South Lyon, MI Home Values & Market Trends
Real estate market trends reflect that there have been 625 transactions over the past year in South Lyon. The median value for residential home transactions that occurred over the previous year is $472,493.77. The number of current listings in South Lyon is 48, and the percentage of properties for sale in the city is 48.00%. South Lyon, MI currently has 8 properties in foreclosure, 1 bank owned properties, 7 properties headed for auction, and 48 properties for sale.
South Lyon, MI Real Estate Market Overview
Zip | Median Est. Value |
---|---|
48178 | $ 488,000 $ 214/sqft |
Housing Market Summary for South Lyon, MI
Apr 2023 | March 2024 | Change | |
---|---|---|---|
Median Listing Price | $539.9K | $455.7K | -15.60% |
Median Sold Price | $378.7K | $455.7K | 20.32% |
Homes For Sale | 43 | 32 | -25.58% |
Homes Sold | 421 | 357 | -15.20% |
Price Per Square Foot
On an average, Single Family homes cost $33 more per sqft than Condos. In comparison with sales price/sqft last week, list price/sqft of Single Family homes increased by 1.93% whereas, list price/sqft of Condos increased by 9.38%.
Recently Sold Homes
Explore recent offers and recently sold homes in South Lyon, MI
Browse Homes in South Lyon, MI
South Lyon home values range from $22,740 to $34,685,328. The median estimated value of a home in South Lyon is $472,493.77. The median list price of a home is 585,950, and the total count of properties in the city is 12,621.
- Pre-ForeclosurePre-foreclosure homes account for 0% of all residential properties in South Lyon, MI with $[pre-foreclosures-highest-count-region] containing 0 pre-foreclosures, the highest number of pre-foreclosure properties in a single zip. There is 1 zips within South Lyon, MI; of that zips, the estimated home value for pre-foreclosure homes ranges from $0 in N/A to the lowest home value of $0 in $[pre-foreclosures-lowest-avm-region].
- Bank OwnedThe median estimated home value of bank owned homes (REO properties) in South Lyon, MI ranges from the highest value of $524,303 in 48178 to the lowest value of $524,303 in 48178. Bank owned homes and properties account for 0.01% of properties in South Lyon, MI. There is 1 zips within South Lyon, MI; 48178 containing 1 REO properties, has the highest number of bank owned properties in a single zip.
- Auctions48178 has 7 auction properties, the highest number of properties going to auction in a single zip in the state of South Lyon, MI. Auction homes and other auction properties account for 0.06% of all properties in South Lyon, MI. There is 1 zips within South Lyon, MI; of that zips, the median estimated home value for homes going to auction ranges from $522,042 in 48178 to the lowest value of $128,388 in 48178.
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More Real Estate Resources for South Lyon, MI
Guide for South Lyon, MI
Explore the nuances of Michigan’s 2023 real estate market, where rising property values meet shifting sold prices and distressed properties offer investment opportunities amidst a stable yet competitive landscape.
The 2023 Detroit real estate market trend showed steady average listing values and an increase in property sales, with neighboring cities displaying more fluctuation but higher property values. This reflects the city’s resilience amidst an unpredictable industry landscape.
Why Buying a Foreclosure is a Smart Move
Information on foreclosure financing, refinancing, and foreclosure mortgages.