Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$652,394+3.2% YoY · prices are rising fast
Market right nowBalanced, leaning buyersMore homes for sale than last year, 16% have cut their price
Income needed to buy, per year$141,425About 1.5× the local median income ($96,419): a stretch for a typical household
Days on market60 daysSlower than a year ago: buyers have time to negotiate
Next 12 months+3.6%Zillow expects prices to rise slightly
The typical home in Leelanau County, MI is worth $652,394, up 3.2% from a year ago. That is well above what local incomes have historically supported: fair value is about $589,550, so the area is 10.7% overvalued. It is a balanced market, leaning toward buyers: homes take about 60 days to sell, listings are up 22% from a year ago, 16% of listings have had a price cut. Zillow expects prices to rise about 3.6% over the next year. A household needs about $141,425 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $96,419. Typical rent is $2,198 a month, or $2,660 for a house. In the latest IRS figures, 95 more people moved in than out.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$652,394
Change in 1 year
+3.2%
Overvalued %
+10.7%
Show 7 more
Fair home value
$589,550
Change in 5 years
+22.3%
Zillow forecast, next 12 months
+3.6%
Home value to income
6.8×
Monthly mortgage payment (20% down)
$3,536
Income needed to afford it
$141,425
Property tax rate
0.68%
Rent and investing
Typical rent
$2,198
Typical rent for houses
$2,660
Price-to-rent ratio
24.7×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$1,500
Gross rental yield
4.04%
Cap rate (estimate)
2.63%
Market activity
Listings vs a year ago
+22.4%
Days on market
60
Listings with a price cut
16.2%
Show 3 more
Homes for sale
153
Pending sales per 100 listings
29
Asking price per sq ft
$379
People and jobs
Median household income
$96,419
Population change (1 year)
+0.6%
Unemployment rate
3.4%
Show 4 more
Population
22,982
Income adjusted for cost of living
$103,232
Net moves in (IRS)
+95
Cost of living (US = 100)
93.4
Schools, risk and environment
School rating (1 to 10)
7.0
FEMA hazard risk score (0 to 100)
48.3
Flood risk score
42.1
Show 3 more
Wildfire risk score
14.9
Walkability (1 to 20)
5.8
Road, rail and air noise
53 dB
Questions people ask
Is Leelanau County, MI overvalued?
Home prices in Leelanau County, MI are well above what local incomes have historically supported: fair value is about $589,550, so the area is 10.7% overvalued.
Is Leelanau County, MI a buyer's or seller's market?
Leelanau County, MI is a balanced market, leaning toward buyers: homes take about 60 days to sell, listings are up 22% from a year ago, 16% of listings have had a price cut.
Are home prices going down in Leelanau County, MI?
Home values in Leelanau County, MI are up 3.2% over the last year. Zillow's forecast for the next 12 months is +3.6%.
How much do you need to earn to buy a home in Leelanau County, MI?
A household needs about $141,425 a year to afford the typical home in Leelanau County, MI at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $96,419.