Is South Lyon, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$443,333
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in South Lyon was $443,333 in May 2024, down 0.7% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $85.5K | $108.5K | +26.9% |
2 Bedrooms | $170K | $163.4K | -3.9% |
3 Bedrooms | $381.5K | $405.5K | +6.3% |
4 Bedrooms | $527.2K | $553.5K | +5.0% |
5+ Bedrooms | $610K | $696.5K | +14.2% |
Summary: South Lyon housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.9%, 2 bedroom homes decreased by 3.9%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 14.2%.
Median Sold Price Compared To Nearby Cities
Lyon Charter Township | $531.7K | $550K | +3.4% |
South Lyon | $446.3K | $443.3K | -0.7% |
Housing Supply in South Lyon, MI
How many homes are available in South Lyon, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
145 | 154 | +6.2% |
Summary: The South Lyon real estate market had 154 homes for sale in May 2024, a 6.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 4 | -33.3% |
2 Bedrooms | 29 | 28 | -3.4% |
3 Bedrooms | 40 | 45 | +12.5% |
4 Bedrooms | 54 | 61 | +13.0% |
5+ Bedrooms | 16 | 16 | 0.0% |
Summary: The South Lyon housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 3.4%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 13%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
45 | 41 | -8.9% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Summary: A total of 41 homes were sold or pending in South Lyon in May 2024, down by 8.9% month-over-month. Of the 41 sold homes, 41% were sold under asking, 27% were sold at asking, and 32% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
62 Days | 21 Days | -66.0% |
Summary: Homes in South Lyon had an average of 21 days on market in May 2024, down by 66% 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
Summary: During May 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.