The Top 15–20 Lakes in the Brainerd Lakes Area for Home Value and Investment
By Mike Fish, Broker/Owner – Minnesota Real Estate & Management
Hello everyone, I’m Mike Fish, broker and owner of Minnesota Real Estate & Management, and today I want to talk about one of the biggest questions I get from buyers — which lakes in the Brainerd Lakes Area hold the strongest value?
If you’ve worked with me before, you know I’m passionate about helping people make smart lake home decisions. Whether it’s a luxury lake home, a family cabin, or a vacation rental, knowing the true value of each lake is the key to buying confidently in this market. Understanding the market value of the lake is a huge part of the equation.
How the Market Has Shifted
Over the last few years, I’ve noticed two big trends. First, as prices on the well-known lakes have skyrocketed, many buyers are getting priced out and moving onto smaller lakes — and honestly, that’s not a bad thing. Some of those lakes are absolute hidden gems with beautiful water and solid long-term value.
Second, we’ve seen a few people overbuild on smaller lakes that can’t always support million-plus price points. That’s where I have stepped in with some buyers early on to help them avoid that mistake. I’d rather see someone buy smart rather than get stuck on a property that may not hold its value down the road.
The Lakes That Bring the Highest Values
1. Gull Lake
Everyone expects me to start here — and for good reason. Gull Lake is the crown jewel of the Brainerd Lakes Area and the second-highest-priced lake in Minnesota, right behind Minnetonka. You’re usually looking at $2–$3.5 million for a nice home, and even at $1.5 million, you won’t find much. I’ve had several buyers start on Gull and then pivot once they realize how limited inventory is. However for buyers in that price point- Gull will always be a safe bet.
2. Cross Lake / Whitefish Chain
Cross Lake and the Whitefish Chain are powerhouses for both vacation homes and investment. As I often tell clients, if you’re thinking vacation rental, you can stick a pin in Cross Lake and move outward — everything connected to that chain has demand. Fixer-uppers start near $1 million, and the upper-end properties push well past that.
3. Pelican Lake
Pelican holds a special place for me — it’s got those Florida-style white-sand beaches and the long history of Breezy Point Resort. Homes here usually run from $800K to $1.6M. The following is strong because generations have vacationed here and fallen in love with it.
4. Bay Lake
Home to Ruttger’s Resort, Bay Lake is incredibly hard to get onto. I’ve got three active buyers looking there right now, and homes rarely hit the open market because neighbors and family members snap them up first. Expect $750K to $1.5M for most properties.
5. Round Lake (near Nisswa)
Round Lake’s clear water and proximity to Nisswa and Gull make it a favorite. Sales range from $850K–$1.3M. Having that Nisswa address carries a lot of weight for vacationers and long-term value.
6. North Long Lake
This one’s personal — I’ve spent a lot of time working on North Long, and I think it’s one of the most underrated lakes in the Brainerd Lakes Area. It’s big, great for fishing, and versatile for both family cabins and short-term rentals. We have a closing coming up for $2.7M, and I expect values here to keep climbing.
7. Lake Hubert
Just east of Nisswa, Lake Hubert benefits from its proximity to Gull and Round. It’s a solid mid-tier option with sales typically in the $750K–$1.3M range and some really beautiful water clarity.
8. Mille Lacs Lake
You can’t talk about Central Minnesota without mentioning Mille Lacs. It’s a world-class fishing lake with a century of history. The west side, where I manage several rentals, remains very popular. That said, Mille Lacs County requires ADA compliance for short-term rentals, which has slowed STR growth a bit. Still, there are great buys from $400K–$1.2M.
9. Sylvan Lake
Just south of the Gull chain, Sylvan is another established lake with strong value and sales from around $500K–$1M. It’s scenic and still close to everything.
10. Lake Edward
Between Merrifield and Nisswa, Edward is a steady performer with sales in the $500K–$850K range. Nearby lakes like Upper and Lower Mission and the Cullen Chain of three lakes also offer fantastic beaches and recreation. We fish the Cullen chain and love those lakes!
11–13. Lake Alexander, Fish Trap, and Shamineau
These three Morrison County lakes have really surprised me over the years. They’re great fishing lakes and draw loyal repeat visitors. Prices generally fall between $400K and $900K.
14. South Long Lake (Upper & Lower)
This is practically in my backyard. I’ve sold and managed about a dozen homes on these lakes. They’re great for fishing, and priced from roughly $350K–$800K — wonderful options for year-round or STR use.
15. Platte and Sullivan Lakes
Another set of lakes close to home for me — and two of my absolute favorites. They’re connected, total about 2,700 acres, and still somewhat undiscovered. Most homes sell in the $500K–$850K range, but that’s changing fast. These lakes are on the rise and will continue to appreciate as buyers are pushed off the big names.
Hidden Gems and Final Thoughts
There are plenty more I could mention — Camp, Smith, Farm Island, Clearwater, and Serpent Lake all have solid value.
At the end of the day, I always tell my clients the same thing: you have to decide whether you want a nicer home on a more modest lake, or a more modest home on a more popular lake. There’s no wrong answer — it’s about finding the right fit for your lifestyle and investment goals.
If you’re buying or selling in the Brainerd Lakes Area, or you just want to understand the market better, I’d love to help. My team at Minnesota Real Estate & Management has sold lake homes across Central Minnesota. We work with buyers at all levels and don’t believe in pressuring. We know these lakes inside and out, and we’ll always give you honest, data-backed advice to help you make a confident decision.
Whether you’re watching this as a video or reading it here on our blog, I’d encourage you to subscribe or follow along — we’ve got more in-depth content coming soon on market trends, lake profiles, and investment strategies across the Brainerd Lakes Area.
Thanks again for following along — and as always, reach out anytime. I’m Mike Fish with Minnesota Real Estate & Management, and I’d love to help you find your perfect place on the lake.
