November 12, 2025 | Real Estate Market Update for Northville, Novi, South Lyon, Plymouth and Metro Detroit | Insights by Jeff Duneske, Northville Realtor®

November 12, 2025 | Real Estate Market Update for Northville, Novi, South Lyon, Plymouth and Metro Detroit | Insights by Jeff Duneske, Northville Realtor®

Today’s market update highlights the changing landscape of the American Dream, encouraging signs in mortgage performance, and growing momentum in buyer activity as we move deeper into November.

Even as affordability challenges persist, data from multiple national reports show confidence is building, home equity remains strong, and buyers are adapting creatively to achieve their homeownership goals.

1. The State of the American Dream | 71 Percent Delaying Life Milestones

Coldwell Banker’s 2025 American Dream Report reveals that 71 percent of aspiring homeowners are putting major life decisions on hold until they can afford to buy a home.
Despite financial headwinds, 85 percent of Americans still believe owning a home is a core part of the American Dream, and nearly two thirds of non homeowners plan to buy within five years.

Key takeaways

• 84 percent of Gen Z aspiring homeowners are delaying at least one life decision, with 29 percent waiting to have children

• 18 percent of aspiring homeowners are postponing marriage or family planning, while 17 percent are delaying career changes or pet ownership

• 65 percent of Americans view buying a home as a smarter long term financial move than renting

• 48 percent believe real estate is a stronger wealth builder than the stock market

• 84 percent are willing to make lifestyle concessions to buy, such as taking side jobs, purchasing smaller homes, or relocating to more affordable areas

What this means for Metro Detroit buyers

Younger buyers and families in Northville, Novi, South Lyon, and Plymouth continue to view homeownership as the foundation of financial stability and long term success.
Even when affordability is tight, this optimism matters — because it fuels creativity, from co buying with family members to exploring smaller or move in ready homes that still align with lifestyle goals.

2. Mortgage Health Remains Strong | Delinquencies at 3.42 Percent

The latest ICE Mortgage Monitor report shows the national delinquency rate dipped to 3.42 percent, remaining near record lows.
While foreclosure starts rose 23 percent compared to last year, they are still well below 2019 levels, signaling that most homeowners are staying current on payments thanks to healthy equity positions and stable job markets.

Key findings

• FHA loans make up nearly half of all delinquencies

• Mortgage rates dropped to an average of 6.17 percent, the lowest of 2025

• Refinance activity is growing as more homeowners become eligible for lower rates

• For sale inventory continues to improve but remains 13 percent below pre pandemic levels

• Home prices are up 0.9 percent year over year, showing signs of steady stabilization

• Total homeowner equity reached 17.3 trillion dollars, while tappable equity held at 11.2 trillion

What this means for Metro Detroit homeowners

Equity is the quiet strength of today’s market. Even as certain areas experience softening, the vast majority of homeowners across Southeast Michigan remain in a strong position.
With steady prices and improving inventory, sellers still hold leverage, especially in desirable communities where quality homes are limited.
For buyers, slightly lower rates and stabilizing prices present a welcome window of opportunity heading into the end of the year.

3. Mortgage Applications | Buyer Momentum Builds in November

According to the Mortgage Bankers Association, overall mortgage applications increased 0.6 percent for the week ending November seventh, with purchase applications up 6 percent to their strongest pace since September.
Refinance activity dipped 3 percent for the week but remains nearly 150 percent higher than a year ago.

Additional insights

• The 30 year fixed rate rose slightly to 6.34 percent

• Purchase applications were up across conventional, FHA, and VA loans

• The average refinance loan size declined to its lowest level in over a month

• Markets with improving inventory and slower price growth are driving more activity

What this means for Metro Detroit

Buyers are adjusting to current mortgage rates and moving forward when the right opportunity appears. This is particularly evident across Northville, Novi, South Lyon, and Plymouth, where homes priced correctly are drawing solid attention and motivated offers.

As inventory improves, today’s market favors both well prepared buyers and sellers who price strategically and present their homes with care.

Metro Detroit Market Outlook

Each new report reinforces that housing remains a pillar of long term stability.
Homeownership continues to define the American Dream, equity remains a powerful safety net, and motivated buyers are adapting to the market rather than waiting for perfect conditions.

If you are thinking about selling, buying, or planning a rightsizing move, this season still offers opportunity. With interest rates near their lowest point of the year and local demand staying consistent, the coming weeks can be a smart time to position your home or start your search.

Explore Homes for Sale Across Metro Detroit

Looking for your next home in Southeast Michigan? Explore current listings and market insights in your favorite communities:

🏡 Northville Homes for Sale
🏡 Novi Homes for Sale
🏡 South Lyon Homes for Sale
🏡 Plymouth Homes for Sale

Each link connects directly to local market updates, active listings, and neighborhood insights curated by Jeff Duneske, Northville Realtor®, your trusted real estate resource across Metro Detroit.

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Jeff Duneske, Northville Realtor® – Keller Williams Advantage
Call or text: (248) 939 9393
Visit: Duneske.com