October 29, 2025 | Real Estate Market Update for Northville, Novi, South Lyon, Plymouth and Metro Detroit | Insights by Jeff Duneske, Northville Realtor

Metro Detroit Market Overview

The Metro Detroit real estate market continues to move steadily as mortgage rates ease and buyer confidence improves. Mortgage applications rose this week while the average thirty-year fixed rate settled in the mid-sixes. Nationally, luxury real estate softened slightly with longer days on market, and some new construction timelines may be affected by temporary permitting delays. Here’s what this means for buyers and sellers in Northville, Novi, South Lyon, and Plymouth.

Key Market Trends

Mortgage Rates and Buyer Activity
Mortgage applications increased about 7% from last week, reflecting renewed interest from both new buyers and those looking to refinance. The average 30-year rate now sits around 6.3%, helping affordability and monthly payments. This change is bringing new energy to Metro Detroit homebuyers, particularly in Northville and Novi, where move-in-ready homes continue to attract strong interest.

Luxury Market in Focus
The national luxury threshold now sits near one million two hundred forty thousand dollars, with an average of seventy-nine days on market. Locally, Northville and South Lyon luxury listings are showing similar patterns, longer marketing times, but motivated, qualified buyers are still active. In Novi and Plymouth, well-priced high-end homes continue to draw attention, especially when presented with strong visuals and local lifestyle appeal.

New Construction and Permitting Slowdowns
Due to the ongoing federal government shutdown, some building permits and environmental reviews are temporarily delayed. This primarily affects large-scale or land-development projects that require federal input. In Metro Detroit, smaller residential new construction in communities like Lyon Township, Novi, and Northville should continue without significant disruption. Builders are keeping close watch on timelines and cost structures to avoid delays.

Local Expert Insights

For Sellers
Homes priced correctly are still receiving consistent showings and offers. If you’re selling in Northville, Novi, South Lyon, or Plymouth, presentation and timing remain critical. Inventory levels are low across Metro Detroit, creating opportunities for sellers to secure top dollar before the end of the year. Well-staged homes and strong local marketing continue to outperform the competition.

For Buyers
With mortgage rates easing, your buying power has improved. Now is an excellent time to reconnect with your lender, update your pre-approval, and revisit homes that were previously outside your budget. Many listings in Northville and Novi that sat for over sixty days may now represent great opportunities. Homes under the luxury threshold are moving fastest, so be prepared to act quickly when a quality listing appears.

For New Construction Buyers
If you’re planning a build in Lyon Township, South Lyon, or the Plymouth area, verify your permit path early and communicate with your builder to avoid scheduling surprises. Many Metro Detroit builders are still offering closing cost credits, interest rate buydowns, or design upgrades to keep contracts moving through year-end.

Metro Detroit Real Estate Takeaways

• Sellers: Leverage today’s low inventory and motivated buyers. List before mid-November to maximize visibility before the holiday slowdown.

• Buyers: Use rate relief to expand your search in top markets like Northville and Novi. Focus on homes that have been on the market longer; there’s room to negotiate.

• Luxury Homes: Be strategic and patient. Luxury listings are still selling, but pricing precision and top-tier marketing are key to success.

• New Construction: Stay proactive about permitting and build timelines, as federal slowdowns could affect larger projects.

Jeff Duneske’s Local Market Outlook

As a Northville Realtor with more than twenty-five years of experience serving Metro Detroit, I’m seeing the same pattern across all price ranges, motivated buyers, limited inventory, and opportunities for both sides to make strategic moves before year-end. Whether you’re considering selling in Northville, buying in Novi, exploring a ranch condo in South Lyon, or relocating to Plymouth, the current market rewards preparation and good timing.

Every move has a story, and the best results happen when you have a clear plan, strong guidance, and a Realtor who knows your market inside and out.

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