A new record average sale price shows the continued upward movement of home prices as inventory remains low in Leelanau County. The average sale price of $1,011,861 on 42 residential sales totaling $42,498,200 reflects the continued desirability of real estate in the county, as well as how a relatively small number of sales can be skewed by massive outliers, per Aspire North Realtors. That is why the association often prefers to use the median sales price as a more accurate indicator of market conditions. That number, $639,500 last month, is actually down from the median price of $675,000 in August 2023 by $35,500. Both are higher than those of previous sales for the month. The number of residential sales is very similar to those of both 2023 and 2024, though previous year’s August sales were typically ten to 20 higher dating back a decade.

Year to date, the number of sales (230) is also almost exactly the same as 2023 (229) and 2022 (230). Again, those three years show fewer sales than any year dating back to 2012. The total 2024 sales volume year to date of $191,044,580 is a new high, as is the average sale price of $830,628. However, as with the monthly sales, the median price of $569,500 is in line with the preceding two years. All three are significantly higher than in any year prior.