November 4, 2025 | Real Estate Market Update for Northville, Novi, South Lyon, Plymouth and Metro Detroit | Insights by Jeff Duneske, Northville Realtor®

November 4, 2025 | Real Estate Market Update for Northville, Novi, South Lyon, Plymouth and Metro Detroit | Insights by Jeff Duneske, Northville Realtor®

Housing Market Update: Signs of a Housing Recession or Early Recovery Ahead?

Today’s market headlines highlight a mix of caution and opportunity in the housing market. U.S. Treasury Secretary Scott Bessent warned that parts of the economy, including housing, may already be in recession, with high mortgage rates being the biggest drag on growth. He emphasized that if the Fed lowers rates further, it could “end this housing recession.”

Meanwhile, Moody’s Analytics Chief Economist Mark Zandi cautioned that homebuilding could weaken significantly, a trend that could ripple into 2026 unless interest rates decline. However, there are also signs of improvement: mortgage rates have fallen sharply, driving down monthly payments for the first time in nearly a year.

According to Redfin, the median monthly housing payment dropped 1.4% year-over-year to $2,530, marking the biggest decline since late 2024. Mortgage rates have slipped to 6.19%, boosting buyer activity — mortgage applications are up 20% year-over-year, and touring activity is up 8% from the start of the year.

Home Prices and Local Insights

Home prices nationwide rose 1.2% year-over-year in September, while inventory reached its highest level since 2019. About 20% of U.S. metropolitan areas saw price drops, indicating that affordability is slowly improving.

Detroit continues to outperform, ranking #2 in the nation for price growth at +12.9% year-over-year, signaling that Metro Detroit remains one of the most resilient and affordable major housing markets in the country.

What It Means for Metro Detroit Buyers and Sellers

• Buyers: Lower rates and rising inventory are improving conditions heading into winter — a rare window of opportunity before spring competition returns.

• Sellers: With Metro Detroit home values holding firm and local demand picking up, now is a smart time to list before 2026’s new construction wave expands.

If you’re considering a move, I can help you make sense of today’s data and timing, whether you’re buying or selling in Northville, Novi, South Lyon, or Plymouth.

Call or text me at (248) 939-9393 or visit Duneske.com to explore your next move.

The Jeff Duneske Real Estate Five Star Realtor Network

Looking for trusted real estate expertise across Metro Detroit?
Explore more local insights from Jeff Duneske Real Estate, one of Southeast Michigan’s top reviewed Realtors, consistently recognized for five-star service and proven results.

Discover why so many clients trust Jeff Duneske, Metro Detroit’s Top Reviewed Realtor to guide their next move with confidence, clarity, and care.

Metro Detroit | Northville | Novi | South Lyon | Plymouth

Each post highlights Jeff’s deep local expertise, market insight, and commitment to helping good people move forward in life through real estate.

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