South Lyon, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating South Lyon Neighborhoods Since 2000




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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

South Lyon Housing Market Information

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.

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 -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.

Average Home Values

 

Median Home Value:
$186,234

South Lyon, MI HOME PRICES

Value Range
> $1,254,000 0.0
$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

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
35.9369506621352 19.5512820512821

Number Of Homes And Apartments:
4,805

South Lyon Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
5.71% 0.32% 5 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,022 / per month

Homeownership Rate

Homeownership
Owners 74.00
Renters 26.00
Vacant 10.19

Housing Market Details

 

Age of Homes

AGE OF South Lyon HOMES
2000 or Newer 14.9
1970 - 1999 68.0
1940 - 1969 13.7
1939 or Older 3.4

Types of Homes

TYPE OF South Lyon HOMES
Single-Family 46.6
Townhomes 17.8
Small Apt. Buildings 5.7
Apt. Complexes 24.4
Mobile Homes 5.4
Other 0.0

Home Size

SIZE OF South Lyon HOMES
No Bedroom 0.15
1 Bedroom 13.44
2 Bedrooms 34.90
3 Bedrooms 30.17
4 Bedrooms 19.91
5 or more bedrooms 1.44