Thoroughly influenced by Loremaster LittleManPoet:
I think I see The Hobbit as more of a Faerie-Tale-- or at least it started out that way, and then took a serious turn shortly before the Battle of the Five Armies.
See
It Feels Different Near The Shire for further elaboration on that.
I'll not deny it has many different mythical elements, and I suppose it could be called a myth; although-- personally-- my test for "Mythicity" (groan!!!) is simpler--
"What truth shines through from The Truth?"
(Another can of worms.)
In Lord of the Rings, the truths shining through from the Truth are stark and clear. But in The Hobbit? Hmmmm. Next time I read it, I'll keep this issue in mind, and see what I decide...