South Lyon MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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South Lyon, MI Real Estate Data

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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

South Lyon Housing Market Information

With 11,831 people, 2,021 houses or apartments, and a median cost of homes of $217,937, 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 69.97% of the city's housing units. Other types of housing that are prevalent in South Lyon include large apartment complexes or high rise apartments ( 12.18%), row houses and other attached homes ( 9.09%), and a few mobile homes or trailers ( 4.94%).

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 85.99% of South Lyon's homes, and 68.84% 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 ( 23.02%). A lesser amount of the housing stock also hails from between 1940-1969 ( 11.30%). There's also some housing in South Lyon built before 1939 ( 3.15%).

South Lyon Home Appreciation Rates

In the last 10 years, South Lyon has experienced some of the highest home appreciation rates of any community in the nation. South Lyon real estate appreciated 53.89% over the last ten years, which is an average annual home appreciation rate of 4.40%, putting South Lyon in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, South Lyon definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 2.77%, 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 0.44%, which equates to an annual appreciation rate of 1.77%.

Relative to Michigan, our data show that South Lyon's latest annual appreciation rate is lower than 70% 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:
$217,937

South Lyon, MI HOME PRICES

Value Range
> $1,367,000 0.5
$1,025,001 - $1,367,000 0.0
$683,001 - $1,025,000 0.5
$547,001 - $683,000 4.6
$410,001 - $547,000 10.7
$274,001 - $410,000 27.1
$137,001 - $274,000 32.8
$68,001 - $137,000 10.8
$0 - $68,000 13.1

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
35.970802919708 19.3910256410256

Number Of Homes And Apartments:
2,021

South Lyon Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
18.27% 0.82%
3
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,227 / per month

Homeownership Rate

Homeownership
Owners 85.99
Renters 14.01
Vacant 6.17

Housing Market Details

 

Age of Homes

AGE OF South Lyon HOMES
2000 or Newer 23.0
1970 - 1999 62.5
1940 - 1969 11.3
1939 or Older 3.1

Types of Homes

TYPE OF South Lyon HOMES
Single-Family 70.0
Townhomes 9.1
Small Apt. Buildings 3.8
Apt. Complexes 12.2
Mobile Homes 4.9
Other 0.0

Home Size

SIZE OF South Lyon HOMES
No Bedroom 0.64
1 Bedroom 5.20
2 Bedrooms 20.94
3 Bedrooms 38.01
4 Bedrooms 30.82
5 or more bedrooms 4.39