Is Leelanau County, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
At the same time last year, Leelanau County was a Seller's Market.
Key Takeaway
Leelanau County 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 Leelanau County, MI
How much do homes in Leelanau County, MI cost?
Median Sold Price
$650,000
$304/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
The sold price of homes in Leelanau County has remained the same since last year.
Summary: The median home sold price in Leelanau County was $650,000 in June 2024, up 0.2% from last year, and the median price per square foot was $304.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $755K | $270K | -64.2% |
| 2 Bedrooms | $620K | $421K | -32.1% |
| 3 Bedrooms | $672.5K | $560.6K | -16.6% |
| 4 Bedrooms | $622.5K | $855K | +37.3% |
| 5+ Bedrooms | $1.9M | $1.3M | -29.5% |
Summary: Leelanau County housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 64.2%, 2 bedroom homes decreased by 32.1%, 3 bedroom homes decreased by 16.6%, 4 bedroom homes increased by 37.3%, and 5+ bedroom homes decreased by 29.5%.
Median Sold Price Compared To Nearby Counties
| Benzie County | $326.9K | $365K | +11.6% |
| Leelanau County | $649K | $650K | 0.2% |
Housing Supply in Leelanau County, MI
How many homes are available in Leelanau County, MI?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 87 | 98 | +12.6% |
Summary: The Leelanau County real estate market had 98 homes for sale in June 2024, a 12.6% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 14 | 18 | +28.6% |
| 3 Bedrooms | 40 | 40 | 0.0% |
| 4 Bedrooms | 16 | 23 | +43.8% |
| 5+ Bedrooms | 17 | 17 | 0.0% |
Summary: The Leelanau County housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 28.6%, 3 bedroom homes remained the same, 4 bedroom homes increased by 43.8%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 21 | 16 | -23.8% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Leelanau County, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 16 homes were sold or pending in Leelanau County in June 2024, down by 23.8% month-over-month. Of the 16 sold homes, 31% were sold under asking, 19% were sold at asking, and 50% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 38 Days | 53 Days | +39.5% |
Summary: Homes in Leelanau County had an average of 53 days on market in Jun 2024, up by 39.5% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Leelanau County has remained consistent over time.
Summary: During June 2024, 16 homes were sold in Leelanau County; 31% of homes were sold within 30 days, 56% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
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