South Lyon, MI 48178 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

South Lyon, MI—48178

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$452,000

4.7% YoY Growth

Household Income

$131,000

41.5% YoY Growth

Days on Market

7.0% Longer YoY

Home Price Forecast

1.8%

Median Rent

$2,500

17.3% YoY Growth

1-Bed Rent

$1,250

45.4% YoY Growth

2-Bed Rent

$1,350

1.2% YoY Growth

3-Bed Rent

$2,500

6.9% YoY Growth

Home Price Trends — South Lyon, MI

As of Dec '25, the median home price in South Lyon, MI is $452,000, with a year-over-year change of 4.7%. This indicates that home prices in South Lyon, MI are increasing. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$452,000	4.7%
Single Family	$474,000	3.9%
Condos	$344,000	4.6%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

Loading chart...

% of Rental Stock

Studio

2.9%

1 Bedroom

39.0%

2 Bedrooms

39.2%

3 Bedrooms

14.3%

4 Bedrooms

4.6%

Property Listings — South Lyon, MI

As of Dec '25, Realtor.com reports that the median days on market for a home in South Lyon, MI is 45. 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 19.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$481,000	-17.0%
Listing Count	141	-4.0%
Listings as % of Homes	0.8%	-4.0%
Days on Market	54	7.0%

Loading chart...

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%

Loading chart...

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%

Loading chart...

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%

Loading chart...

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

South Lyon, MI—48178

Key Metrics at a Glance

Home Price Trends — South Lyon, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — South Lyon, MI

% of Rental Stock

Property Listings — South Lyon, MI

Demographics — South Lyon, MI

Race and Ethnicity

Mortgage and Risk — South Lyon, MI

Mortgages

Rentals and Section 8 — South Lyon, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — South Lyon, MI

Home Price to Income Ratio

South Lyon, MI — ZIP Code Boundary Map

Nearby ZIP Codes

New Hudson, MI

Ann Arbor, MI

Whitmore Lake, MI

Northville, MI

Brighton, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.1
Median Home Price	$452,000
Median Household Income	$131,000

South Lyon, MI—48178

Key Metrics at a Glance

Home Price Trends — South Lyon, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — South Lyon, MI

% of Rental Stock

Property Listings — South Lyon, MI

Demographics — South Lyon, MI

Race and Ethnicity

Mortgage and Risk — South Lyon, MI

Mortgages

Rentals and Section 8 — South Lyon, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — South Lyon, MI

Home Price to Income Ratio

South Lyon, MI — ZIP Code Boundary Map

Nearby ZIP Codes

New Hudson, MI

Ann Arbor, MI

Whitmore Lake, MI

Northville, MI

Brighton, MI

Frequently Asked Questions

What is the average home price in South Lyon, MI 48178?

How have home prices in South Lyon, MI 48178 changed over the past year?

What is the home price projection for South Lyon, MI 48178?

What are the demographics of South Lyon, MI 48178?

How long does it take homes to sell in South Lyon, MI 48178?

What is the average rent price in South Lyon, MI 48178?