"Blend of Mara and Lee"
The name Maralee is commonly a female name.
Maralee is a modern American compound name, formed by joining a Mar- element of the kind found in Mara, Mary and Marie to Lee. Lee entered American girls' names as a second element through the surname, and two-part names of this shape became common in the early twentieth century. The name first appears in United States birth records in 1917, which fits that pattern rather than an older inherited name.
The pronunciation of Maralee is MARE-uh-lee.