Is Leelanau County, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Leelanau County was a Buyer's Market.
Housing Prices in Leelanau County, MI
How much do homes in Leelanau County, MI cost?
Median Sold Price
$660,166
$312/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Leelanau County was $660,166 in May 2024, up 15.1% from last year, and the median price per square foot was $312.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $925K | $285.3K | -69.2% |
2 Bedrooms | $800K | $422.1K | -47.2% |
3 Bedrooms | $538.2K | $630K | +17.0% |
4 Bedrooms | $550.4K | $852K | +54.8% |
5+ Bedrooms | $1.9M | $1.3M | -29.5% |
Summary: Leelanau County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 69.2%, 2 bedroom homes decreased by 47.2%, 3 bedroom homes increased by 17%, 4 bedroom homes increased by 54.8%, and 5+ bedroom homes decreased by 29.5%.
Median Sold Price Compared To Nearby Counties
Leelanau County | $573.7K | $660.1K | +15.1% |
Benzie County | $406.5K | $355K | -12.7% |
Housing Supply in Leelanau County, MI
How many homes are available in Leelanau County, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
74 | 91 | +23.0% |
Summary: The Leelanau County real estate market had 91 homes for sale in May 2024, a 23.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 11 | 16 | +45.5% |
3 Bedrooms | 35 | 41 | +17.1% |
4 Bedrooms | 11 | 17 | +54.5% |
5+ Bedrooms | 17 | 17 | 0.0% |
Summary: The Leelanau County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 45.5%, 3 bedroom homes increased by 17.1%, 4 bedroom homes increased by 54.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
14 | 21 | +50.0% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 21 homes were sold or pending in Leelanau County in May 2024, up by 50.0% month-over-month. Of the 20 sold homes, 55% were sold under asking, 15% were sold at asking, and 30% were sold over asking.
Days on Market for Leelanau County, MI
How long does it take to sell a home in Leelanau County, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
47 Days | 77 Days | +62.3% |
Summary: Homes in Leelanau County had an average of 77 days on market in May 2024, up by 62.3% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 21 homes were sold in Leelanau County; 33% of homes were sold within 30 days, 57% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.