2025–2026 Leelanau County Home Inventory: Why Low Supply Is Still Defining the Market

January 29, 2026

2025–2026 Leelanau County Home Inventory:
Why Low Supply Is Still Defining the Market

By Jonathan Oltersdorf, Leelanau County Realtor

Leelanau County’s real estate market continues to be defined by one word: scarcity.

As of January 29, 2026, there are just 55 available (non pending) homes for sale in the entire county, translating to roughly a ±2-month supply of inventory. To put that in perspective, a balanced real estate market typically sits closer to 5–6 months of supply. Leelanau County isn’t even in the same zip code as balanced in the winter months.

A Long-Term Look at Leelanau County Housing Inventory

The chart above shows Leelanau County home inventory trends from 2010 through early 2026, highlighting both summer peaks and winter lows. The contrast is stark:

2009–2011: Inventory ranged from a 2–3 year supply, driven by the Great Recession.
2012–2019: Gradual tightening, but still seasonal and manageable.
2020–Present: A structural shift to historically low inventory levels post Covid.

Even during peak summer seasons in recent years, the county has struggled to exceed a 6-month supply, and winter inventory routinely collapses into ultra-low territory.

What a ±2 Month Supply Really Means

A ±2 month supply isn’t just “low”—it’s seller-dominant territory.

In practical terms, this means:

Well-priced homes sell quickly
Buyers face limited choices
Multiple-offer situations remain common in desirable locations
Pricing stays firm, even when interest rates fluctuate

Low inventory also explains why Leelanau County home values have remained resilient while other markets across the country experience softening.

Why Inventory Hasn’t Rebounded

Contrary to popular belief, this isn’t just a post-COVID hangover. Several long-term factors are keeping inventory tight:

Low turnover: Many homeowners are locked into historically low interest rates and won’t sell unless they have to.
Limited new construction: Zoning, land constraints, and infrastructure limit large-scale development.
Second-home demand: Leelanau County continues to attract out-of-area buyers seeking lifestyle properties.
Strong cash presence: Cash buyers reduce reliance on financing cycles, stabilizing demand.

What This Means for Buyers in 2026

For buyers, today’s market requires strategy, patience, and local expertise. Waiting for a flood of inventory hasn’t worked—and history suggests it may not.

Smart buyers are:

Watching micro-markets (neighborhoods, townships, waterfront vs inland)
Acting decisively when the right property appears
Understanding realistic pricing instead of relying on national headlines

What This Means for Sellers

If you’ve considered selling but assumed the market “must have cooled,” the inventory numbers tell a different story.

With only 55 active listings county-wide, sellers who price correctly still benefit from:

Limited competition
Strong buyer demand
Shorter days on market relative to national averages

The Bottom Line on Leelanau County Housing Inventory

Leelanau County is no longer cycling between “hot” and “cold” markets—it has entered a low-inventory era. Seasonal fluctuations still exist, but the overall supply trend remains historically tight.

If you’re buying or selling in Suttons Bay, Leland, Glen Arbor, Northport, or anywhere in Leelanau County, decisions today should be based on local inventory data, not national real estate narratives.

About the Author

Jonathan Oltersdorf is a Leelanau County Realtor with Oltersdorf Realty, specializing in residential homes, waterfront properties, and vacant land throughout Leelanau County and Northern Michigan. Jonathan provides clear, data-driven market analysis to help buyers and sellers make confident real estate decisions. Jonathan is a lifelong Leelanau County local that attended Suttons Bay Schools.

Based on data provided by Northern Great Lakes REALTORS® MLS. Reliable but not guaranteed. Fractional ownership excluded.