South Lyon, MI Real Estate Market

Sellers in South Lyon are in a strong position, with the median sale price of $588,490 significantly exceeding the median list price of $469,990, suggesting buyers are regularly pushing offers beyond asking. With only 173 active listings and homes moving in a median of 28 days, well-priced properties are drawing serious buyer interest quickly.

Buyers entering the South Lyon market should be prepared to move quickly, as the 28-day median days on market and a median sale price of $588,490 reflect a competitive and fast-moving environment. The gap between the median list price of $469,990 and the median sale price of $588,490 suggests that competitive offers well above list price have become a common outcome here.

With a median rent of $2,250 and a median sale price of $588,490, investors should carefully model cash flow expectations, as gross yields will be modest at this price point. The rental inventory of just 23 units is extremely tight, which supports strong rental demand and gives landlords meaningful pricing leverage across bedroom types ranging from $1,429 for 1-bedrooms up to $3,500 for 5-bedrooms.

The current 30-year fixed mortgage rate of 5.98% means buyers financing a median-priced home at $588,490 will face a substantial monthly payment, making affordability a key factor in purchase decisions. The 15-year fixed rate of 5.44% offers some cost savings over the life of the loan and may appeal to move-up buyers or those prioritizing faster equity growth in this appreciating market.