Two shorelines. One lake. Two very different markets. If you are weighing North Lake Leelanau against South Lake Leelanau, you are not just choosing a view. You are choosing water depth, shoreline feel, boating style, and lifestyle rhythms that pull prices and buyer demand in different directions. In this guide, you will learn what moves each side, how current market forces show up around the lake, and the key due diligence that protects your investment. Let’s dive in.
Quick lake map: north vs. south
Lake Leelanau is a long inland lake split by the Narrows near the village of Lake Leelanau. The north basin is smaller and deeper, and the south basin is larger and shallower. The Narrows connects both basins and flows to Lake Michigan through the Leland River. For a concise overview of lake size and basins, see the general background on Lake Leelanau.
- North Lake average depth is about 40 feet with a max around 121 feet. South Lake averages about 24 feet with a max around 62 feet, which shapes how people use each side. These depth differences are well documented in regional summaries and lake references.
- The Narrows Natural Area is a conserved corridor that keeps this connection scenic and protected while concentrating boat traffic near the bridge at M‑204. You can read more about conservation at the Narrows Natural Area.
Price and demand snapshot
- By late summer 2025, one national index estimated the average Lake Leelanau home value around $866,173, while a mid‑2025 median sold price report for Lake Leelanau pointed closer to $1.2 million. The difference reflects index methods, the small number of waterfront sales, and the premium for shoreline frontage.
- County medians run lower than lakefront. In 2025 snapshots, Leelanau County’s median sale price ranged roughly in the mid‑to‑high 500s to 600s. Waterfront micro‑markets often sit above broader county trends.
- A large cash share and second‑home mix shape this market. Local reporting in 2024 to 2025 indicated roughly 44 percent cash purchases and around half of buyers purchasing second homes. That mix speeds timelines and can push prices in competitive waterfront segments.
North Lake drivers
Water and boating
If you want deeper water, bigger-boat capability, and direct connection to the Leland River and Lake Michigan, the north basin often wins. The deeper, colder profile supports fishing and anchoring that appeal to boaters who prioritize draft and access. A concise depth overview appears in the Lake Leelanau summary.
Property mix and premiums
North Lake frontage with depth suitable for larger docks often commands higher per‑front foot pricing in select pockets. You will see custom homes on larger parcels in some northern stretches, where privacy, bluffs in spots, and quiet coves add to value. Inventory is tight, so well‑positioned properties still attract strong attention.
Lifestyle and access
Being near Leland and the river outlet creates a unique boating lifestyle. Year‑round residents also weigh drive times to regional services and winter access when choosing a north‑side address. School district boundaries vary by exact location, so confirm assignments with local resources before you buy.
South Lake drivers
Swimming and shoreline feel
South Lake tends to be warmer with more gradual, sandy entries in select areas, which many families view as swim friendly. The southern marshes support wildlife and quiet paddling. Local guides frequently describe these patterns, and you can preview shoreline character in regional summaries like this local overview.
Wineries and agritourism
If you want to pair lake life with tasting rooms and vineyard views, the south and central peninsula deliver. Boathouse Vineyards is one of several examples that tie lake scenery to the wine trail experience. Explore the area’s vibe through Boathouse Vineyards.
Property mix and premiums
Sandy frontage and gentle slopes often command premiums on South Lake. You will also find historic and legacy properties, plus acreage and agricultural parcels nearby that draw lifestyle buyers who want space for gardens, hobby farming, or simple privacy.
Cross‑lake forces shaping value
- Tight waterfront supply: Very little new shoreline comes to market, and the best frontage often sells quickly.
- Second‑home demand: Seasonal and part‑time residents add competition, especially for turn‑key waterfront.
- Remote‑work relocations: Post‑pandemic flexibility continues to bring out‑of‑area buyers, which keeps year‑round homes with reliable internet in demand.
- Environmental factors: Water quality, invasive species, and shoreline stewardship matter to buyers. The Lake Leelanau Lake Association outlines harmful algal bloom background and mitigation steps on its HAB information page.
Permits, STRs, taxes, and insurance
- Shoreline permits: Many in‑water or shoreline changes require state approval under Michigan’s Inland Lakes and Streams Act. Before adding or expanding a dock, dredging, or altering shoreline, review requirements in NREPA Part 301 and consult township zoning.
- Short‑term rentals: Rules are set locally and vary across townships and villages in Leelanau County. Policy is evolving, so verify the specific ordinance before projecting rental income. For context on statewide debates, see this overview of Michigan’s STR policy landscape.
- Property taxes: Leelanau County’s median effective property tax rate has been reported around 0.63 percent, though your bill depends on assessments and local millages. For county‑level context, review this property tax trend snapshot.
- Flood insurance: Coverage is required only if a parcel sits in a FEMA Special Flood Hazard Area. Check maps with your agent and lender. The state provides guidance on the National Flood Insurance Program.
Buyer and seller checklist
- Confirm shoreline rights: Verify riparian status and any association rules for shared or private docks. Ask for prior permits and approvals.
- Inspect systems: Order septic inspections and well water testing. If the system is older, budget for updates that protect lake health. See HAB mitigation basics from the Lake Leelanau Lake Association.
- Review local rules: Read your township’s short‑term rental ordinance and shoreline zoning before you list or buy.
- Plan for access: Check winter road maintenance and drive grade for year‑round usability.
- Price with true comps: Use lakefront comparables by frontage, depth, and location rather than county medians.
- Be offer‑ready: Cash and clean terms are common on the water. If financing, have pre‑approval and appraisal strategy ready.
Which side fits you
- Choose North Lake if deeper water, larger‑boat mooring, and easy access to the Leland River and Lake Michigan are top priorities. You will likely focus on parcels that balance privacy with proximity to marinas and town.
- Choose South Lake if swim‑friendly shoreline, paddling, and a close tie to wineries and farm‑to‑table stops fit your lifestyle. You will likely focus on sandy frontage, gentle slopes, and locations near tasting rooms and markets.
Ready to compare specific shorelines or prep your lake home for market with design‑forward staging and video? Connect with Hillary Voight to get a tailored plan, from on‑the‑water comps to a concierge relocation strategy that fits how you live.
FAQs
What are the key differences between North and South Lake Leelanau?
- North is deeper and colder, which suits larger boats and fishing, while South is shallower and often warmer with more gradual, swim‑friendly entries in places.
How do Lake Leelanau prices compare to the county overall?
- Lakefront sales often run above county medians due to limited shoreline and high demand, with 2025 snapshots showing Lake Leelanau figures well above broader Leelanau County trends.
Can I add or expand a dock on Lake Leelanau?
- Many in‑water structures require a state permit under Michigan’s Inland Lakes and Streams Act, plus township approvals, so verify scope and permits early.
Are short‑term rentals allowed around Lake Leelanau?
- Rules vary by township or village, and some cap or license STRs, so check the specific local ordinance before assuming rental income is allowed.
Do Lake Leelanau homes require flood insurance?
- Only if the property lies within a FEMA Special Flood Hazard Area, so confirm your parcel’s flood zone with maps and your insurance advisor.
How does water quality affect lakefront ownership here?
- Seasonal HAB risk and invasive species concerns make septic maintenance, shoreline buffers, and informed lake stewardship important for both enjoyment and long‑term value.
