South Lyon, MI Real Estate Market

With a competition score of 82 and a median days on market of only 20, conditions in South Lyon are favorable for sellers listing their homes. Pricing strategically near the median asking price of $599,900 and the median price per square foot of $233.96 can help attract serious buyers quickly.

Buyers entering the South Lyon market should be prepared to move decisively, as the median days on market is just 20 days and the market is rated hot. With a median asking price of $599,900 for single-family homes, having financing pre-arranged and a clear budget aligned to your bedroom needs will be essential, since 4-bedroom homes are listed at $599,900 and 3-bedroom homes at $375,000.

South Lyon offers 26 rental listings with a median rent of $1,900, and rent for 3-bedroom units averages $2,395 per month against a median asking price of $375,000 for 3-bedroom homes. Investors should carefully model cash flow using current 30-year mortgage rates of 6.37% to assess whether rental income can support acquisition costs in this market.

The current 30-year fixed mortgage rate stands at 6.37% and the 15-year fixed rate at 5.72%, both of which meaningfully affect monthly payment calculations on a median asking price of $599,900. Buyers who can qualify for a 15-year term or make a larger down payment may find the 5.72% rate offers notable long-term interest savings.