Is South Lyon, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$440,262
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in South Lyon was $440,262 in April 2024, up 10.9% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $76.5K | $107K | +39.9% |
2 Bedrooms | $166K | $165.5K | -0.3% |
3 Bedrooms | $360K | $422K | +17.2% |
4 Bedrooms | $513.7K | $550K | +7.1% |
5+ Bedrooms | $610K | $653K | +7.0% |
Summary: South Lyon housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 39.9%, 2 bedroom homes decreased by 0.3%, 3 bedroom homes increased by 17.2%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 7%.
Median Sold Price Compared To Nearby Cities
South Lyon | $397K | $440.2K | +10.9% |
Lyon Charter Township | $524.9K | $550K | +4.8% |
Housing Supply in South Lyon, MI
How many homes are available in South Lyon, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
95 | 148 | +55.8% |
Summary: The South Lyon real estate market had 148 homes for sale in April 2024, a 55.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 7 | +75.0% |
2 Bedrooms | 21 | 28 | +33.3% |
3 Bedrooms | 29 | 42 | +44.8% |
4 Bedrooms | 34 | 58 | +70.6% |
5+ Bedrooms | 7 | 13 | +85.7% |
Summary: The South Lyon housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 75%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 44.8%, 4 bedroom homes increased by 70.6%, and 5+ bedroom homes increased by 85.7%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
26 | 36 | +38.5% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Summary: A total of 36 homes were sold or pending in South Lyon in April 2024, up by 38.5% month-over-month. Of the 36 sold homes, 44% were sold under asking, 11% were sold at asking, and 44% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
46 Days | 41 Days | -9.8% |
Summary: Homes in South Lyon had an average of 41 days on market in Apr 2024, down by 9.8% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 36 homes were sold in South Lyon; 83% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.