19 August 2024

Last month, 35 homes sold in Leelanau County for a total of $32,742,300, for an average of $935,494 per home. This average price dwarfs the $874,865 figure for 40 homes sold for $34,994,600 in July 2023. The most homes sold were in July 2020, with 62. The following year, 61 homes sold, while 59 were sold in the county in July 2019, showing that pre-pandemic numbers were still solid.

This shows a downward trend similar to the rest of the five-county region, where sales have declined overall since hitting record highs in the wake of the pandemic, while prices have generally increased. In July, 210 homes were sold in the five-county region, compared to 237 in July 2023, 299 in 2022, 314 in 2021 and the all-time high of 411 in July 2020. Inventory remains low, and a report from Housing wire notes that the highest number of homes for sale nationwide this year is the second lowest ever, surpassed only in 2023.

Still, overall residential real estate sales in Leelanau County are looking good. Year-to-date figures show 186 sales so far this year, compared to 176 at the same time a year ago. The data shows that sales in the county in 2024 have generally kept pace with or slightly exceeded last year’s levels.

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