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.

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!!!!!

2024 Home Sales Data - Mid-Year Review

Year-To-Date Market Snapshot --> How is the Leelanau real estate market in 2024? Average sales price is up but the median sales price is flirting with it's first decline since 2009.....

Year-To-Date Market Snapshot --> How is the Grand Traverse County real estate market in 2024? Price growth has slowed this year but all data is still trending up!

2023 Leelanau County Year-End Vacant Land Sales Data

2023 Leelanau County Year-End Vacant Land Sales Data

Units Sold: -39.93%
Volume Sold: -34.92%

(click photos below to enlarge)

Introduction: Discover the latest trends in Leelanau County's vacant land market with our detailed analysis of the 2023 year-end sales data. In this report, we delve into key statistics, including units sold and volume sold, current vacant land inventory levels, and we providing valuable insights into the real estate landscape in Leelanau County.

Overview: The data presented covers the period from January 1 to December 31, 2023, comparing vacant land sales statistics from 2013 to 2023 across various townships, including Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City in the southeast corner of Leelanau County.

Market Trends: Following a remarkable year in 2021, both 2022 and 2023 witnessed a return to the historical average for vacant land sales. The graphs illustrate a decline in units sold by 39.93% and a decrease in volume sold by 34.92%, reflecting a market correction after the record-setting sales of the previous year.

Building Permits and Construction Trends: Notably, Leelanau County experienced a downturn in building permits issued and their total value in 2023. This reversal can be attributed to the increased costs of construction materials and labor, leading to a slowdown in the demand for new construction projects throughout the county.

Data Source: Our comprehensive report is based on sales information obtained from the Northern Great Lakes Realtors MLS. It is important to note that undisclosed sales are not included in the data, ensuring transparency and accuracy. Please be advised that this information is for basic review purposes only, and while all efforts have been made to ensure accuracy, it cannot be guaranteed.

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 2023?

Exploring Leelanau County Real Estate Trends in 2023

Discover the latest insights into Leelanau County's real estate market with a focus on key statistics from 2023. Gain valuable information about home sales, pricing trends, and the most active townships in the region.

In 2023, Leelanau County witnessed a dynamic real estate landscape, with notable trends shaping the housing market. A staggering 62.5% of all homes sold in the county surpassed the $500,000 mark, reflecting a robust market for higher-end properties.

Pricing Dynamics: The predominant price range for home sales in Leelanau County during 2023 was $400,000-$500,000, indicating a significant demand for homes within this bracket. Following closely, the $300,000-$400,000 range also garnered substantial attention, showcasing a diverse range of properties catering to varying budget preferences.

Township Analysis: Among the Leelanau County townships, 2 stood out as the leader in residential real estate sales volume for 2023. Explore the following options and identify the township that experienced the highest real estate activity:

  1. Elmwood

  2. Glen Arbor

  3. Suttons Bay

  4. Leland

  5. Empire

Conclusion: As you delve into the Leelanau County real estate landscape, these insights provide a comprehensive overview of the market dynamics in 2023. Whether you're interested in pricing trends or discovering the most active townships, this information serves as a valuable resource for anyone navigating the local housing market. Stay informed and make well-informed decisions in your real estate endeavors 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 

Analyzing the Origin of 2023 Leelanau County Homebuyers

Analyzing the Origin of 2023 Leelanau County Homebuyers

Wondering about the origin of Leelanau County homebuyers in 2023? We delved into the data, and out of the 357 buyers of residential real estate in Leelanau County that year, we've dissected their locations based on the primary mailing addresses at the time of purchase.

In 2023, a significant 44.1% of buyers hailed from zip codes within Leelanau County or Grand Traverse County (Traverse City). Interestingly, this percentage has shown a consistent decline since 2014, highlighting a shift in the local buyer landscape. Traditionally, our buyers were predominantly from locations within a 6-hour drive. However, the trend is evolving, as depicted in the chart above, showcasing an increasing influx of homebuyers from various areas across the United States, particularly from the western states like Colorado, California, and Texas.

Leelanau County Real Estate Performance vs. S&P 500: A Comprehensive Analysis

Leelanau County Real Estate Performance vs. S&P 500: A Comprehensive Analysis

Curious about how the Leelanau County Housing Market stacks up against the S&P 500 since 2006? Dive into the chart below for a detailed comparison of the annual average and median home sales prices in Leelanau County spanning from 2006 to 2023, juxtaposed with the year-end closing prices of the S&P 500 on December 31 each year. Explore the data and gain insights into Leelanau County's real estate trends.

2023 Leelanau Home Buyers - Cash or Financing?

 

In Leelanau County there were 357 residential home sales in 2023. Did they buy with cash or use financing?

In Leelanau County there were 357 residential home sales in 2023. 50% of all home purchases in 2023 in Leelanau County were bought with cash, up from 39% in 2022. This compares to Grand Traverse County which saw 35% of the houses bought with cash in 2023, up from 34% in 2022….

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 

2023 Grand Traverse County Year-End Home Sales Data

2023 Grand Traverse County Year-End Home Sales Data
(click photos below to enlarge)

Explore the 2023 Grand Traverse County (Traverse City) home sales data, comparing prices, volumes, and trends with the previous years. Discover insights on median pricing, average sale prices, and the overall real estate market in the region.

Explore the comprehensive 2023 year-end (January 1 – December 31) home sales figures for Grand Traverse County in the charts above. Compare real estate housing sales in the county from January 1, 2023, to December 31, 2023, with the corresponding periods in 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014, covering townships such as Acme, Blair, East Bay, Fife Lake, Garfield, Grant, Green Lake, Long Lake, Mayfield, Paradise, Peninsula, Union, Whitewater, and the City of Traverse City.

Key 2023 Grand Traverse County Home Sales Statistics:

  • Home Sales Units Sold: -10.95% decrease (attributed to a lack of inventory)

  • Volume Sold: -3.44% decrease

  • Average Sales Price: +8.43% increase

  • Median Sales Price: +8.22% increase

This comprehensive report relies on sales data extracted from the Northern Michigan Realtors MLS spanning from 2004 to 2023. Please note that undisclosed sales and fractional ownership details are excluded. The information provided is intended for basic review purposes, with all efforts made for accuracy, though it cannot be guaranteed.

For further inquiries, contact Jonathan Oltersdorf at Oltersdorf Realty, LLC:

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

Leelanau County Home Sales Report 2023: Record Highs and Trends Revealed

Leelanau County Home Sales Report 2023: Record Highs and Trends Revealed

(click photos below to enlarge)

Explore the 2023 Leelanau County home sales data, comparing prices, volumes, and trends with the previous years. Discover insights on median pricing, average sale prices, and the overall real estate market in the region.

In the charts above, we present the comprehensive 2023 year-end home sales data (January 1 – December 31) for Leelanau County. This analysis compares real estate housing sales in the county during 2023 to the corresponding periods in 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014, 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 2023 continued to break new ground, achieving all-time record highs in median pricing. However, it's noteworthy that the average sale price witnessed a slight decline, primarily influenced by a decrease in luxury property sales. The key statistics for Leelanau County Home Sales in 2023 are as follows:

  • Average Price: Decreased by -3.81%

  • Median Price: Increased by +5.84%

  • Sales Volume: Increased by +2.81%

  • Units Sold: Increased by +6.89%

This comprehensive report is derived from sales information gathered from the Northern Michigan Realtors MLS spanning the years 2004 to 2023. 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.

Leelanau Vacant Land Inventory Update - Fall 2023

12/1/2023 Leelanau County Vacant Land Inventory UPDATE! Although home inventory increased a small amount this year, vacant land inventory in Leelanau County remains at it's lowest level in 20+ years with just 120 available parcels on the market compared to 500+ parcels for sale in the summer of 2020 and nearly 1,000 parcels for sale during the summer of 2014!

Leelanau Home Inventory Update - Fall 2023

11/29/23 Leelanau County Home Inventory UPDATE! Good news, inventory actually increased in 2023!!! Throughout 2016-2020 we saw between 325-450 active houses on the market in the peak of summer, that number dropped to just 125 during the summer of 2021 and the summer of 2022 but INCREASED to about 175 available houses during the summer of 2023. This summer we went from 1-2 months up to 2-3 months of inventory of residential real estate in Leelanau County. Months of inventory is the relationship of sales pace to the number of properties currently on the market if no additional homes were added to the supply. Most economist agree that 6 months of inventory is a balanced market, less is a Seller’s market, and more than 6 months is a Buyer’s market. Note: The data is only for Leelanau County.

Leelanau County Home Inventory 2004-2022

Leelanau County Home Inventory 2004-2022

Leelanau County home inventory remains near it’s lowest level since our data began! Back in 2009-2011 we had a 2-4 year supply of existing homes on the market. Fast forward to 2021-2022 where we saw record low inventory resulting in just a 1-2 month supply of available houses. This record low inventory in 2022 resulted in just 15% of the total amount of houses come on the market that we saw in 2010. Currently in January 2023 we have a 1 month supply of available existing homes with less than 34 available houses on the market throughout the entire county and only 20 listed for sale <$1 million. Most real estate economists consider a 6 month supply to be a balanced market which we are well short of and likely will be throughout at least 2023.

Where did 2022 Leelanau Homebuyer's come from?

Where did 2022 Leelanau County homebuyer’s come from? In 2022 there were 333 buyers of residential real estate within Leelanau County. Although the data is not perfect we are able to break down those buyers by the zip code location that they use as their primary mailing address at time of purchase. In 2022 40.80% of Buyers have come from a zip code within Leelanau County or Grand Traverse County. Historically our buyers have come from within a 6 hour drive but as you can see in the chart above we are starting to get more homebuyer’s from other areas in the United States, especially out west in Colorado, California, and Texas.