September 2026 Market Update
Fall in Southeast Michigan
Nick Montaleone
Mortgage rates climbed back above 7% in September, but prices across our Wayne and Oakland County communities held steady, and well-priced homes still sold in two to four weeks.
Southeast Michigan is still a low-inventory market. Livonia had about a month and a half of supply at the end of September. Northville, Novi, and Plymouth homes are still selling at or near full asking price. What changed this fall is the pace: homes are taking a bit longer to sell, buyers are more payment-sensitive, and sellers who price above the market are more likely to sit.
By community
Livonia (September 2026): median sale price $315,000 (down 3.1% from August) · 106 homes sold · 10.5 median days on market · 100.0% of original list price
Plymouth (September 2026): median sale price $499,762 (down 2.5% from September 2025) · 42 homes sold (44 a year ago) · 28 median days on market (up 6 days) · 99.2% sale-to-list
Northville (August 2026*): median sale price $525,000 (up 28.0% from August 2025) · 39 homes sold (up 18%) · 19 median days on market (up 8 days) · 99.9% sale-to-list
Novi (August 2026*): median sale price $520,156 (up 8.4% from August 2025) · 17 median days on market · 100.2% sale-to-list
Southeast Michigan, 5-county (August 2026*): average sale price $388,529 · 3,850 homes closed
*September figures for Northville, Novi and the five-county region weren’t published when this update was written.
Livonia
Livonia is still one of the fastest markets in the region. Homes went under contract in about 10 days, and on average they sold at full original list price. There were 144 active listings against 111 already under contract, or about 1.5 months of supply; a balanced market is usually around 5–6 months. The median slipped from $325,000 in August to $315,000. That's a normal seasonal dip, not a trend.
Plymouth
Plymouth prices are flat to slightly down from last year, and homes are taking longer to sell: 28 days, up from 22. Sale-to-list fell to 99.2%. Buyers here have a bit more room to negotiate than they did a year ago, especially on homes that need work.
Northville
Northville's 28% jump in median price mostly reflects which homes happened to sell in August, with more higher-end sales than a year ago. It doesn't mean every home gained 28% in value. Still, sales volume was up 18%, and homes sold at nearly full price in under three weeks.
Novi
Novi is holding firm. In August the typical home sold slightly above asking (100.2%) in 17 days, and the median rose 8.4% year over year. Early September data from Resideline (41 closings tracked through October 3) shows homes going under contract in a median of about 13 days.
Southeast Michigan overall
Across the five-county region in August there were 6,262 new listings (down 5% from July), 3,884 new pending sales (down 1%), and 3,850 closings, at an average price of $388,529, or about $222 per square foot. Fewer new listings are coming on just as fall slows things down, which keeps inventory tight.
Mortgage rates and the national picture
30-year fixed: 7.03% on September 24 (Freddie Mac). By October 8 it reached 7.40%, the highest since November 2023 and the seventh straight weekly increase. A year ago it was about 6.3%.
15-year fixed: about 6.73%.
What's driving it: the 10-year Treasury yield, which mortgage rates follow, averaged about 5.28%.
Nationally: pending home sales fell year over year in both August and September, and sellers are cutting prices at a pace not seen in four years.
What a one-point rate change costs: on a $400,000 loan, going from 6.3% to 7.4% adds about $290 a month in principal and interest. That's why buyers are pickier about price, and why local homes that are priced right still sell fast while overpriced ones sit.
What it means for buyers
Get fully pre-approved now, not pre-qualified. With rates moving every week, know your exact payment ceiling and ask your lender about a rate lock before you write an offer.
The best homes still move fast. In Livonia, Novi, and Northville, homes that are well priced and in good condition are going under contract in under three weeks, often at full price. Be ready to act.
Look for leverage on homes that have sat. In Plymouth and on listings past 30 days, sellers are more open to price cuts, seller-paid closing costs, or a rate buydown. A buydown can lower your payment more than a small price cut.
Fall is a good time to shop. There's less competition from families buying around the school year, and sellers who list in October and November tend to be motivated.
Think long term. If rates come down later, you can refinance. You can't go back and buy at today's price.
What it means for sellers
Your equity is intact. Prices in our communities are flat to up from last year, and supply is still tight, especially in Livonia, Novi, and Northville.
Price to the market from day one. Buyers are watching their monthly payment closely. Homes priced right are still selling at or near full asking price in two to four weeks. Overpriced homes sit, and then sell for less after price cuts.
Consider offering a rate buydown instead of cutting the price. A seller-paid buydown can lower a buyer's payment more than an equal price reduction, and it keeps your sale price (and your neighbors' comps) higher.
Presentation matters more now. With buyers taking a bit more time, professional photos, small repairs, and a pre-listing inspection help your home stand out and hold up through negotiation.
Don't wait for spring. Fewer homes are listed in fall and winter, so serious buyers have fewer choices. Less competition can work in your favor.
Thinking about buying or selling in Northville, Novi, Plymouth, Livonia, or anywhere in Southeast Michigan? Contact Monty Real Estate Group for a free, no-pressure home value report or a buyer strategy session.
Sources: Realcomp MLS via The Perna Team (Livonia), Redfin (Plymouth, Northville, Novi), Resideline (Novi), Real Estate One (Southeast Michigan), Freddie Mac PMMS (mortgage rates). Information is deemed reliable but not guaranteed.