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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 11,722 people, 4,805 houses or apartments, and a median cost of homes of $186,234, South Lyon real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in South Lyon, accounting for 46.64% of the city's housing units. Other types of housing that are prevalent in South Lyon include large apartment complexes or high rise apartments ( 24.37%), row houses and other attached homes ( 17.83%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.74%).
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 74.00% of South Lyon's homes, and 50.07% 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 ( 14.90%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.70%). There's also some housing in South Lyon built before 1939 ( 3.44%).
Vacant housing appears to be an issue in South Lyon. Fully 10.19% of the housing stock is classified as vacant. Left unchecked, vacant South Lyon homes and apartments can be a drag on the real estate market, holding South Lyon real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
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 -0.39% during the period.
Appreciation rates are so strong in South Lyon that despite a nationwide downturn in the housing market, South Lyon real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, South Lyon appreciation rates continue to be some of the highest in America, at 6.18%, which is higher than appreciation rates in 75.58% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in South Lyon. South Lyon appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.
Importantly, this makes South Lyon one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Michigan, our data show that South Lyon's latest annual appreciation rate is higher than 50% 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.
|$940,001 - $1,254,000||0.0|
|$627,001 - $940,000||0.7|
|$501,001 - $627,000||2.1|
|$376,001 - $501,000||5.7|
|$251,001 - $376,000||22.5|
|$125,001 - $251,000||38.1|
|$63,001 - $125,000||17.0|
|$0 - $63,000||13.9|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF South Lyon HOMES|
|2000 or Newer||14.9|
|1970 - 1999||68.0|
|1940 - 1969||13.7|
|1939 or Older||3.4|
|TYPE OF South Lyon HOMES|
|Small Apt. Buildings||5.7|
|SIZE OF South Lyon HOMES|
|5 or more bedrooms||1.44|