Are Home Values Rising or Falling in Northville, MI?

If you have been following the housing headlines lately, you have probably noticed some mixed signals. And when you zoom out, it makes sense. Zillow recently reported that in half of the country’s largest metros, home values rose over the past year, while in the other half, they fell.

Let’s break it down first nationally, and then what is happening right here in Northville, MI.

National Market Trends

• Home values rose just 0.2% over the past year.

• Twenty-five major markets, mainly in the Midwest and Northeast, saw increases, led by Cleveland (+4.7%) and Hartford (+4.5%).

• Another twenty-five metros, especially in the South and West, saw declines, with Tampa (-6.2%), Austin (-6%), and Miami (-4.6%) leading the drops.

• Sellers cut prices on 27.4% of listings, the highest share since tracking began in 2018.

• Homes are taking longer to sell, with a median of 60 days on market, the slowest July in more than a decade.

• Mortgage costs are down slightly, by about $19 per month, compared to last year, but are still nearly $1,000 higher than before the pandemic.

What’s Happening in Northville

The local story looks different than the national headlines. Here is how July 2025 compared to last year:

Residential Homes

• Median Sales Price: $772,500 (down 11.7% year over year but still up 4.8% year to date).

• Closed Sales: 10 (down 69.7%).

• New Listings: 10 (down 75%).

• Days on Market: 25 (up from 13).

• Percent of List Price Received: 99.6% (slightly lower but still strong).

• Months Supply of Inventory: 2.2 months (down from 2.8, showing limited supply).

Condos

• Median Sales Price: $500,000 (up 48.8% year over year for July but down 11.5% year to date).

• Closed Sales: 7 (down 58.8%).

• Days on Market: 39 (up from 10).

• Percent of List Price Received: 99.3%.

• Inventory: 8 active listings.

What This Means for Buyers

• Inventory remains tight, meaning buyers continue to face competition for well-priced properties.

• With days on market increasing, you may see more opportunities to negotiate, especially on homes that linger.

• Price reductions are becoming increasingly common, so staying pre-approved and ready to act gives you a competitive advantage.

What This Means for Sellers

• Well-priced homes are still moving, with sellers receiving close to 100% of the asking price.

• Overpricing leads to longer market times and bigger concessions.

• With fewer new listings this year, strategically positioned homes can still attract strong offers.

The Bottom Line

Nationally, the housing market appears divided, but here in Northville, the story is one of limited inventory paired with shifting buyer behavior. Homes that are priced correctly and marketed effectively are still selling, while overpriced listings are taking longer to sell.

If you are considering a move in Northville, the key will be strategy, timing, and presentation.