Is Leelanau Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Leelanau Township has remained a Seller's Market.
Key Takeaway
Leelanau Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Leelanau Township, MI
How much do homes in Leelanau Township, MI cost?
Median Sold Price
$650,000
$611/sqft
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in Leelanau Township have sold for 50% less than they did a month ago.
Summary: The median home sold price in Leelanau Township was $650,000 in May 2024, down 50% from last month, and the median price per square foot was $611.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $500K | $525K | +5.0% |
| 3 Bedrooms | $2.1M | $559.5K | -73.4% |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | - | $3.0M | N/A |
Summary: Leelanau Township housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 5%, 3 bedroom homes decreased by 73.4%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Leelanau Township | $1.3M | $650K | -50.0% |
| Northport | $1.3M | $650K | -50.0% |
| Leland Township | $2.3M | $615.5K | -73.6% |
Housing Supply in Leelanau Township, MI
How many homes are available in Leelanau Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 10 | +25.0% |
Summary: The Leelanau Township real estate market had 10 homes for sale in May 2024, a 25.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 4 | 5 | +25.0% |
| 4 Bedrooms | 0 | 1 | +100.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Leelanau Township housing inventory by bedroom type for May 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 25%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 4 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Leelanau Township, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 4 homes were sold or pending in Leelanau Township in May 2024, up by 100.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 50% were sold at asking, and 25% were sold over asking.
Days on Market for Leelanau Township, MI
How long does it take to sell a home in Leelanau Township, MI?
Average Sale Time
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 44 Days | 203 Days | +363.1% |
Summary: Homes in Leelanau Township had an average of 203 days on market in May 2024, up by 363.1% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Leelanau Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in Leelanau Township; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
