The story of this market
The typical home in ZIP 54540 sells for about $429,500, or $245 per square foot.
Prices are down 2.4% from a year ago, which gives buyers more room to negotiate. Homes take about 34 days to sell. HUD's fair market rent for a two-bedroom is $608 a month.
ZIP 54540 — Land O' Lakes
The Manitowish Waters housing market is currently characterized by low inventory and high seasonal volatility, with prices showing a slight year-over-year decline. Market activity is heavily driven by the second-home and vacation-rental sectors, resulting in a slow pace of sales and limited long-term housing options for residents.
This ZIP is best suited for retirees, second-home buyers, and outdoor enthusiasts who prioritize access to lakes and wilderness over proximity to urban employment centers.
Median prices moved down 2.4% year over year.
Homes spend a median of 34 days on market with 6.2 months of supply — a fast-moving market.
15% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.9% · poverty 3.3% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.9%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 54540, Vilas County WI
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
The area is served by the North Lakeland Elementary School District, which generally maintains small class sizes and strong community engagement typical of rural northern Wisconsin.
The region faces moderate wildfire risk due to dense forest cover and seasonal drought conditions, with property insurance premiums trending upward in line with broader state trends.
Economic momentum is driven primarily by seasonal tourism and outdoor recreation, with limited large-scale industrial development or corporate infrastructure expansion.
Property taxes are assessed at the town and county level in Vilas County, with rates determined by local school district levies and municipal budgets; no state income tax is applied to property assessments.
Commuting is primarily by private vehicle, with long drive times to regional employment hubs like Minocqua or Rhinelander.
The area is a premier destination for water sports, fishing, and boating, featuring the Manitowish Waters Chain of Lakes, extensive snowmobile trails, and nearby state forest lands.
The rental market is heavily influenced by seasonal demand and short-term vacation rentals, leading to limited long-term housing availability for local workers.
The local economy is anchored by the tourism, hospitality, and outdoor recreation sectors, with minimal industrial or corporate presence.
Transportation is entirely dependent on personal vehicles, with no public transit infrastructure available.
Development is strictly regulated to preserve the natural character of the Northwoods, with no major commercial or residential projects currently in the pipeline.
Vilas County utilizes a market-value assessment system, with property values updated periodically to reflect current sales data.
Parcels are subject to local school district levies and county-wide emergency service assessments.
Property insurance costs are rising due to increased wildfire risk and the high cost of rebuilding in remote, forested areas.
Wisconsin is a judicial foreclosure state, requiring court action to complete the foreclosure process.
Sellers are required to provide a Real Estate Condition Report disclosing known defects in the property.
Data retrieved from Census Reporter and Data Commons for ZCTA 54540.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Elmers Fun Park4.417.9 mi
- Kartway4.415.3 mi
- Eagle Falls Adventure Golf & Laser Tag4.617.3 mi
- Eagle Waters Resort & Supper Club4.416.6 mi
- Sweetwater Spirits & Resort4.314.9 mi
- Sylvania Wilderness4.86.9 mi
- Star Lake Nature Trail4.910 mi
- The Alley Lanes & Tavern4.76.7 mi
- Sylvania Wilderness4.86.9 mi
- Star Lake Nature Trail4.910 mi
- Lynn Ann's Campground4.517.4 mi
- Boat Sport Marina4.417.9 mi
- Boulder Marine Center4.714.3 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
A 10-lake chain offering premier fishing, boating, and water recreation.
Expansive public land for hiking, camping, and wildlife viewing.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.