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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 11,821 people, 4,963 houses or apartments, and a median cost of homes of $177,056, 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 51.64% of the city's housing units. Other types of housing that are prevalent in South Lyon include large apartment complexes or high rise apartments ( 25.79%), row houses and other attached homes ( 14.60%), and a few mobile homes or trailers ( 3.99%).

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 78.50% of South Lyon's homes, and 59.18% 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 ( 17.21%). A lesser amount of the housing stock also hails from between 1940-1969 ( 11.21%). There's also some housing in South Lyon built before 1939 ( 4.07%).

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 53.31% over the last ten years, which is an average annual home appreciation rate of 4.37%, 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.

NeighborhoodScout's data show that during the latest twelve months, South Lyon's appreciation rate, at 5.51%, has been at or slightly above the national average. In the latest quarter, South Lyon's appreciation rate has been 2.48%, which annualizes to a rate of 10.28%.

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:
$177,056

South Lyon, MI HOME PRICES

> $1,117,000
0.4%
0.4%
$838,001 - $1,117,000
0.0%
0.0%
$558,001 - $838,000
0.0%
0.0%
$447,001 - $558,000
5.8%
5.8%
$335,001 - $447,000
16.1%
16.1%
$223,001 - $335,000
26.6%
26.6%
$112,001 - $223,000
28.8%
28.8%
$56,001 - $112,000
12.1%
12.1%
$0 - $56,000
10.1%
10.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for MI

Value Relative To Nation

Number Of Homes And Apartments:
4,963

South Lyon Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
21.52% 0.93%
3
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,357 / per month

Homeownership Rate

Owners
78.5%
78.5%
Renters
21.5%
21.5%
Vacant
4.3%
4.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
17.2%
17.2%
1970 - 1999
67.5%
67.5%
1940 - 1969
11.2%
11.2%
1939 or Older
4.1%
4.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
51.6%
51.6%
Townhomes
14.6%
14.6%
Small Apt. Buildings
4.0%
4.0%
Apt. Complexes
25.8%
25.8%
Mobile Homes
4.0%
4.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.2%
1.2%
1 Bedroom
9.0%
9.0%
2 Bedrooms
29.9%
29.9%
3 Bedrooms
38.6%
38.6%
4 Bedrooms
20.6%
20.6%
5 or more bedrooms
0.7%
0.7%
0.0% 100.0%
% OF HOMES