Lake Leelanau, MI—49653
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lake Leelanau, MI
As of Oct '25, the median home price in Lake Leelanau, MI is $794,000, with a year-over-year change of -0.3%. This indicates that home prices in Lake Leelanau, MI are flat. According to Zillow, the 1-year price projection is 3.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $794,000 | -0.3% |
| Single Family | $795,000 | -0.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $759,000 | 2.4% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Lake Leelanau, MI
Lake Leelanau, MI lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,500 | $2,500 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $2,500 | $2,500 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Lake Leelanau, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Lake Leelanau, MI is 83. This is a decrease of -14.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,220,000 | -19.0% |
Listing Count | 14 | 39.0% |
| Listings as % of Homes | N/A | 39.0% |
Days on Market | 83 | -14.0% |
Demographics — Lake Leelanau, MI
As of the latest ACS Survey released in 2023, Lake Leelanau, MI has a population of 1,810, which has decreased by -10.2% over the past 5 years. Lake Leelanau, MI is a moderately popular place for families, as children make up 22.4% of the population. The area has a highly educated workforce, with 50.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,810 | -10.2% |
% Under 18 | 22.4% | 13.1% |
% Seniors | 35.1% | 41.0% |
% WFH | 11.0% | 6.8% |
% w/ College Degree | 50.7% | 7.0% |
As of the latest ACS Survey released in 2023, Lake Leelanau, MI is a predominantly white area, with 95.8% of the population identifying as white. The white population has grown by 4.0% in the last 5 years. The second most common race or ethnicity in Lake Leelanau, MI is hispanic, making up 1.3% of the population. Foreign-born residents account for 0.9% of the population in Lake Leelanau, MI, and this percentage has decreased by 70.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 95.8% | 4.0% |
% Black | 0.9% | 125.0% |
% Hispanic | 1.3% | -69.8% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 0.9% | -70.0% |
Mortgage and Risk — Lake Leelanau, MI
According to HUD data as of 2023, there were 80 mortgage originations in Lake Leelanau, MI, of which 100.0% of loans were conventional mortgages. The average loan-to-value was 38.0%, with 5.0% above 90% LTV (normal). This implies small mortgage risk in Lake Leelanau, MI. Investor activity is low, as 0.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 80 |
% Conventional Loans | 100.0% |
% Government Loans | 0.0% |
% Investor Loans | 0.0% |
% Second Loans | 24.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Lake Leelanau, MI
Lake Leelanau, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $900 |
| 2 Bedroom | N/A | N/A | $1,160 |
| 3 Bedroom | -$1,100 | $2,500 | $1,400 |
| 4 Bedroom | N/A | N/A | $1,540 |
Affordability — Lake Leelanau, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 8.6 |
| Median Home Price | $794,000 |
| Median Household Income | $85,000 |