October 24, 2025 | Real Estate Market Update for Northville, Novi, South Lyon, Plymouth and Metro Detroit | Insights by Jeff Duneske, Northville Realtor®

The latest housing data continues to reveal a split market across the country, with certain metros cooling while others, like many in Metro Detroit, remain remarkably resilient. Here’s what the latest reports from ResiClub, Redfin, and ATTOM tell us, and how they connect to what we’re seeing locally in Northville, Novi, South Lyon, and Plymouth.

National Snapshot: Price Slippage in Some Markets, Stability in Others

According to ResiClub, 105 of the nation’s 300 largest housing markets are now experiencing year-over-year price declines. That’s a slight improvement from the peak of 110 earlier this year. However, it still shows that some regions, particularly the Sun Belt, are feeling the effects of rising inventory and affordability constraints.

Meanwhile, Midwest and Northeast markets with lower supply remain firm on pricing. This mirrors what we’re seeing locally: even as national headlines talk about “price declines,” well-prepared homes in Metro Detroit are still drawing strong offers when priced right and presented well.

Buyer and Seller Dynamics: The Balance Shifts Slightly

Redfin’s latest data shows about 37 percent more sellers than buyers nationwide, marking a noticeable shift toward a more balanced market. In several cities like Austin and Phoenix, there are now two sellers for every buyer, giving buyers leverage for the first time in years.

Locally, though, the story is different. In communities like Northville, Novi, South Lyon, and Plymouth, inventory remains low compared to pre-pandemic norms. Buyers still face competition for move-in-ready homes, while sellers in strong school districts and desirable neighborhoods continue to hold an edge.

That said, we are starting to see a few more inspection credits and rate buydown concessions, signs that smart buyers are negotiating strategically without derailing deals.

Longer Tenure, More Cash: How Homeowner Behavior Is Shaping Today’s Market

ATTOM’s newest report found that homeowners who sold in the third quarter had owned their properties for an average of 8.39 years, the longest stretch in at least 25 years. That record tenure explains the slow turnover in many established neighborhoods, especially across Northville and South Lyon, where long-time owners are sitting on significant equity and low mortgage rates.

Additionally, nearly 39 percent of home sales nationwide were all-cash, the highest share in over a decade. That’s an important signal: with rates still in the 6% range, cash and high-equity buyers are driving stability, keeping prices from dipping sharply even where demand has cooled slightly.

Metro Detroit Perspective: Real Opportunity Amid Low Inventory

In Northville, Novi, South Lyon, and Plymouth, the combination of low inventory and strong homeowner equity continues to create opportunity for both sides of the table.

• Sellers: If your home is well-prepared and priced appropriately in the first two weeks, you can still attract solid offers, often from cash or pre-approved buyers. Presentation, professional photos, and correct pricing remain critical.

• Buyers: With slightly more inventory than last spring, you have room to negotiate for concessions without missing out on great homes. Focus on long-term value rather than short-term rate noise.

As we move through fall, expect activity to remain steady through early November before the typical holiday slowdown. If you’ve been on the fence about selling, this tight-window period—paired with ultra-low competition—could be your moment.

Final Takeaway

While headlines highlight cooling in parts of the country, Metro Detroit remains in a different rhythm, steady, balanced, and driven by equity-rich homeowners and serious buyers. The key is local perspective. Every street, every neighborhood tells a different story.

If you’d like a personalized look at your home’s value or a plan to time your next move, I’m happy to prepare a no-pressure market analysis tailored to your neighborhood.