Leather is a product that has been used for millennia. While it is a natural material, its production raises serious environmental and ethical concerns. To mitigate those, the engineering of sustainable biobased leather substitutes has become a trend over the past few years. Among the biobased materials, mycelium, the fungal "root" of a mushroom, is one of the promising alternatives to animal leather, as a material with tunable physicomechanical properties. Understanding the effect of humidity on mycelium-based leather material properties is essential to the production of durable, competitive, and sustainable leather products. To this end, we measured the water sorption isotherms on several samples of mycelium-based leather materials and investigated the effects of water sorption on their elastic properties. The ultrasonic pulse transmission method was used to measure the wave speed through the materials while measuring their sorption isotherms at different humidity levels. Additionally, the material's properties were mechanically tested by performing uniaxial tensile tests under ambient and immersed conditions. An overall reduction in elastic moduli was observed during both absorption and immersion. The changes in the measured longitudinal modulus during water sorption reveal changes in the elasticity of the test materials. The observed irreversible variation of the longitudinal modulus during the initial water sorption can be related to the material production process and the presence of various additives that affect the mechanical properties of the leather materials. Our results presented here should be of interest to material science experts developing a new generation of sustainable leather products.