South Lyon, MI—48178
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — South Lyon, MI
As of Oct '25, the median home price in South Lyon, MI is $458,000, with a year-over-year change of 4.9%. This indicates that home prices in South Lyon, MI are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $458,000 | 4.9% |
| Single Family | $480,000 | 4.3% |
| Condos | $353,000 | 4.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $150,000 | 4.2% |
2 Bed | $186,000 | 1.6% |
3 Bed | $409,000 | 5.1% |
4 Bed | $577,000 | 4.7% |
| 5 Bed | $697,000 | 4.0% |
% of Housing Stock
Rental Trends — South Lyon, MI
As of July '25, Rentcast reports the average rent in South Lyon, MI is $2,510, with a year-over-year rent change of 17.3%. Per bedroom, the median rent as of July '25 in South Lyon, MI is 1-bedrooms: $1,570, 2-bedrooms: $1,640, 3-bedrooms: $2,290, 4-bedrooms: $3,810. The most common rental property sizes in South Lyon, MI are 2-bedroom and 1-bedroom, accounting for 39.2% and 39.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,500 | $2,510 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,250 | $1,570 |
| 2 Bed Rent | $1,350 | $1,640 |
| 3 Bed Rent | $2,500 | $2,290 |
| 4 Bed Rent | $3,400 | $3,810 |
% of Rental Stock
Property Listings — South Lyon, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in South Lyon, MI is 43. This is a increase of 8.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $539,000 | -8.0% |
Listing Count | 176 | 6.0% |
| Listings as % of Homes | 0.8% | 6.0% |
Days on Market | 43 | 8.0% |
Demographics — South Lyon, MI
As of the latest ACS Survey released in 2023, South Lyon, MI has a population of 37,300, which has increased by 8.7% over the past 5 years. South Lyon, MI is a moderately popular place for families, as children make up 23.9% of the population. The area has a highly educated workforce, with 52.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 37,300 | 8.7% |
% Under 18 | 23.9% | -5.2% |
% Seniors | 17.3% | 13.8% |
% WFH | 16.5% | 179.7% |
% w/ College Degree | 52.6% | 18.7% |
As of the latest ACS Survey released in 2023, South Lyon, MI is a predominantly white area, with 88.2% of the population identifying as white. The white population has shrunk by 4.3% in the last 5 years. The second most common race or ethnicity in South Lyon, MI is asian, making up 3.6% of the population. Foreign-born residents account for 6.9% of the population in South Lyon, MI, and this percentage has increased by 35.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 88.2% | -4.3% |
% Black | 1.1% | 266.7% |
% Hispanic | 3.3% | 13.8% |
% Asian | 3.6% | 71.4% |
% Foreign Born | 6.9% | 35.3% |
Mortgage and Risk — South Lyon, MI
According to HUD data as of 2023, there were 822 mortgage originations in South Lyon, MI, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in South Lyon, MI. Investor activity is low, as 1.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 822 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — South Lyon, MI
As of 2024, the percent of homes in South Lyon, MI under the Section 8 program is 1.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom units appear to be good home sizes to consider for Section 8 housing in South Lyon, MI, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 18 |
Total Units Section 8 | 18 |
% Rentals under Section 8 | 1.7% |
% Occupied Section 8 | 98.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$70 | $1,250 | $1,180 |
| 2 Bedroom | $100 | $1,350 | $1,450 |
| 3 Bedroom | -$660 | $2,500 | $1,840 |
| 4 Bedroom | -$1,390 | $3,400 | $2,010 |
Affordability — South Lyon, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $458,000 |
| Median Household Income | $131,000 |