Is South Lyon, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, South Lyon has remained a Seller's Market.
Key Takeaway
South Lyon is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South Lyon, MI
How much do homes in South Lyon, MI cost?
Median Sold Price
$435,000
$205/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in South Lyon have sold for 3.4% less than they did a year ago.
Summary: The median home sold price in South Lyon was $435,000 in June 2024, down 3.4% from last year, and the median price per square foot was $205.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $100.7K | $101.9K | +1.2% |
| 2 Bedrooms | $170K | $163.4K | -3.9% |
| 3 Bedrooms | $387.7K | $400K | +3.2% |
| 4 Bedrooms | $530.6K | $563.1K | +6.1% |
| 5+ Bedrooms | $612.5K | $722.5K | +18.0% |
Summary: South Lyon housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.2%, 2 bedroom homes decreased by 3.9%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 6.1%, and 5+ bedroom homes increased by 18%.
Median Sold Price Compared To Nearby Cities
| Lyon Charter Township | $532.8K | $573.2K | +7.6% |
| South Lyon | $450.2K | $435K | -3.4% |
Housing Supply in South Lyon, MI
How many homes are available in South Lyon, MI?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 153 | 157 | +2.6% |
Summary: The South Lyon real estate market had 157 homes for sale in June 2024, a 2.6% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 2 | -50.0% |
| 2 Bedrooms | 24 | 32 | +33.3% |
| 3 Bedrooms | 48 | 44 | -8.3% |
| 4 Bedrooms | 59 | 64 | +8.5% |
| 5+ Bedrooms | 18 | 15 | -16.7% |
Summary: The South Lyon housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 8.3%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 54 | 41 | -24.1% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Lyon, you could pay more than the asking price. 56.1% of homes here sold above asking price last month.
Summary: A total of 41 homes were sold or pending in South Lyon in June 2024, down by 24.1% month-over-month. Of the 41 sold homes, 27% were sold under asking, 17% were sold at asking, and 56% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 37 Days | 37 Days | +1.1% |
Summary: Homes in South Lyon had an average of 37 days on market in Jun 2024, up by 1.1% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Lyon are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 41 homes were sold in South Lyon; 78% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.