Market Overview
Home Prices in Lake Leelanau, MI
The median home value in Lake Leelanau, MI is $915,236 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3.2% compared to a year ago and up 1.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Lake Leelanau are priced123% above average. Lake Leelanau is part of the Traverse City, MI metro area.
Over the past five years, Lake Leelanau home values have risen by approximately33.6%, reflecting strong long-term appreciation in this market.
Price History
Lake Leelanau Home Price Trend
City Comparison
Lake Leelanau vs. National Median
At $915,236, homes in Lake Leelanau cost 123% above the national median of $410,000. Buyers in Lake Leelanau should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Lake Leelanau?
20% Down Payment
$183,047
on $915,236
Monthly P&I
$4,773/mo
30-yr @ 6.8%
Total Monthly Est.
~$6,062/mo
incl. taxes & insurance
Income Needed
$242,480
gross annual (30% rule)
10% Down Option
$91,524
+ PMI applies
Loan Amount (20% dn)
$732,189
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Lake Leelanau, MI?
The median home value in Lake Leelanau is $915,236 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3.2% year-over-year.
How much have home prices changed in Lake Leelanau?
Over the past year, home values in Lake Leelanau have increased by 3.2%. Over five years, prices have risen approximately 33.6%.
How much do I need to earn to buy a home in Lake Leelanau?
To comfortably afford the median home price of $915,236 with a 20% down payment ($183,047) at today's rates (6.8%), you'd need a gross annual income of approximately $242,480. This assumes keeping total housing costs at or below 30% of gross income.
How does Lake Leelanau compare to the national average home price?
The national median home value is approximately $410,000. At $915,236, homes in Lake Leelanau are 123% above the national average.
What metro area is Lake Leelanau part of?
Lake Leelanau is part of the Traverse City, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.