Is Lake Leelanau, MI 49653 a buyer’s or seller’s market?

The Lake Leelanau housing market right now

In the three months ending August 31, 2026, 14% of homes in Lake Leelanau, MI 49653 sold above their list price, the typical home went under contract in 48 days and there were 1.4 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 14 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 63%, homes sold more slowly (46 days then) and the median sale price rose 29% to $949,489. Overall, Lake Leelanau is less competitive than a year ago, which gives buyers more room.

Within Leelanau County, homes here sell more slowly than in 75% of the county’s ZIP codes, and sell less often over asking than in 75%.

Nearby, buyers who want less competition could look at Cedar 49621 (12% sold over asking) or Northport 49670 (12% sold over asking), while Glen Arbor 49636 (33% sold over asking) and Suttons Bay 49682 (32% sold over asking) are even more competitive.