Leelanau County Housing Market Update: Inventory is Back—But Is It Enough?

🏡 Leelanau County Housing Market Update: Inventory is Back—But Is It Enough?

If you’ve been following the Leelanau County real estate market, you’ve likely felt the squeeze of low housing inventory over the past few years. But as of August 2025, we’re seeing a slight shift.

📊 Key Stats (Jan 2025 – July 2025):

  • 176 Active Listings currently on the market

  • 174 Homes Sold so far this year through July 2025.

That’s nearly a 1:1 ratio of homes listed to homes sold—a strong indicator of a more balanced market emerging in 2025. After years of tight supply, sellers and buyers are finally meeting in the middle although prices are still significantly up and number of transactions are down.

🕰️ Historical Context: How We Got Here

Looking at inventory data from January 2019 to August 2025, you can clearly see the trend:

  • 2019–2020: Strong inventory, peaking above 400 listings

  • 2021–2023: Dramatic inventory drop, often under 150 homes

  • 2024–2025: Gradual rebound, with seasonal peaks near 200 active listings

While we’re nowhere near pre-pandemic levels, inventory has more than doubled from the lowest points in 2021–2022.

💡 What This Means for Buyers

More listings = more choices. But don’t wait too long—homes are still selling quickly. With 174 sales already this year, demand hasn’t cooled off.

👉 If you’ve been waiting for a better selection or less competition, now’s your chance to make a move in Leelanau County.

💡 What This Means for Sellers

Yes, competition is up—but so is buyer activity. If your home is priced right and properly marketed, it will sell. With nearly every new listing matched by a sale, it’s still a seller-favorable market, just not as cutthroat.

📍 Zooming In: What’s Driving the Market?

  • Continued migration from urban to scenic areas like Leelanau County

  • Summer vacation home demand is fueling second-home purchases

  • Interest rates are stabilizing, increasing buyer confidence

  • Inventory buildup is partly seasonal but shows signs of sustained growth

Jonathan Oltersdorf
Associate Broker
Oltersdorf Realty, LLC
311 N St Josephs St, PO Box 578
Suttons Bay, MI 49682
Email: Jonathan@Oltersdorf.com
Website: www.Oltersdorf.com
Office:    231-271-7777
Cell:        231-218-0509

Vacation Home Hotspots: Michigan #4! (2025)

🏡 Did You Know?
There are over 4.8 million vacation homes in the United States—that’s roughly 3.5% of the entire housing market! Whether it’s a beachfront escape, a cozy cabin in the woods, or a lakeside retreat, Americans love their second homes.

According to recent data, here are the top four states where vacation homes are most popular:

1️⃣ Florida – 800,000 vacation homes
2️⃣ California – 360,000 vacation homes
3️⃣ New York – 309,000 vacation homes
4️⃣ Michigan – 260,000 vacation homes

Not surprisingly, warm weather and natural beauty are big draws—but don’t sleep on the Midwest. Michigan, with its stunning Great Lakes shoreline and countless inland lakes, is a hidden gem for vacation property buyers.

Why Do People Invest in Vacation Homes?

  • Lifestyle: A second home offers a place to relax, recharge, and escape the daily grind.

  • Rental Income: Many owners rent out their vacation homes when not in use, offsetting expenses or generating income.

  • Long-Term Investment: Real estate in desirable vacation destinations tends to appreciate over time.

Is a Vacation Home Right for You?

Whether you're dreaming of a cottage in Leelanau County, a beachfront condo, or a mountain lodge, owning a second home can be a lifestyle upgrade and a smart investment.

➡️ Thinking about buying a vacation home in Michigan? Let’s talk. I know the local market and can help you find the right fit.

-Jonathan Oltersdorf, Oltersdorf Realty LLC

2025 Home Sales Data: Mid Year Review

Year-To-Date Market Snapshot --> How is the #Leelanau real estate market in 2025? Leelanau typically sees fewer home sales than Grand Traverse County, so pricey early-season luxury closings can skew the numbers. That said, 2025 is showing a notable spike in both average and median sale prices. I expect things to level out somewhat as more lower-priced homes sell later in the year—but with so little inventory under $600,000, that correction may be limited.

Year-To-Date Market Snapshot --> How’s the #GrandTraverseCounty Real Estate Market in 2025? The market's taken a breather. While the average sale price dipped a bit, the median price still shows modest gains—suggesting stable demand, but less of the runaway price growth we saw in recent years.... .

10895 N Shore Drive, Northport – SOLD

SOLD VILLAGE OF NORTHPORT RANCH HOME

LISTING SOLD by Oltersdorf Realty LLC on 7/7/2025
$410,000 - 10895 N Shore Dr, Northport, MI – 2 Bedroom Ranch on 1 Acre in the Village of Northport!

Tucked away in a quiet location at the northern edge of the Village of Northport, this peaceful ranch offers a rare price point for one of Leelanau County’s most desirable communities. Just a quick 1-mile bike/walk from Northport’s vibrant waterfront park, beaches, marina, shops, restaurants, library, schools, and more—you’re close to it all, yet tucked away on a ~0.80 acre parcel of land. This cozy 2-bedroom, 1-bath ranch offers approximately 1,262 square feet of living space, a large 2 car detached garage, rear screened-in porch, municipal sewer (with a small assessment still in place), and a private well. Whether you're looking for a year-round home, a vacation getaway, or an investment with upside, this one checks all the boxes. The home offers plenty of potential for updates and improvements, offering the perfect canvas for your vision. Northport is a welcoming, artsy village nestled on the shores of Grand Traverse Bay, at the northern edge of picturesque Leelanau County. It's a gateway for boating, beaches, hiking, and all things lakeside living. Don’t miss your chance to own a piece of Up North charm. Note: Square footage and acreage are approximate.

7528 E Meadows Drive, Cedar - SOLD

SOLD ELMWOOD TOWNSHIP RANCH HOME

SOLD by Oltersdorf Realty LLC on 6/26/2025
$565,000 – 7528 E Meadows Drive, Cedar, MI - Brand new 2025 construction 4-bedroom, 3-bath ranch home!

JUST SOLD by Jonathan Oltersdorf | $565,000 – 7528 E Meadows Drive, Cedar, MI - This brand new 2025 construction 4-bedroom, 3-bath ranch home offers 2,499 finished square feet (1,614 above grade, 885 lower level) with a spacious 2-car garage. The open-concept design connects the living, dining, and kitchen areas, all filled with natural light from large windows and enhanced by luxury vinyl plank flooring and elegant finishes. The kitchen is a showstopper with modern appliances, abundant counter space, and a large island perfect for gatherings. Located close to Downtown Traverse City in Elmwood Township!

3182 S Candace Lane, Lake Leelanau – SOLD

SOLD LAKE LEELANAU RANCH HOME

LISTING SOLD by Oltersdorf Realty LLC on 6/9/2025
$750,000 - 3182 S Candace Lane, Lake Leelanau, MI –3,300 sq ft Walkout Ranch + 24’x24’ Detached Garage!

Gorgeous Kitchen Remodel & Exceptional Garage Space in a Secluded Setting! Discover this desirable walkout ranch, offering the one-level living layout you’ve been searching for! With 3 bedrooms, 3 baths, and 3,300 finished sq ft, the heart of the home is the gorgeous, high-end kitchen, fully remodeled in 2022 with stunning quartz countertops, a stylish tile backsplash, and custom cabinetry—a true entertainer’s dream! The open-concept great room features vaulted ceilings, hardwood floors, and a cozy gas fireplace, making it the perfect space to relax or host gatherings. The spacious main floor primary suite offers a walk-in closet and a glass-tiled shower, while the main floor laundry adds everyday convenience. Step outside to enjoy the huge wraparound deck, ideal for soaking in the abundant wildlife and gardens on this 2.18-acre wooded property, tucked away at the end of a quiet cul-de-sac. Downstairs, the walkout lower-level features even more space with a family room, gas fireplace, bathroom, and wet bar - great for entertaining! But the real bonus? Garage and storage galore! Along with unfinished basement storage space and the attached 2-car garage, there’s an additional 24’ x 24’ detached garage - perfect for all your toys, tools, or workshop needs. With natural gas, cable internet, a Generac generator, and an unbeatable location - just 5 miles from Suttons Bay and 13 miles from Traverse City - this home is a rare find. Don’t miss out on this private hideaway with top-tier Leelanau amenities nearby!

Lot 69 – E Cherry Park Drive, Northport – SOLD

SOLD NORTHPORT VACANT LOT

SOLD by Oltersdorf Realty LLC on 5/29/2025
$40,000 – Lot 69 – E Cherry Park Drive, Northport, Northport, MI – Vacant Parcel within 1300’ of Sandy Grand Traverse Bay Access!

Nice location tucked away on a quiet street within Cherry Home Shores! This beautiful, 0.36 acre affordable wooded building site offers easy level terrain, perc test/site survey showing suitable conditions for a septic system and is situated just ~1300 feet from sandy beach access on Grand Traverse Bay! Cherry Homes association amenities include hiking trails, 4 waterfront parks with shared access to Grand Traverse Bay, clubhouse with tennis/basketball courts, playground, and dues of only $65/year! No short-term rentals are allowed. All association info can be found at: https://cherryhomeshores.com/

1564 N West Bay Shore Drive, Suttons Bay – SOLD

SOLD SUTTONS BAY WATERFRONT HOME

LISTED & SOLD by Oltersdorf Realty LLC on 5/23/2025
1564 N West Bay Shore Drive, Suttons Bay, MI – 3 Bedroom Ranch with 275’ on Suttons Bay!
$2,020,000 Ask Price - SOLD OVER ASKING

Discover your own private paradise with this rarely available property. Situated on one of the largest frontages on beautiful Suttons Bay, this exquisite lakefront ranch home offers 275 feet of private shoreline. The preferred east-facing lot ensures stunning sunrises - relax on the waterside covered porch, where you can unwind to the soothing sounds of waves gently lapping the waterfront. Built in 2013, this modern home is surrounded by granite stone walls and beautiful blue spruce trees, providing total privacy. The property includes a matching potting shed with full electric, two workbenches, and ample storage space for tools and toys. Inside, the home features 3 bedrooms and 2.5 baths, including a waterside master suite with a walk-in shower, tub, and an additional outdoor shower equipped with hot and cold water. The great room, dining room, kitchen, and master suite all offer breathtaking views of Suttons Bay and Stony Point. The chef's kitchen is equipped with dual sinks, granite countertops, custom cabinets, a built-in stovetop, oven, refrigerator, microwave, and dishwasher. The open floor plan seamlessly connects the great room, dining room, and kitchen, making it perfect for entertaining. A quarry stone-faced gas fireplace adds a touch of warmth and elegance. Sliders from the great room, dining room, and master bedroom lead to an expansive deck, partially covered with four skylights to allow natural light while providing shelter in inclement weather. Flagstone steps guide you to the water’s edge, where you'll find a 120-foot dock with a patio, perfect for waterside entertaining and taking in the views. The dock is equipped with electric and water services to meet your boating needs. This all-weather, low-maintenance home requires minimal annual upkeep, allowing you more time to enjoy its beauty. Located just 2 miles north of Suttons Bay, you'll have easy access to the town's many amenities, including restaurants, shopping, theater, library, and beaches! The nearby bike path connects Suttons Bay to Traverse City, which is only a 20-minute drive away, recently voted one of the best beach towns in America. Sleeping Bear Dunes National Lakeshore is also just a 30-minute drive away!

427 Monroe Street, Traverse City - SOLD

SOLD DOWNTOWN TRAVERSE CITY HOME

SOLD by Oltersdorf Realty LLC on 5/22/2025
427 Monroe Street, Traverse City, MI
$576,000

Tons of potential for this home located in the Slabtown neighborhood in Downtown Traverse City. 4 Bedroom, 2 bath home on a prime 50' x 165' city lot

2222 Kaukauna Ct, Traverse City – SOLD

SOLD HURON HILLS HOME

LISTING SOLD by Oltersdorf Realty LLC on 5/21/2025
2222 Kaukauna Ct, Traverse City, MI – 3 Bedroom & 3 Bath Walkout Ranch Close to Everything!  
$530,000

Welcome to the Huron Hills home you’ve been waiting for! Tucked away on a quiet cul-de-sac at the base of Old Mission Peninsula, this 3-bedroom, 3-bathroom walkout ranch is situated on a low-maintenance wooded lot that keeps the yard work minimal and your weekends free. The home is also just a short walk away from a beautiful public sandy beach on East Bay (Sunrise Peace Park)! One of the biggest highlights of the house is a new 450 sq ft luxury-grade composite rear deck, perfect for relaxing and entertaining guests this summer. Inside, you’ll find 3 main floor bedrooms including a private primary suite, classic 1970s construction with a cool retro charm, and a walkout lower level complete with a charming wood-burning fireplace. Recent updates include fresh paint inside and out, a completely rebuilt rear deck, lower-level luxury vinyl plank flooring, and new shingles on both the house and garage - so the big-ticket stuff is already handled - making it move-in ready with tons of upside for future upgrades. The location is unbeatable - just 3 miles from Downtown Traverse City, 1.5 miles to Eastern Elementary, Central High School, and NMC. Looking for a solid home with great bones, a premium location, and the chance to make your own improvements? Here’s your chance to kick off summer 2025 - and the seasons beyond—living in Traverse City on desirable Old Mission Peninsula!

10017 E Lakeview Hills Road, Traverse City – SOLD

SOLD LAKEVIEW HILLS HOME

LISTING SOLD by Oltersdorf Realty LLC on 4/25/2025
10017 E Lakeview Hills Road, Traverse City, MI – 4 Bedroom & 2.5 Bath Home with Shared West Bay Frontage!
$485,000

Located in a fantastic neighborhood conveniently located between Traverse City and Suttons Bay, this home offers 230 feet of shared sandy frontage on West Grand Traverse Bay! With approximately 2,026 finished sq ft, it features 4 bedrooms, 2.5 baths—including a private primary suite—and a main floor living room and a lower-level family room, both with cozy wood-burning fireplaces. Additional features include newer Pella windows and doors, a natural gas furnace + heat pump/air conditioner, plenty of unfinished basement storage space, a dedicated workshop, and an extra-large attached 24x40 4+ car garage! Situated on a spacious 0.56-acre level lot, the property enjoys a large, fenced backyard with an underground sprinkler system, garden areas, and a rear composite deck. Located on a quiet, county-maintained paved road (no HOA dues here), it's just 7 miles from downtown Traverse City, plus, the sandy neighborhood beach is right across M-22, check it out!

198 Fox Run Drive, Elk Rapids - SOLD

SOLD DOWNTOWN ELK RAPIDS HOME

SOLD by Oltersdorf Realty LLC on 4/21/2025
198 Fox Run Drive, Elk Rapids, MI
$1,380,000

JUST SOLD in Elk Rapids, MI by Vicky & Jonathan Oltersdorf: 198 Fox Run Drive – A luxurious 2025-built, 3,500+ sq ft hilltop stunner with panoramic water views, private elevator, gourmet kitchen, spa-worthy master suite, and high-end finishes throughout. Located just a 5-minute walk from downtown and the beach, this home boasts two expansive decks, an oversized garage prewired for EV charging, and low-maintenance living in a premium condo-style community.

607 W Tenth Street, Traverse City - SOLD

SOLD DOWNTOWN TRAVERSE CITY HOME

SOLD by Oltersdorf Realty LLC on 3/21/2025
607 W Tenth Street, Traverse City, MI
$355,000

JUST SOLD in Downtown Traverse City! This charming 3-bedroom, 2-bath home is nestled in the highly sought-after Central Neighborhood on a rare and spacious 50' x 165' lot. Finding a 50' wide lot at this price point is no easy feat—an incredible opportunity in a prime location!

10155 E Shady Lane, Suttons Bay – SOLD

SOLD SUTTONS BAY HOME

LISTING SOLD by Oltersdorf Realty LLC on 3/7/2025
10155 E Shady Lane, Suttons Bay, MI – 5 Bedrooms, 2.5 Baths, & 2,175 Sq Ft on 2.50 Acres!
$624,500 Ask Price

Step into this immaculately maintained home, offering 5 bedrooms - including a main floor master suite, 2.5 baths, and 2,175 finished square feet. This property also features an unfinished walkout lower level, a finished 2.5+ car attached garage, and a large detached garage, all situated on a 2.50-acre parcel that includes an additional adjoining lot! Upon entering through the front door, you'll be welcomed by a living room with soaring cathedral ceilings and a cozy natural gas fireplace. The kitchen features Hickory cabinetry, newer appliances, and ample counter space, while the formal dining room provides direct access to an oversized wraparound deck. The main floor also offers a convenient laundry room, a half bath, and a spacious master suite complete with a walk-in closet. The upper level includes 4 additional bedrooms and a full bathroom with a tub. The unfinished walkout lower level, with its 8’9” ceilings, is plumbed for a future bathroom and offers abundant storage space. Step outside to enjoy the 2.50-acre property, which features an adjacent additional parcel and a 24’x28’ detached garage surrounded by mature trees. Plus, the home received new shingles in November 2024! Conveniently located in Bingham Township, just 9 miles from Downtown Traverse City and 6 miles from the Village of Suttons Bay, this property offers privacy on a paved county-maintained road. No HOA here!

2024 Grand Traverse County Real Estate Market Report: Year-End Home Sales Data & Trends

2024 Grand Traverse County Real Estate Market Report: Year-End Home Sales Data & Trends

Looking for the latest 2024 Grand Traverse County real estate market trends? This comprehensive year-end home sales report provides in-depth insights into Traverse City home sales, pricing trends, and real estate market performance. Explore historical sales data, compare pricing changes, and discover what’s driving the Northern Michigan housing market.

2024 Grand Traverse County Home Sales Data & Market Trends

The 2024 real estate market in Grand Traverse County saw notable shifts in pricing and sales volume. Below, we break down the key data points for home sales between January 1, 2024, and December 31, 2024, while comparing trends from the past decade (2015-2023). This data includes sales across Acme, Blair, East Bay, Fife Lake, Garfield, Grant, Green Lake, Long Lake, Mayfield, Paradise, Peninsula, Union, Whitewater, and the City of Traverse City.

Key 2024 Grand Traverse County Home Sales Statistics:

  • Total Homes Sold: +0.38% Increase (compared to 2023)

  • Total Sales Volume: +6.04% Increase

  • Average Home Sales Price: +5.64% Increase

  • Median Home Sales Price: +6.04% Increase

Traverse City & Grand Traverse County Housing Market Insights

The Traverse City real estate market has remained strong, with steady growth in home values and increased buyer demand. Rising home prices in 2024 reflect market stability, while inventory levels continue to shape the housing landscape. Whether you’re a homebuyer, seller, or investor, understanding these real estate market trends is crucial for making informed decisions.

Historical Real Estate Market Comparison: 2015-2024

This Grand Traverse County housing market analysis includes data from the Northern Michigan Realtors MLS spanning 2004-2024. By comparing Traverse City real estate trends over the past decade, you can identify long-term growth patterns and market fluctuations.

Why This Data Matters for Homebuyers & Sellers

  • Sellers: Learn how rising home values can maximize your home sale profits.

  • Buyers: Understand market pricing trends to make informed home purchasing decisions.

  • Investors: Gain insight into Grand Traverse County real estate appreciation rates for better investment strategies.

Reliable Grand Traverse County Home Sales Data

This report is based on verified MLS data from the Northern Michigan Realtors. Note that undisclosed home sales and fractional ownership transactions are excluded to maintain data accuracy.

Need Expert Real Estate Advice? Contact Jonathan Oltersdorf Today!

For personalized insights into Grand Traverse County real estate, reach out to Jonathan Oltersdorf at Oltersdorf Realty, LLC.

📞 Phone: 231-271-7777
📧 Email: jonathan@oltersdorf.com
🌐 Website: www.oltersdorf.com

Leelanau County Real Estate vs. S&P 500: (2006-2024)

Leelanau County Real Estate vs. S&P 500: A Data-Driven Market Comparison (2006-2024)

Are you wondering how Leelanau County real estate compares to the S&P 500 over time? Understanding the performance of home values in Leelanau County versus the stock market can provide valuable insights for investors and homeowners alike.

Our in-depth analysis examines the annual average and median home sale prices in Leelanau County from 2006 to 2024, alongside the S&P 500 year-end closing prices for each corresponding year. By analyzing this data, you'll discover key real estate trends and how they correlate with broader market movements.

Over the past two decades, both real estate and stock market investments have experienced significant appreciation. As economic conditions fluctuate, understanding the relationship between home values and equity markets can help you make informed decisions about buying or selling property in Leelanau County.

📊 Check out the chart above for a side-by-side comparison of Leelanau County home prices and the S&P 500 from 2006 to 2024.

For expert insights into Leelanau County’s housing market trends, contact us today! Whether you're considering a vacation home, investment property, or primary residence, staying informed is key to making the best real estate decisions.