress-free.

Insider Tips for Buyers

Here are some pro tips from locals and experts to ensure you make a smart investment:

Check the Shoreline: Ask about erosion history and recent lake level changes.
Understand Zoning Laws: Different areas around Portage Lake have varying restrictions on docks, fencing, and building expansion.
Ask About HOA Fees: Some neighborhoods, especially on Portage Point, include shared beach or dock maintenance costs.
Factor in Insurance Costs: Waterfront homes may require additional flood or windstorm insurance, depending on location and elevation.
Visit Off-Season: To truly understand the property, visit during fall or winter when seasonal renters are gone, and you can assess noise, traffic, and maintenance needs.

Testimonials from Current Homeowners

"We moved to Onekama from Chicago in 2021, and it’s been the best decision we ever made. The views, the people, and the peace—it’s like living in a postcard every day."
– Samantha K., Portage Point resident

"We bought our lakefront home as a vacation rental, and the return has been amazing. Summers are booked out months in advance, and we use it in the fall ourselves. Onekama really offers the best of both worlds."
– Marcus D., investment homeowner

"Even after a decade here, I still get excited to watch the sunrise from our deck. It’s not just a home—it’s a lifestyle."
– Elaine R., South Shore homeowner

Frequently Asked Questions About Onekama, MI Waterfront Homes for Sale

1. Are waterfront homes in Onekama good investments?
A. Yes. With growing tourism and limited inventory, property values continue to rise. Rentals are also profitable during peak seasons.

2. Can I use these homes for Airbnb or VRBO?
A. Absolutely. Many homeowners rent out their properties during summer. Be sure to check local zoning and short-term rental regulations.

3. How far is Onekama from major cities?
A. It’s about 3.5 hours from Detroit, 4 hours from Chicago, and 90 minutes from Traverse City.

4. Do I need flood insurance?
A. Not always, but it depends on the exact location and elevation of your home. Your agent can help you determine this.

5. What are typical maintenance costs for lakefront homes?
A. Budget around $2,000–$5,000 annually for dock upkeep, shoreline management, and seasonal care.

6. Is it possible to find fixer-uppers or tear-downs in Onekama?
A. Yes, though they’re rare and go quickly. A local agent can alert you when one becomes available.

Conclusion: Is Onekama the Right Waterfront Destination for You?

If you’re seeking a peaceful, scenic, and tight-knit lakeside community with strong investment potential, Onekama, MI should be at the top of your list. Whether you're looking for a primary residence, a second home, or an income-generating vacation property, this charming village delivers unmatched value and lifestyle perks.

From the sparkling waters of Portage Lake to the vibrant sunsets over Lake Michigan, Onekama offers more than just real estate—it offers a way of life. And with inventory still limited, now is a perfect time to secure your slice of lakefront paradise before demand pushes prices even higher.

Eager to learn more about Onekama, 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.

Explore Lakeside Living: Onekama, MI Waterfront Homes for Sale in 2025