08/24/2026
WEEKLY MARKET UPDATE
Northern Michigan’s residential market remained active from August 16–22, although conditions continued to vary considerably by county and property type.
Across Grand Traverse, Leelanau, Benzie, Antrim, and Kalkaska counties:
• 194 properties entered or returned to Active/New status
• 31 moved into Pending or Active Under Contract status
• 56 single-family homes closed
• The median closed price was $505,750
• Total sales volume reached approximately $41.7 million
Closed sales and median sale prices:
• Grand Traverse: 23 sales | $501,500
• Antrim: 8 sales | $601,000
• Leelanau: 11 sales | $849,000
• Benzie: 9 sales | $450,000
• Kalkaska: 5 sales | $349,000
Takeaway: New and newly active inventory substantially exceeded under-contract activity during the week, giving buyers more choices as the late-summer market progresses. However, half of the week’s closings still finished at or above asking price, demonstrating that well-positioned properties continue to attract strong demand.
Luxury transactions also had an outsized effect on the numbers. Eleven properties sold for $1 million or more, representing approximately 20% of closings but nearly half of total sales volume. Waterfront, acreage, resort, and distinctive properties should therefore be evaluated using property-specific comparisons rather than broad averages alone.
Mortgage rates declined slightly, with the average 30-year fixed rate reaching 6.65% as of August 20. For buyers, comparing lenders and structuring offers carefully remain important. For sellers, accurate pricing, strong presentation, and targeted marketing are essential as buyers gain additional choices.
If you’re interested in buying or selling in Northern Michigan, I’d be happy to help you understand what these conditions mean for your specific property or goals.
Sources: NGLRMLS and Freddie Mac
Edwin J. Campbell V
Real Estate One®
(231) 463-5085
[email protected]
