Is South Lyon, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, South Lyon has remained a Seller's Market.
Housing Prices in South Lyon, MI
How much do homes in South Lyon, MI cost?
Median Sold Price
$439,410
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in South Lyon was $439,410 in March 2024, up 13.4% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $80.7K | $107K | +32.5% |
2 Bedrooms | $166K | $166K | 0.0% |
3 Bedrooms | $347.5K | $420K | +20.9% |
4 Bedrooms | $508.5K | $550K | +8.2% |
5+ Bedrooms | $612.5K | $632.3K | +3.2% |
Summary: South Lyon housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 32.5%, 2 bedroom homes did not change, 3 bedroom homes increased by 20.9%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes increased by 3.2%.
Median Sold Price Compared To Nearby Cities
South Lyon | $387.5K | $439.4K | +13.4% |
Lyon Charter Township | $519.1K | $545K | +5.0% |
Housing Supply in South Lyon, MI
How many homes are available in South Lyon, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
82 | 97 | +18.3% |
Summary: The South Lyon real estate market had 97 homes for sale in March 2024, a 18.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 5 | -16.7% |
2 Bedrooms | 16 | 22 | +37.5% |
3 Bedrooms | 27 | 32 | +18.5% |
4 Bedrooms | 25 | 31 | +24.0% |
5+ Bedrooms | 8 | 7 | -12.5% |
Summary: The South Lyon housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 37.5%, 3 bedroom homes increased by 18.5%, 4 bedroom homes increased by 24%, and 5+ bedroom homes decreased by 12.5%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
33 | 26 | -21.2% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 26 homes were sold or pending in South Lyon in March 2024, down by 21.2% month-over-month. Of the 26 sold homes, 46% were sold under asking, 19% were sold at asking, and 35% were sold over asking.
Days on Market for South Lyon, MI
How long does it take to sell a home in South Lyon, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
106 Days | 20 Days | -80.3% |
Summary: Homes in South Lyon had an average of 20 days on market in Mar 2024, down by 80.3% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 26 homes were sold in South Lyon; 81% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.