Here are some stats on Lake homes in Waukesha County with full lake frontage (not access):
(Price range searched was $200,000 to $1,000,000)
Active Listings: (Homes currently for sale)
Pewaukee 29 listings, Range $319k-$995 Average drop in list price 8.12%
Oconomowoc 54 listings, Range $314-$999 Average drop in list price 8.25%
Muskego 29 listings, Range $319-$995 Average drop in list price 6.9%
Merton 16 listings, Range $449-$997 Average drop in list price 9.6%
Delafield 23 Listings, Range $359-$987, Average drop in list price 8%
Here are the Sold Lake homes in the past year with all price ranges considered. Again with full lake access only. Listings with views of lakes or partial access were excluded. Keep in mind this study does not take into account home size, # of bedrooms, & garage space. Only pricing and lake access.
Pewaukee 13 Sold Average List Price $489K Average Sold Price $459K Percent Price Reduction 10%
Oconomowoc 45 Sold Average List Price $560K Average Sold Price $510K Percent Price Reduction 12%
Muskego 16 Sold Average List Price $330K Average Sold Price $306K Percent Price Reduction 5.4%
Merton 28 Sold Average List Price $105,1K Average Sold Price $969K Percent Price Reduction 8.69%
Delafield 37 Sold Average List Price $770K Average Sold Price $692K Percent Price Reduction 9.62%
Looking at the stats I would agree that Muskego has the most affordable lake homes with Oconomowoc coming in second. You can also see that Muskego has a closer list to sale price which tells me that supply and demand are probably closer than the other areas. I hope this information is helpful for you. Good luck.