Is Lake Leelanau, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Lake Leelanau was a Seller's Market.
Key Takeaway
Lake Leelanau is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Lake Leelanau, MI
How much do homes in Lake Leelanau, MI cost?
Median Sold Price
$2,331,250
$642/sqft
Based on all homes sold in April 2024.
Difference Since Last Month
Key Takeaway
Homes in Lake Leelanau have sold for 112.4% more than they did a month ago.
Summary: The median home sold price in Lake Leelanau was $2,331,250 in April 2024, up 112.4% from last month, and the median price per square foot was $642.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | - | - | N/A |
| 4 Bedrooms | $1.2M | - | N/A |
| 5+ Bedrooms | $900K | $2.3M | +159.0% |
Summary: Lake Leelanau housing prices by bedroom type for April 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes increased by 159%.
Median Sold Price Compared To Nearby Cities
| Lake Leelanau | $1.0M | $2.3M | +112.4% |
| Centerville Township | $765K | $800K | +4.6% |
| Suttons Bay Township | $871K | $865K | -0.7% |
Housing Supply in Lake Leelanau, MI
How many homes are available in Lake Leelanau, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 5 | 12 | +140.0% |
Summary: The Lake Leelanau real estate market had 12 homes for sale in April 2024, a 140.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 0 | 4 | +100.0% |
| 4 Bedrooms | 1 | 3 | +200.0% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The Lake Leelanau housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 100%, 4 bedroom homes increased by 200%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Leelanau, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Lake Leelanau in April 2024, the same as the previous month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% 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
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 64 Days | 36 Days | -43.4% |
Summary: Homes in Lake Leelanau had an average of 36 days on market in Apr 2024, down by 43.4% compared to last month.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake Leelanau are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 2 homes were sold in Lake Leelanau; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
