Leelanau Home Prices Shatter Previous Records

There were 35 homes sold in Leelanau County last month, totaling $32,742,300, an average of $935,494 per home. That average price dwarfs the figure of $874,865 on the sale of 40 homes at $34,994,600 in July 2023. The largest number of homes sold in the month of July took place in 2020, with 62. There were 61 sold the next year, while there were 59 sold in the county in July 2019, demonstrating that pre-pandemic numbers were still solid.

This demonstrates a downward trend similar to the rest of the five-county region, which has seen sales decrease overall since hitting record marks in the wake of the pandemic, while prices typically escalated. There were 210 homes sold in the five-county region in July, compared with 237 in July 2023, 299 in 2022, 314 in 2021, and the all-time high July record of 411 in 2020. Inventory remains low, and a report by Housing Wire notes that the peak number of homes for sale this year nationally is the second-lowest on record, besting only 2023.

Still, overall residential real estate sales in Leelanau County are looking up. Year-to-date figures show 186 sales so far this year, compared with 176 at this point a year ago. The data show sales for the year in the county have remained generally kept pace with or been slightly ahead of last year throughout 2024.