2024 Leelanau County Year-End Vacant Land Sales Data

2024 Leelanau County Vacant Land Market Trends: Year-End Insights

Units Sold: +17.26%
Volume Sold: +17.57%

Introduction:

Explore the latest trends shaping Leelanau County's vacant land market with our comprehensive analysis of the 2024 year-end sales data. This detailed report highlights key statistics such as units and volume sold, current inventory levels, and provides actionable insights into the real estate landscape in Leelanau County. Whether you're a buyer, seller, or investor, this article is your go-to resource for understanding the dynamics of Leelanau County's vacant land market.

Overview:

This analysis covers vacant land sales data from January 1 to December 31, 2024, offering a year-over-year comparison with statistics from 2015 to 2024. Our data spans the entire county, including popular areas like Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City, located in the southeast corner of Leelanau County.

Key Market Trends:

  • Vacant Land Sales Normalization: After a record-breaking year in 2021, the vacant land market in 2022-2024 saw a return to historical averages.

  • Construction Activity on the Rise: Building permits issued in 2024 showed an uptick, both in volume and total value. While new construction remains expensive, the increased activity signals a more stable construction industry in Leelanau County.

Building Permits and Construction Trends:

Leelanau County experienced a significant increase in building permits issued during 2024, along with a rise in their total value. This growth reflects a stabilization in the construction sector despite the ongoing high costs of new builds. The upward trend is a promising indicator for future development and investment opportunities in the area.

Data Source and Accuracy:

The insights in this report are derived from sales data provided by the Northern Great Lakes Realtors MLS. Please note that undisclosed sales are excluded from the analysis to maintain transparency. While every effort has been made to ensure accuracy, this information is intended for general review purposes and is not guaranteed.

Why Stay Updated on Leelanau County Real Estate?

Staying informed on market trends is essential for making smart real estate decisions. Whether you're looking to invest in vacant land, build your dream home, or understand the market dynamics, the data provided in this report offers valuable context for navigating the Leelanau County real estate market in 2024 and beyond.

Contact Information: For further inquiries or to explore real estate opportunities in Leelanau County, feel free to contact Jonathan Oltersdorf of Oltersdorf Realty, LLC at:

Stay informed and make well-informed decisions in the Leelanau County real estate market by following us on social media!

What Did Leelanau County Home Buyers Purchase in 2024?

What Did Leelanau County Home Buyers Purchase in 2024?

Discover the latest insights into Leelanau County's real estate market with key statistics from 2024. Learn about home sales, pricing trends, and the most active townships in the region.

Leelanau County Real Estate Overview

In 2024, Leelanau County experienced a dynamic real estate market, with significant trends defining the housing landscape. Notably, 63.3% of all homes sold in the county exceeded the $500,000 price point, highlighting a strong demand for higher-end properties.

Pricing Trends

The most common price range for home sales in Leelanau County in 2024 was $400,000 to $500,000, reflecting high buyer interest in this bracket. Close behind were the $300,000 to $400,000 and $500,000 to $600,000 ranges, showcasing a diverse inventory that catered to various budgets and preferences.

Top Townships by Real Estate Activity

Several townships stood out for their high volume of residential sales. Here are the most active areas in Leelanau County's real estate market for 2024:

  1. Leland

  2. Elmwood

  3. Glen Arbor

  4. Suttons Bay

  5. Leelanau

Each of these townships saw robust buyer activity, offering unique opportunities for prospective homeowners.

Conclusion

The 2024 Leelanau County real estate market was defined by strong demand across various price ranges and significant activity in key townships. Whether you're exploring pricing trends or identifying areas with the highest sales volume, these insights provide a valuable snapshot of the local housing market.

Stay informed and make confident real estate decisions in Leelanau County by following Oltersdorf Realty on Facebook or Instagram.

This report is based upon sales information obtained from the Northern Great Lakes Realtors MLS. Undisclosed sales and fractional ownership sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com 

Debunking the Myth: Are Leelanau County Principal Residences Turning Into Vacation Rentals?

Debunking the Myth: Are Leelanau County Principal Residences Turning Into Vacation Rentals?

Interestingly, in 2024, less than half of the homes in Leelanau County—just 46%—were primary residences. A common myth I often hear is that everyone is buying year-round primary homes and converting them into vacation rentals. However, the data doesn’t support this claim. In fact, the percentage of primary homes in Leelanau County has remained fairly consistent over the years, hovering between 45% and 47%. It's actually slightly higher now than it was 15 years ago.

On the other hand, it's clear that the total number of vacation rentals in the county has risen significantly. But the data shows these vacation rentals weren’t year-round primary homes being converted into short-term rentals. Instead, they were already second homes, vacation properties, or long-term rentals. Now, their owners are choosing to rent them out short-term while still using them personally.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com 

Where Are Leelanau County Home Buyers Coming From in 2024?

Where Are Leelanau County Home Buyers Coming From in 2024?

Curious about the origins of home buyers in Leelanau County in 2024? We analyzed the data, breaking down the primary mailing addresses (zip codes) of the 338 residential real estate buyers in the area last year. Here’s what we found.

Local Buyers: A Shrinking Share

In 2024, 40% of home buyers came from zip codes in Leelanau County or neighboring Grand Traverse County, which includes Traverse City. However, this percentage has steadily declined since 2014. This shift marks a notable change in the makeup of the local buyer base.

Expanding Reach: Buyers from Across the U.S.

Historically, most Leelanau County buyers originated from areas within a 6-hour drive. But the trend is changing. More buyers are now coming from across the country, especially from western states like Colorado, California, and Texas.

This evolving dynamic signals a growing interest in Leelanau County real estate from a broader national audience, reflecting the area's appeal beyond Michigan’s borders.

Key Takeaways

  • 40% of 2024 buyers were from local zip codes (Leelanau and Grand Traverse Counties).

  • There’s a notable increase in out-of-state buyers, particularly from western states.

  • The trend highlights Leelanau County’s growing popularity as a destination for relocation or investment.

If you’re considering buying or selling property in Leelanau County, understanding these trends can help you make more informed decisions. Want to explore the real estate opportunities here? Contact us today!

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com 

2024 Leelanau Home Buyers - Cash or Financing?

In Leelanau County there were 338 residential home sales in 2024. Did they buy with cash or use financing?

In 2024, there were 338 residential home sales throughout Leelanau County. Of these, 44% were cash purchases (no mortgage), a decrease from the record high of 50% cash sales in 2023. By comparison, Grand Traverse County saw 34.3% of homes purchased with cash in 2024, nearly unchanged from 35.0% in 2023. *Fractional ownership sales are excluded from this data.

This report is based upon sales information obtained from the Northern Great Lakes Realtors MLS. Undisclosed sales and fractional ownership sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com 

Leelanau County Home Sales Report 2024: Record Highs, Market Trends, and Key Insights

Leelanau County Home Sales Report 2024
Record Highs, Market Trends, and Key Insights
(click photos below to enlarge)

Discover the latest trends in the Leelanau County real estate market with our comprehensive 2024 Leelanau County Home Sales Report. This detailed analysis covers key metrics like median prices, average sale prices, total sales volume, and units sold. Dive into the data and see how 2024 stacks up against previous years, including 2023, 2022, and earlier.

In the charts above, we present the comprehensive 2024 year-end home sales data (January 1 – December 31) for Leelanau County. This analysis compares real estate housing sales in the county during 2024 to the corresponding periods in 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015, focusing on townships such as Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City situated in the southeast corner of Leelanau County.

Leelanau County's residential home sales in 2024 continued to break new ground, achieving all-time record highs in median pricing. However, it's noteworthy that the total number of units sold witnessed a slight decline, primarily influenced by low inventory. The key statistics for Leelanau County Home Sales in 2024 are as follows:

  • Average Price: Increased by +9.33%

  • Median Price: Increased by +4.19%

  • Sales Volume: Increased by +2.94%

  • Units Sold: Decreased by -5.85%

This comprehensive report is derived from sales information gathered from the Northern Michigan Realtors MLS spanning the years 2004 to 2024. The data excludes undisclosed sales and fractional ownership, ensuring transparency and accuracy. Please note that this report is intended for basic review purposes, and while every effort has been made for accuracy, it cannot be guaranteed.

For further inquiries or detailed information, feel free to reach out to Jonathan Oltersdorf of Oltersdorf Realty, LLC at 231-271-7777 or via email at jonathan@oltersdorf.com. Stay informed about the dynamic Leelanau County real estate market with our insights and analysis.

2025 Current Lake Michigan Water Levels

2025 Current Lake Michigan Water Levels

Lake Michigan Water Levels Down -10 Inches in Past 12 Months

After several years of Lake Michigan water levels holding steady we are now starting to see a noticeable drop in Lake Michigan / Grand Traverse Bay water levels in 2025 as they have decreased 10 inches from this time last year.

The United States Army Corps of Engineers collects and publishes current / past Lake Michigan water level data which is very important to many property owners in Leelanau County & Grand Traverse County who own real estate on Lake Michigan or Grand Traverse Bay. Their last reading took place on January 10, 2025.  

January 10, 2025                   578.02 feet

Difference from January 10, 2024: -10 inches

Difference from long term average: -6 inches

Difference from highest monthly average (2020): -43 inches

Difference from lowest monthly average (2013): +24 inches

Projected change in levels by Feb 10, 2025: - 1 inch

For more information on current & past historic records regarding the Great Lakes Water Levels please visit: http://www.lre.usace.army.mil/Missions/Great-Lakes-Information/Great-Lakes-Water-Levels/Water-Level-Forecast/Weekly-Great-Lakes-Water-Levels/

Current Mortgage Rates - January 2025

Annual Average 30 Year Fixed-Rate Mortgage Rates

Just a quick mortgage rate update. We are now 2 weeks into 2025 and 30-year mortgage rates are currently hovering right around 6.93%. In 2024, the average monthly rate for a 30-year fixed-rate mortgage was 6.72%, slightly lower than the 6.81% average mortgage rate we saw in 2023. Locally, in Leelanau County, all-cash sales without a mortgage accounted for approximately 45% of Leelanau County's 331 total home sales in 2024, marking a noticeable decrease from the 50% of all cash purchases recorded in 2023. Contact your preferred mortgage lender for more info on rates!

Monthly data dating back to 1971 can be found here: http://www.freddiemac.com/pmms/

Our 2024 Real Estate Sales!

OUR 2024 SALES | Oltersdorf Realty | Vicky & Jonathan Oltersdorf

Cheers to a busy 2024 and here’s to helping more dreams come true in 2025! Time moves too quickly, 2025 is Jonathan’s 18th year as a Realtor and Vicky’s 44th year!!!!!

24.07 Acres – E Valley Road, Maple City – SOLD

SOLD MAPLE CITY VACANT ACREAGE

LISTING SOLD by Oltersdorf Realty LLC on 11/1/2024
E Valley Road, Maple City, MI – Vacant 24.07 acre parcel offering rolling hardwoods and no restrictions!
$268,000

Beautiful 24.07-acre wooded parcel, offering rolling terrain, majestic hardwoods, and complete freedom without deed restrictions. Several building locations are possible, near the road for easy access, or create a secluded retreat nestled deeper into the mid-point of the property on a ridge overlooking your own peaceful valley. This amazing parcel offers endless possibilities for outdoor recreation, including prime hunting land, just in time for the season. Situated on a paved county road in the heart of Leelanau County, this convenient location is just 13 miles from vibrant Downtown Traverse City and only 2.5 miles from the charming small towns of Maple City and Cedar. You’ll also be within 15 miles of the picturesque towns of Empire and Glen Arbor. Positioned on the south side of E Valley Road, this property is located just west of 1241 E Valley Road (between S Tower Road and S Kasben Road). A completed perc test/site survey confirm suitable soils for an on-site septic system.

12100 E Spinnaker Lane, Suttons Bay – SOLD

SOLD SUTTONS BAY WATER VIEW HOME

LISTED & SOLD by Oltersdorf Realty LLC on 10/23/2024
12100 E Spinnaker Lane, Suttons Bay MI – 4 Bedroom & 4 Bath Home with Incredible Bay Views!  
$1,300,000 Ask Price

Enjoy year-round, elevated panoramic views of West Bay and Power Island from this incredible 4-bedroom, 4-bath, 4,787+ sq ft custom home located on the sought-after Stony Point Peninsula in Leelanau County! Beautifully crafted inside and out, this immaculate home features abundant natural light, high-end finishes, spacious living and family rooms with gas fireplaces, a main-level all-season sunroom and bedroom, a recently updated & efficiently designed kitchen, and two expansive master bedroom suites, each with a gas fireplace. Use one suite as a comfortable, isolated in-home office or as a private guest apartment. The thoughtfully finished walkout lower level offers West Bay views, a family room, bedroom, and full bath. Additional features include a remodeled main floor laundry room, plentiful storage areas, two furnaces and A/C units, a finished 3-car attached garage, 4 fireplaces, a natural gas generator, and a stunning new 700+ sq ft composite deck expanding the living/entertaining area outside to enjoy the scenic water and countryside views in all directions! Situated in a private and convenient location on a quiet, low-traffic, county-maintained paved road in "The Points" development, this home is only 3 miles away from the charming year-round Village of Suttons Bay and just a short 15-minute drive to downtown Traverse City. An amazing, ideal year-round or vacation home!

8485 S W Bay Shore Drive, Traverse City – SOLD

SOLD TRAVERSE CITY WATERFRONT HOME

LISTED & SOLD by Oltersdorf Realty LLC on 10/11/2024
8485 S W Bay Shore Drive, Traverse City, MI – Home with Pool & Direct Sandy Frontage on West Grand Traverse Bay!
$1,075,000 Ask Price

Picturesque panoramic views of Power Island are enjoyed from this year-round waterfront residence offering 3,125 finished sq ft and 62’ of direct sandy beach frontage on desirable West Grand Traverse Bay! Home features include an open great room with cathedral ceilings and breathtaking water views throughout, gas fireplace, separate living & family rooms, office/den, a cozy wood burning stove, new natural gas zoned hot water boiler (2024), and an attached 2+ car garage. Step outside to enjoy an incredible one of a kind in-ground waterside pool with spectacular views and a private sandy shoreline ideal for bonfires, swimming, and boating! Situated in a fantastic location just 6 miles north of Downtown Traverse City, a perfect setting for a year-round primary home, vacation retreat, or rental investment property!

2057 Arrowhead Drive, Traverse City – SOLD

SOLD TRAVERSE CITY RANCH HOME

LISTING SOLD by Oltersdorf Realty LLC on 9/25/2024
2057 Arrowhead Drive, Traverse City, MI – 5 Bedrooms, 3 Baths, 3,216 Sq Ft Walkout Ranch
$580,000

This is the Huron Hills home that you’ve been waiting for! Nestled in a prime location at the base of Old Mission Peninsula, this expansive 5-bedroom, 3-bathroom walkout ranch spans over 3,216 square feet, offering generous living spaces ideal for your entire family and guests. The main level features approximately 1,836 square feet of comfortable living, a spacious living room with vaulted ceilings and a cozy wood burning fireplace, 3 main floor bedrooms including a large main floor private master suite with a private balcony, main floor laundry, and an attached 2 car garage. Descend to the lower level and discover an enormous family room with a 2nd wood-burning fireplace and a walkout door, 2 additional bedrooms, a full bath, and a mechanical/storage room. Outside, enjoy the multi-level decking that overlooks a generous 0.39-acre wooded parcel, offering plenty of privacy amid mature hardwoods. This home is perfectly situated—close to everything yet tucked away in a quiet neighborhood just 2.5 miles from Downtown Traverse City, 0.8 miles to Eastern Elementary, Central High School, and NMC, 1.4 miles to East Bay Park Beach, and 1.7 miles to Bryant Park Beach!

9.70 Acres – E Wood How Lane, Northport - SOLD

SOLD NORTHPORT ACREAGE

LISTED & SOLD by Oltersdorf Realty LLC on 9/16/2024
9.70 Acres – E Wood How Lane, Northport, MI – Beautiful wooded building site at the northern end of Leelanau County!
$180,000

This quiet and tranquil 9.70 acre mature wooded parcel provides unmatched privacy with the convenience of a county-maintained roadway and enjoys flat and rolling terrain ideal for building a new home with a walk out basement! Newly installed Fiber Optics line has just been installed on E Wood How Lane. Soil tests by LCHD have been completed and on file for installation of a Septic System.  Natural gas is available on N Lighthouse Point Road. Wonderful area of quality homes just 6 miles north of the Village of Northport and nearby numerous Lake Michigan beaches, and hiking trails! The parcel backs to lots within the Cherry Homes Development, an adjoining vacant lot and home within Cherry Homes Development is currently available (mls 1924231). 

13121 N Knollwood Drive, Northport – SOLD

SOLD NORTHPORT AFFORDABLE HOME

LISTING SOLD by Oltersdorf Realty LLC on 9/10/2024
13121 N Knollwood Drive, Northport, MI – 3 Bedroom & 2 Bath Ranch Home on 2 lots! 
$253,000

This well maintained 3 bedroom, 2 bath ranch home is nestled within a very private wooded setting offering 988 sq ft of finished living area and additional full unfinished walkout basement with potential to double the size of living area!  Home offering includes a second adjoining buildable lot.  Affordable living and an ideal location for a primary or vacation home within the very desirable Cherry Homes Development which offers wonderful amenities, 4 waterfront parks with access to Grand Traverse Bay/Lake Michigan, a community center, hiking trails, paved publicly maintained roads, tennis/pickle ball court and more! Natural gas and high speed internet is available! All association info can be found at: https://cherryhomeshores.com/ , short term rentals are not allowed.

6339 E Horn Road, Lake Leelanau – SOLD

SOLD EAST LELAND FARMHOUSE ON ACREAGE

LISTING SOLD by Oltersdorf Realty LLC on 9/3/2024
6339 E Horn Road, Lake Leelanau, MI – 2,440 Sq Ft Farmhouse + 47 Acres in East Leland!  
$990,000 - Asking Price

A nature lover’s paradise! This 3 bedroom, 2,440 sq ft farmhouse is located on a sprawling ~47 acre wildlife sanctuary containing a variety of hardwoods, wooded wetlands, bubbling springs & streams, dry agricultural land, orchards, 2-3 ft deep seasonal pond fed by underground springs, and various areas of reforestation projects! Step inside to the 1886 era farmhouse which features 3 large bedrooms, 1.5 baths, a cozy wood burning stove, spacious kitchen & dining areas, natural gas generator, gas forced air furnace, 29.6’ x 21’ attached 2+ car garage, plentiful attic & basement storage, and solar panels that have resulted in a negative electric bill for the owners. Approximately 40 acres of this extremely unique property has been placed in conservancy ensuring its natural beauty will remain intact in perpetuity. The ~7.38 acres around the house are unencumbered and separate from conservation easement to be used according to the owners wishes and local zoning laws. See maps and conservation easement attached. Situated in a one-of-a-kind location in East Leland, directly across the street from public waterfront access on North Lake Leelanau!

7423 Westwind Road, Traverse City – NEW LISTING

Perfectly situated at the base of Old Mission Peninsula, this meticulously cared for 4-bedroom, 3.5-bath home offers approximately 4,645 sq. ft. of beautifully finished living space, complete with splendid year-round western facing sunset Bay Views! Enjoy endless summer fun in your own in-ground pool, the ultimate backyard retreat for cooling off and unwinding. Since 2018, this home has undergone a long list of impressive updates, including custom Amish built kitchen cabinetry, granite countertops & new appliances, Brazilian cherry hardwood floors, carpeting, full repainting of both the interior and exterior, new drain field, new automatic pool cover & pump, rim joist spray foam insulation, gutters, and so much more! This home is conveniently located on Old Mission - close to everything yet tucked away on a quiet private road just 1.3 miles from East Bay Boat Launch & 3.5 miles to Downtown Traverse City!  

CLICK HERE FOR MORE INFORMATION ON THIS NEW LISTING!