January 2025 Sales Update

To say it lightly, January real estate sales in Ashland and Bayfield counties were not brisk. January’s not typically a hot month for real estate, and January 2025 bore that out as well.

Across the two counties, fifteen single family homes sold last month, ten of those from the Chequamegon Bay area. 

Half of those sold in Ashland. 

Ashland stretches pretty far, so it’s good to distinguish between houses on the city grid and those outside the grid. Houses in the grided portion of Ashland remain the most affordable homes in the area. The two that sold last month sold for $160,000 and $190,000, which is loosely around where homes in Ashland have been selling. Most notable, though, is that each of these sold below asking price; and that was a trend for the market overall. A home on Kane Rd. also sold below asking, $35,000 or 7.6% below. The other two homes that sold in Ashland, however, sold at or above asking. 2004 Maple Ln, a large home on 7 acres of a beautiful stretch of Ashland, sold for $485,000—the highest sale in Ashland last month. 

Of the other municipalities, Washburn saw the most sales. And some of the greatest discrepancies between asking and sales price. On the high end, 32875 Burlager Rd, a gorgeous home sitting on approximately 28 acres, sold for $740,000; on the low end, a fixer-upper on W Pine St sold for $48,000. 930 Superior Ave, a cabin on a half acre parcel with Lake Superior frontage, sold for $295,000, $104,900 below the initial asking price. Percentage wise, the Pine St. property and Superior Ave cabin sold for 30% and 26% below initial asking price, by far the two highest discrepancies in the area last month. 

In Bayfield, 20 N Broad St sold. Finally. It’s a four unit place that operates as a short term rental. It was on the market for 489 days. 

Landwise, a few lots sold in Bayfield and Hebster, one on Madeline Island. Land prices per acre ranged from $2,148 an acre (a 40 acre parcel on Campbell Rd in Herbster) to $133,333 an acre (a .9 acre lot with lake views on Chequamegon Rd. in Bayfield). 

Commercially, the tattoo shop (and its adjoining structures) across from Patsy’s in Washburn sold for $240,000, $50,000 less than they were initially asking. Another in a growing list of commercial properties on Bayfield St. that have recently changed ownership or are currently for sale. 

A lot of factors at play, but It’ll be interesting to see where sales prices end up relative to asking price as we move into 2025. So far, single family homes have sold for, on average, 10.4% below asking price.