Do Door County Second Homes Appreciate Faster? (2025 Data)

Do Door County Second Homes Appreciate Faster? (2025 Data)

Every investor wants to know where to put their capital for the highest return. In Door County, the market is divided into two distinct asset classes: Waterfront (Second Homes) and Inland (Primary Residences). So Do Door County second homes appreciate faster?

The short answer is: Yes, luxury second homes have historically appreciated faster, but with different volatility. We analyzed the 2024-2025 market data to show you exactly how the “Waterfront Premium” compounds over time compared to the stable growth of primary inland homes.

The 5-Year Trend: Explosive vs. Steady Growth

To see the real difference, you must look at the long-term trend, not just one month.

Waterfront (Second Home Proxy)

  • The Growth: From 2019 to 2024, median waterfront prices in Door County skyrocketed by nearly 215%.
  • The Driver: Scarcity. You cannot build new shoreline. As wealthy buyers from Chicago and Milwaukee compete for fewer listings (often less than 10 on the market at a time), prices are forced upward aggressively.
  • 2024-2025 Stat: Residential waterfront sales prices jumped significantly (some reports showing a ~26% increase year-over-year), pushing average prices well over $1.7 million.

Inland (Primary Home Proxy)

  • The Growth: Inland homes have seen steady, healthy appreciation, typically ranging from 6% to 11% annually.
  • The Driver: Local Economic Stability. These homes are driven by local wages and long-term residents. Prices are more stable but do not see the “bidding war” spikes of the luxury market.
  • 2024-2025 Stat: The median price for inland homes saw a modest but solid increase, hovering around $320,000 – $450,000 depending on the municipality.

Location Breakdown: Where Appreciation Hits Hardest

Not all “second home” markets are the same. The village you choose matters.

1. The “Village Premium” (Sister Bay & Ephraim)

The villages with the strictest zoning and lowest inventory see the sharpest spikes.

  • Ephraim: With almost zero new inventory allowed on the water, existing homes act like “blue chip” stocks—rare and highly valuable.
  • Sister Bay: High demand for condos has pushed prices up, but the volume of new construction helps keep appreciation steady rather than explosive.

2. The “Sturgeon Bay Stability” (Primary Market)

Sturgeon Bay acts like a traditional city market.

  • Performance: It offers the most consistent growth with the lowest risk of a dip.
  • Why Buy Here: If you want a lower entry price with reliable 5-8% annual gains, this is your safe harbor.

The “Scarcity Multiplier” Effect

Why do second homes win on appreciation? It comes down to land value.

  • Inland Home: The value is mostly in the structure (the house). The house depreciates (gets older) while the land appreciates slowly.
  • Waterfront Home: The value is mostly in the land (the shore). The land appreciates rapidly because they aren’t making any more of it. Even if the house gets old, the dirt gets more expensive.

Final thoughts

The data is clear: If your goal is maximum asset growth, a waterfront second home is the superior vehicle. If your goal is lower risk and steady entry, an inland home is the smart play.

✉️ Action: Request an “Appreciation History” Report

Don’t buy blind. See the actual growth history of the specific street you are eyeing.

Request our Private Data Report: “5-Year Appreciation Track: Waterfront vs. Inland.”

We will show you:

  • The exact % growth of specific neighborhoods over the last 5 years.
  • Which towns are currently “undervalued” compared to their neighbors.
  • A forecast for 2026 based on current inventory levels.

Invest with the math on your side. Contact us today for your custom report.

Data Sources

The “215% Waterfront Growth” Figure

  • Source: Residential Waterfront Home Sales & Median Price Comparison Report (Published July 2024).
  • The Data: This report analyzed Door County MLS data and found that the median price of residential waterfront homes increased from $383,000 in 2019 to $825,000 in 2024, a total increase of 215%.

2. The “26% Year-Over-Year” Spike (2024-2025)

  • Source: Year End 2024 Door County Market Statistics (Northern Door Section).
  • The Data: In Northern Door specifically (Liberty Grove, Sister Bay, Ephraim, etc.), the average sales price for residential waterfront homes jumped 25.99% year-over-year (from ~$1.35M to ~$1.7M), while inland homes saw a more modest 6.76% increase.

3. The “Inland Stability” Figures

  • Source: Wisconsin Department of Revenue 2025 Equalized Values Report & Wisconsin Realtors Association (WRA) Monthly Reports.
  • The Data: These reports confirm the steady, lower-volatility growth of inland and non-waterfront townships, which typically track closer to the state average of 5-8% annual growth, providing the “stability” baseline in your graph.

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Market Insights Eric Hegwer