Market Overview
Home Prices in South Lyon, MI
The median home value in South Lyon, MI is $480,620 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.6% compared to a year ago and up 4.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in South Lyon are priced17% above average. South Lyon is part of the Detroit-Warren-Dearborn, MI metro area.
Over the past five years, South Lyon home values have risen by approximately25.6%, reflecting strong long-term appreciation in this market.
Price History
South Lyon Home Price Trend
City Comparison
South Lyon vs. National Median
At $480,620, homes in South Lyon cost 17% above the national median of $410,000. Buyers in South Lyon should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in South Lyon?
20% Down Payment
$96,124
on $480,620
Monthly P&I
$2,507/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,184/mo
incl. taxes & insurance
Income Needed
$127,360
gross annual (30% rule)
10% Down Option
$48,062
+ PMI applies
Loan Amount (20% dn)
$384,496
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in South Lyon, MI?
The median home value in South Lyon is $480,620 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.6% year-over-year.
How much have home prices changed in South Lyon?
Over the past year, home values in South Lyon have increased by 2.6%. Over five years, prices have risen approximately 25.6%.
How much do I need to earn to buy a home in South Lyon?
To comfortably afford the median home price of $480,620 with a 20% down payment ($96,124) at today's rates (6.8%), you'd need a gross annual income of approximately $127,360. This assumes keeping total housing costs at or below 30% of gross income.
How does South Lyon compare to the national average home price?
The national median home value is approximately $410,000. At $480,620, homes in South Lyon are 17% above the national average.
What metro area is South Lyon part of?
South Lyon is part of the Detroit-Warren-Dearborn, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.