Chain O'LakesWaupaca, WI

Living on the Chain O'Lakes

Discover the enchanting Chain O'Lakes (also known as the "Chain of Lakes")—a collection of 22 interconnected lakes spanning over 700 acres just southeast of Waupaca, WI. This idyllic destination is perfect for endless exploration and unforgettable boating adventures.

Renowned for its crystal-clear waters and abundant fish species like brown trout and musky, the Chain is a paradise for anglers and water enthusiasts alike. It's ideal for a wide range of water activities, including jet skiing, water skiing, and speedboating.

The Chain O'Lakes features four boat launches, making it easy for property owners to get their boats in and out each season. In addition, the lakes are home to two waterfront restaurants, two parks, three marinas, two businesses that rent watercraft, two boat tour operators, a campground, three islands, and multiple swimming hotspots. And, for entertainment, the Waupaca Chain Skiers provide weekly shows throughout the summer in front of the Wisconsin Veterans Home.

Tour the Chain O

Chain O'Lakes Homes for Sale

Lake homes, cabins, cottages, and land for sale on the Chain O'Lakes.

Active Under Contract
Listing picture for N2980 HIGHLAND LANE in Waupaca
$1,850,000
4 bds | 3 ba | 2,980 sqft | 0.49 acres | singlefamily
N2980 HIGHLAND LANE, Waupaca - Town of FARMINGTON
Active
Listing picture for E1234 PINE TREE in Waupaca
$1,675,000
3 bds | 2 ba | 2,380 sqft | 0.58 acres | singlefamily
E1234 PINE TREE, Waupaca - Town of DAYTON
Active
Listing picture for E1747 PINE RIDGE LANE in Waupaca
$1,600,000
1 bds | 1 ba | 896 sqft | 0.48 acres | singlefamily
E1747 PINE RIDGE LANE, Waupaca - Town of FARMINGTON
Active
Listing picture for E1402 GRANDVIEW ROAD in Waupaca
$1,490,000
4 bds | 2 ba | 2,156 sqft | 0.1 acres | singlefamily
E1402 GRANDVIEW ROAD, Waupaca - Town of FARMINGTON
Active
Listing picture for N2942 HIGHLAND LANE in Waupaca
$1,325,000
4 bds | 3 ba | 2,881 sqft | 0.27 acres | singlefamily
N2942 HIGHLAND LANE, Waupaca - Town of FARMINGTON
Active Under Contract
Listing picture for N2883 OTTER DRIVE in Waupaca
$1,150,000
bds | 0 ba | 0 sqft | 0.28 acres | land
N2883 OTTER DRIVE, Waupaca - Town of FARMINGTON
Active
Listing picture for E1280 COUNTY ROAD Q #3 in Waupaca
$889,000
3 bds | 2 ba | 1,804 sqft | 0 acres | condo
E1280 COUNTY ROAD Q #3, Waupaca - Town of FARMINGTON
The data relating to real estate for sale on this site comes from the Broker Reciprocity (BR) of the Wisconsin Real Estate Exchange. All properties are subject to prior sale, changes, or withdrawal. Last Updated 04-04-2026 6:55:58 pm
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Chain O'Lakes – Waupaca, WI

Location
Lake Map
Chain O'Lakes map
Directions
Google map
State
Wisconsin
County
Waupaca
School District
Waupaca
Postal City
Waupaca
Zip Code
54981
Municipality
Town of Farmington
Town of Dayton
Community of King
Coordinates
44.3338666, -89.1690033
Elevation
889 feet
Lake Stats
Full Rec
Some lakes
Size
725 acres
Ave Depth
26 feet
Max Depth
95 feet
Bottom Sand
29% sand
Water Clarity
10 feet
Shoreline
22.1 miles
Real Estate
Residential LotsLots zoned residential and not owned by a government body.
749
Vacant LotsResidential lots with less than $20k in assessed improvement value.
45 (6%)
Lots With HomesResidential lots with over $20k in assessed improvement value.
704 (94%)
Primary HomesResidential lots with homes and addresses that matches the mailing addresses of their owners.
234 (33%)
Vacation HomesResidential lots with homes and addresses that do not match the mailing addresses of their owners.
470 (67%)
Home TurnoverThis rate reflects MLS sales only. Many lake properties are sold off market.
9.8 (1.4%)
Ave Assess ValueThe average assessed value of lots on this lake with homes on them.
$757,614
Assessment RatioA state-calculated factor used to align assessed values across municipalities with different revaluation dates.
0.7569
Ave Fair MarketThe average assessed value of lots with homes divided by their muncipal assessment ratios.
$1,000,469
Total Fair MarketThe total fair market values of all lots on the lake.
$717,785,599
Fish Present
Bluegill
Bluegill Lake Fish
Yellow Perch
Yellow Perch Lake Fish
Black Crappie
Black Crappie Lake Fish
Cisco
Cisco Lake Fish
Brown Trout
Brown Trout Lake Fish
Smallmouth Bass
Smallmouth Bass Lake Fish
Largemouth Bass
Largemouth Bass Lake Fish
Walleye
Walleye Lake Fish
Northern Pike
Northern Pike Lake Fish
Musky
Musky Lake Fish

Chain O'Lakes Market Report

Of the 704 homes on the Chain, this report benchmarks the past 12 months of lake home sales against 5-year performance to highlight key market shifts and project future sales.

Market Summary

  • Market vs Tax: Prices are up 148.8% ▲ vs assessed.
  • Price Trend: Recent sale prices are up 51% ▲.
  • Negotiation: Sales at 100.4% of list (up 4.5% ▲).
  • Inventory: New listings are up 79.7% ▲.
  • Sales Volume: Number of sales is down 8.2% ▼.
  • Speed: Days on market (DOM) is down 44.6% ▼.

Average Annual Sold Prices

Past 12-Mo
$1,885k
Past 5-Yr
$1,248k

Chain O'Lakes vs Nearby Lakes

Lake
12-Mo
Listed
12-Mo
Sold
12-Mo
List $
12-Mo
Sold $
12-Mo
DOM
5-Year
Listed
5-Year
Sold
5-Year
List $
5-Year
Sold $
5-Year
DOM
Chain O'LakesChain O'Lakes
23
9
$1,878k
$1,885k
77
64
49
$1,299k
$1,248k
139
Silver LakeSilver
6
5
$1,275k
$1,230k
94
34
30
$894k
$882k
69
Long LakeLong
4
2
$838k
$938k
26
15
10
$704k
$715k
68
Gilbert LakeGilbert
-
2
$850k
$758k
223
8
9
$587k
$549k
125
Lake WinneconneWinneconne
14
12
$714k
$680k
81
53
43
$575k
$566k
73
Lake Butte des MortsButte des Morts
46
41
$545k
$530k
87
175
149
$564k
$545k
86

Next 12 Month Chain O'Lakes Forecast

10
Homes
Listed
10
Homes
Sold

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  • Photo of Chain O'Lakes in Waupaca by Michael Williams
    Photo by Michael Williams
  • Photo of Chain O'Lakes in Waupaca by Dmitri Martin
    Photo by Dmitri Martin
  • Photo of Chain O'Lakes in Waupaca by Dmitri Martin
    Photo by Dmitri Martin
  • Photo of Chain O'Lakes in Waupaca by Dmitri Martin
    Photo by Dmitri Martin
  • Photo of Chain O'Lakes in Waupaca by Dmitri Martin
    Photo by Dmitri Martin
  • Photo of Chain O'Lakes in Waupaca by Dmitri Martin
    Photo by Dmitri Martin
  • Photo of Chain O'Lakes in Waupaca by Dmitri Martin
    Photo by Dmitri Martin
  • Photo of Chain O'Lakes in Waupaca by Robert Brown
    Photo by Robert Brown
  • Photo of Chain O'Lakes in Waupaca by Kelly McGinty
    Photo by Kelly McGinty
  • Photo of Chain O'Lakes in Waupaca by Jake Mitchell
    Photo by Jake Mitchell
  • Photo of Chain O'Lakes in Waupaca by Gregg Michael
    Photo by Gregg Michael
  • Photo of Chain O'Lakes in Waupaca by Tricia Geiger
    Photo by Tricia Geiger
  • Photo of Chain O'Lakes in Waupaca by Thomas Bittman
    Photo by Thomas Bittman
  • Photo of Chain O'Lakes in Waupaca by Skylar Wetzel
    Photo by Skylar Wetzel

Wisconsin Lakes
We Speak for Lakes
info@wisconsinlakes.org
(608) 661-4313

For assistance contact

Dmitri Martin
Owner/Broker, Realtor®
Chain O'Lakes Specialist