November 6, 2025 | Real Estate Market Update for Northville, Novi, South Lyon, Plymouth, and Metro Detroit | Insights by Jeff Duneske, Northville Realtor®

Today’s Daily Hot Sheet brings together three big stories that quietly shape what is happening right now for buyers and sellers in Northville, Novi, South Lyon, Plymouth, and across Metro Detroit:

• Household debt in the United States has climbed to a record of $18.59 trillion.

• Almost nine out of ten home purchases still happen through a real estate agent or broker.

• Investors are playing a bigger role again, sometimes paying significant premiums in specific markets and deep discounts in others, including right here in Michigan.

All of this is happening while the ten-year Treasury yield is hovering just above 4 percent, and average thirty-year fixed mortgage rates sit around 6.37 percent as of November 5, close to recent highs yet still below where they were a year ago.

Here is what it all means if you're considering your next move.

Big picture money story

Household debt hits eighteen point fifty nine trillion dollars

The New York Federal Reserve’s latest Household Debt and Credit Report shows that total household debt increased by $197 billion in the third quarter, reaching $18.59 trillion overall. Mortgage balances make up the bulk of that, climbing to just over $13.0 trillion, while overall household debt is up more than $4.4 trillion since the end of 2019.

A few key details that matter for real people:

• Mortgage and home equity lines
  Mortgage balances rose by one hundred thirty-seven billion dollars. Home equity line of credit balances rose again for the fourteenth consecutive quarter and now stand $105 billion above their 2022 low. That tells you a lot about how many homeowners are tapping into their equity instead of moving.

• Non-housing debt and credit cards
  Credit card balances increased by $24 billion in the quarter and now sit at a record $1.23 trillion, up more than 5.5% over the last year. Other consumer balances, such as retail cards and consumer finance loans, also grew, while auto loans remained roughly flat and student loan balances increased.

• Delinquencies and credit quality
  Approximately 4.5% of all outstanding debt is now in some stage of delinquency, slightly higher than last quarter. Serious delinquency rates are stable for most types of debt, but have increased for home equity lines and student loans. Around 9.4% of student loan debt is now ninety days or more past due, and roughly 141,000 consumers had a bankruptcy notation added to their credit in the quarter.

What this means for Metro Detroit homeowners

For Northville, Novi, South Lyon, and Plymouth homeowners, a few takeaways:

• If you are carrying a higher-interest credit card or consumer debt, your home equity can be a powerful tool, but it needs to be used carefully as part of a bigger plan, not just a quick fix.

• Rising delinquencies serve as a reminder that buyers with strong credit and clean financial records will continue to stand out and prevail in competitive situations.

• If you are thinking about rightsizing or selling a long-term home, the combination of substantial equity and still healthy buyer demand creates a window where you can clean up the balance sheet and move to a home that fits your next chapter in life.

As a Top Realtor in Northville, Novi, and South Lyon, I spend a lot of time helping clients look not only at price, but also at how a sale or purchase fits into their overall financial picture.

Almost ninety percent of buyers still rely on real estate agents

Despite all the apps and online tools, a fresh National Association of Realtors report confirms that real estate is still very much a relationship business.

According to the latest profile of home buyers and sellers:

• Eighty-eight percent of recent home purchases were made through a real estate agent or broker.

• Eighty-five percent of buyers used an agent as a primary source of information during their search, making it the most commonly used source of information.

• Ninety-two percent of buyers of previously owned homes worked with an agent or broker, and even among new construction buyers, sixty-three percent used an agent.

And the experience is overwhelmingly positive:

• Ninety-two percent of buyers were satisfied with the overall home-buying process.

• Ninety-one percent said they would use or recommend their agent again, and 76 percent said they definitely would.

• Sixty-two percent had already recommended their agent within a year of closing, and nearly one in five had recommended their agent four or more times.

When buyers were asked what they value most from their agent, the top answers were:

• Help finding the right home.

• Helping to understand the process, especially for first-time buyers.

• Help negotiate terms and price, and point out unseen issues with a property.

For me, this reinforces what I see every day in Northville, Novi, South Lyon, and Plymouth:

• People still want a trusted Northville Realtor in their corner who will explain the process, anticipate potential problems before they appear in an inspection report, and negotiate with clarity and confidence.

• Online tools are helpful, but they are not a replacement for market knowledge, strong relationships, and authentic experience at the closing table.

Investors are reshaping the market again.

Premiums in some markets, significant discounts in others

Fresh data from Realtor.com shows that investors remain a considerable force in the 2025 housing market.

• Investors accounted for 10.8 percent of all home purchases in the first half of the year.

• During that period, they bought about 41,000 more homes than they sold, which tightens inventory for everyday buyers.

In some states, especially in the West, investors are paying significant premiums:

• In Montana, investors paid about thirty-five percent above the state median price.

• In Utah, they paid roughly thirty-four percent more than the median.

• California, New York, and Vermont also saw noticeable investor premiums.

In other areas, primarily in the Midwest and the Mid-Atlantic, the story unfolds quite differently. There, investors are targeting affordable homes with strong rent-to-price ratios:

• In Michigan, investor purchases were priced more than fifty-three percent below the statewide median price.

• The Detroit metro area saw some of the deepest discounts in the country, with investors paying an estimated fifty-eight percent below the metro median on average.

Investor participation is highest in states and metros where properties are still relatively affordable and rental demand is strong.

What this means in Metro Detroit

For our local market in Northville, Novi, South Lyon, and Plymouth, this split in investor strategy matters:

• In more affordable pockets of Metro Detroit, investors are competing for entry-level and rental-friendly homes, which can put pressure on inventory and pricing for first-time buyers.

• In higher price brackets and desirable school district areas, investors are more selective, and the main competition often comes from well-qualified local buyers moving for schools, lifestyle, or rightsizing.

If you are a homeowner considering selling, understanding whether your property is likely to attract investors, traditional buyers, or both can help you:

• Set pricing that maximizes your net, not just the headline number.

• Decide how much to invest in repairs or updates versus offering the property as an opportunity.

• Time your listing to coincide with the strongest demand in your specific price range and neighborhood.

This is where having a data-driven, Top Realtor in Northville, Novi, and South Lyon on your side makes a real difference.

How does this all come together for you?

Here is the practical bottom line for homeowners and buyers in Northville, Novi, South Lyon, Plymouth, and the surrounding Metro Detroit communities:

For homeowners thinking about selling

• Rising household debt and steady investor activity indicate that motivated, well-qualified buyers continue to value stable monthly payments and move-in-ready homes.

• Mortgage rates in the mid sixes are higher than some people would like, but they are noticeably lower than the peaks we saw earlier in the cycle, which keeps serious buyers in the market.

• Pricing carefully, presenting the home well, and selecting a strategy that strikes a balance between speed and net proceeds are crucial.

For buyers

• The biggest challenge remains finding the right home, especially in the most desirable areas of Northville, Novi, South Lyon, and Plymouth.

• Having a Northville Realtor who knows about off-market opportunities, upcoming listings, and neighborhood-level trends can give you an edge.

• Understanding where investors are active helps you avoid overpaying in specific segments and spot value in others.

For retirees and rightsizers

• Suppose you are sitting in a home with a lot of equity and wondering about the timing of your next move. In that case, these trends suggest that waiting for a perfect headline about rates or the economy is less important than having a clear, personalized plan in place.

• As a Metro Detroit Senior Real Estate Specialist, I help clients consider not only price and timing, but also lifestyle, maintenance, and long-term comfort.

Ready to talk about your next move?

If you're considering selling, buying, investing, or rightsizing in Metro Detroit, I am here to help you move forward with clarity and confidence.

Whether you live in Northville, Novi, South Lyon, or Plymouth, I can walk you through your options, provide a clear picture of your home’s value, and outline a step-by-step plan that fits your goals and timeline.

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