$10,000 Closing Credit*
$1,350,000
5,039 SqFt
5 Beds
•3 Full Baths
Corey Flaska, Listing Office: Leelanau Realty Group
Is Lake Leelanau, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Lake Leelanau has remained a Seller's Market.
Key Takeaway
Lake Leelanau is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake Leelanau, MI
How much do homes in Lake Leelanau, MI cost?
Median Sold Price
$1,092,500
$391/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$97,500(-8.2%)
Key Takeaway
Homes in Lake Leelanau have sold for 8.2% less than they did a year ago.
Summary: The median home sold price in Lake Leelanau was $1,092,500 in November 2024, down 8.2% from last year, and the median price per square foot was $391.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $260.7K | - | N/A |
| 2 Bedrooms | $1.1M | $365K | -69.3% |
| 3 Bedrooms | $950K | $859.9K | -9.5% |
| 4 Bedrooms | $1.3M | $1.7M | +24.4% |
| 5+ Bedrooms | $2.1M | $1.0M | -51.2% |
Summary: Lake Leelanau housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 69.3%, 3 bedroom homes decreased by 9.5%, 4 bedroom homes increased by 24.4%, and 5+ bedroom homes decreased by 51.2%.
Median Sold Price Compared To Nearby Cities
| Suttons Bay Township | $644K | $785K | +21.9% |
| Leland Township | $932.5K | $972.5K | +4.3% |
| Lake Leelanau | $1.1M | $1.0M | -8.2% |
| Centerville Township | $807K | $430K | -46.7% |
Housing Supply in Lake Leelanau, MI
How many homes are available in Lake Leelanau, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 12 | 7 | -41.7% |
Summary: The Lake Leelanau real estate market had 7 homes for sale in November 2024, a 41.7% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 0 | -100.0% |
| 3 Bedrooms | 4 | 2 | -50.0% |
| 4 Bedrooms | 4 | 3 | -25.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Lake Leelanau housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 100%, 3 bedroom homes decreased by 50%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 5 | 2 | -60.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Leelanau, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Lake Leelanau in November 2024, down by 60.0% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Lake Leelanau, MI
How long does it take to sell a home in Lake Leelanau, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 34 Days | 85 Days | +151.5% |
Summary: Homes in Lake Leelanau had an average of 85 days on market in Nov 2024, up by 151.5% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Lake Leelanau has remained consistent over time.
Summary: During November 2024, 2 homes were sold in Lake Leelanau; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
