Is Leelanau County, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Leelanau County is a neutral's market

Buyer's
Market

Difference Since Last Month

Last month, 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

$657,500

$239/sqft

Based on all homes sold in February 2024.

Difference Since Last Month

-$57,140(-8.0%)

Key Takeaway

Homes in Leelanau County have sold for 8% less than they did a month ago.

Summary: The median home sold price in Leelanau County was $657,500 in February 2024, down 8% from last month, and the median price per square foot was $239.

Median Sold Price By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 --
N/A
2 $296.5K$337.9K
+14.0%
3 $402.5K$700K
+73.9%
4 $1.4M$1.4M
-0.3%
5+ $2.3M-
N/A

Summary: Leelanau County housing prices by bedroom type for February 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 14%, 3 bedroom homes increased by 73.9%, 4 bedroom homes decreased by 0.3%, and 5+ bedroom homes did not change.

Housing Supply in Leelanau County, MI

How many homes are available in Leelanau County, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
5349-7.5%

Summary: The Leelanau County real estate market had 49 homes for sale in February 2024, a 7.5% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 1013
+30.0%
3 2219
-13.6%
4 96
-33.3%
5+ 1211
-8.3%

Summary: The Leelanau County housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 30%, 3 bedroom homes decreased by 13.6%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes decreased by 8.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
138-38.5%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Leelanau County, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in Leelanau County in February 2024, down by 38.5% month-over-month. Of the 7 sold homes, 57% were sold under asking, 29% were sold at asking, and 14% 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

Jan 2024Feb 2024CHANGE
79 Days123 Days+55.3%

Summary: Homes in Leelanau County had an average of 123 days on market in Feb 2024, up by 55.3% compared to last month.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Leelanau County are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During February 2024, 8 homes were sold in Leelanau County; 0% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 75% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

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