October 28, 2025 | Real Estate Market Update for Northville, Novi, South Lyon, Plymouth and Metro Detroit | Insights by Jeff Duneske, Northville Realtor®

Today’s snapshot

Case Shiller shows national prices up modestly year over year in August, with most metros slipping month over month. Midwest and Northeast continue to outperform, and Detroit remains in the positive column. A quarter-point Fed cut is widely expected this week, and Fannie Mae’s October outlook calls for rates easing through 2026 with a slow improvement in sales.

Prices at a glance

• National prices rose about one and a half percent year over year in August

• Nineteen of the twenty tracked metros slipped month over month

• Detroit remains positive year over year, and the Midwest continues to show relative strength

What this means here at home

• Northville, Novi, South Lyon, and Plymouth continue to benefit from Midwest resilience and tight inventory.

• With prices near record territory and affordability still stretched, well-prepared listings capture the most showings early and command the best terms.

• Buyers see brief windows of leverage on listings that miss the mark on price or presentation.

Rates and the Fed

• Markets are expecting a quarter-point cut at this week’s Fed meeting, with another possible in December.

• Even with cuts, mortgage rates move with inflation trends and longer-term yields, so plan for gradual rather than dramatic relief.

• For active buyers, slight dips can quickly boost competition, so pre-approval and fast readiness matter.

Fannie Mae outlook in plain English

• Modest economic growth through 2026

• Mortgage rates drifting lower into the mid-fives to low sixes range next year and the year after

• Total home sales slowly improve from today’s pace

• Price growth cools but remains positive in most Midwest submarkets

Local playbook

Sellers

• If you want to move after the holidays, prep now. A clean pre-listing plan, early photo and media, and a pricing strategy tied to fresh comps will put you in the first wave of spring buyers.

• Consider minor make-ready items with the highest return on investment in our area, such as paint refreshes, lighting updates, and curb appeal.

Buyers

• Use any rate dip to your advantage. Lock when the lender can offer a free or low-cost float down, and keep your inspection, appraisal, and insurance team on deck so you can move with confidence.

• Target well-located homes that have been on the market longer than the median days on market and negotiate credits rather than significant price cuts.

Homeowners

• If you plan to stay, request a quick equity and payment review to see how a future refinance or a term reset could help you meet your monthly goals while preserving flexibility.