Leelanau Home Sale Prices Hit New Highs

Prices of residential real estate continue to climb in Leelanau County. Last month’s sales of 45 homes for a total of $35,877,534 produced an average price of $797,278. That compares to 43 sales at $33,388,990 in August 2022, an average price of $776,488. It is the highest average sale price for the month ever, as is the median price of $675,000. Inventory continues to be a challenge: Before the past two Augusts, the last time there were fewer than 50 home sales for August was in 2015.

From January through August of this year, there were 229 home sales in the county. That is the fewest number since 2012, when the country and the industry were still recovering from the Great Recession. The average sale price of $737,195 year to date lags behind last year’s $768,058, as does the total volume of $168,817,806 compared with $176,653,459 for August 2022.