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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



South Lyon, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

South Lyon, MI Housing Market Trends

With 11,827 people, 5,121 houses or apartments, and a median cost of homes of $291,741, South Lyon real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in South Lyon, accounting for 56.14% of the city's housing units. Other types of housing that are prevalent in South Lyon include large apartment complexes or high rise apartments ( 18.98%), row houses and other attached homes ( 16.57%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.92%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in South Lyon. Owner-occupied housing accounts for 82.44% of South Lyon's homes, and 57.58% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in South Lyon built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in South Lyon built between 2000 and later ( 17.85%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.16%). There's also some housing in South Lyon built before 1939 ( 4.78%).

South Lyon Home Appreciation Rates

Real estate appreciation rates in South Lyon's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.68% during the period.

Over the last year, South Lyon appreciation rates have trailed the rest of the nation. In the last twelve months, South Lyon's appreciation rate has been 4.71%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in South Lyon were at -0.26%, which equates to an annual appreciation rate of -1.02%.

Relative to Michigan, our data show that South Lyon's latest annual appreciation rate is lower than 80% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within South Lyon differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in South Lyon - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best South Lyon real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$291,741

South Lyon, MI Home Prices
> $1,197,000
$897,001 - $1,197,000
$599,001 - $897,000
$479,001 - $599,000
$359,001 - $479,000
$240,001 - $359,000
$120,001 - $240,000
$60,001 - $120,000
$0 - $60,000
0.0%
0.0%
0.0%
0.0%
3.7%
3.7%
10.2%
10.2%
23.3%
23.3%
29.8%
29.8%
18.9%
18.9%
7.1%
7.1%
7.0%
7.0%
0% 100.0%
% of Homes
High

for Michigan

Average

for nation

Number of Homes And Apartments:

5,121

South Lyon Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,726 / per month

Homeownership Rate

Owners
Renters
82.4%
82.4%
17.6%
17.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.0%
2.0%
98.0%
98.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
17.9%
17.9%
64.2%
64.2%
13.2%
13.2%
4.8%
4.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
56.1%
56.1%
16.6%
16.6%
4.9%
4.9%
19.0%
19.0%
3.4%
3.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.4%
0.4%
9.1%
9.1%
31.2%
31.2%
39.2%
39.2%
18.4%
18.4%
1.7%
1.7%
0% 100.0%
% of Homes