Fall has arrived in Southeast Michigan welcoming back football, festivals, and cooler weather. It’s vest weather! It’s also a good time to take a breath after a busy summer and see what the data tell us.

Perhaps the main takeaway from the first eight months of 2026 is that our local market is moving at two different speeds:

• The ‘residential’ market remains competitive, with continued price growth and historically short selling times.
• The ‘condominium’ market is becoming more balanced, with more inventory to choose from and more negotiating power if you are buying -but also fewer showings and longer marketing periods if you are selling.

Regardless of property type, your home’s location, condition, presentation and pricing matter more than they did during the unusually competitive post-pandemic years.

Understanding the Data

For this report, the market is divided into two MLS property classifications:

Residential generally includes properties marketed as residential homes in which the buyer owns the home and land. Most are detached single-family homes, although the MLS classification should not be interpreted as a zoning designation.

Condominium refers to a legal form of ownership and includes attached townhomes, units in multi-unit buildings and some detached homes within condominium developments.

The geographic areas shown in the charts are based on the Northville, Plymouth-Canton and Novi school districts. School-district boundaries do not always correspond with municipal boundaries. There are areas within Novi that have Northville Schools – “NoVillle” – for example)

Residential Market: Prices Remain Strong

Home values continue to rise

Median residential price per square foot increased in all three school districts. The pace of appreciation is more moderate than during the post-pandemic surge, but the direction remains positive. Over the full 10-year period, all three markets have experienced substantial gains.

Northville continues to command the highest residential price per square foot, while Plymouth-Canton recorded the strongest year-over-year increase of the three districts.

Buyer activity has normalized—but varies by community

Residential showing activity remains well below the extraordinary levels reached in 2021 and 2022. That does not necessarily indicate a weak market; those years were an unusual period characterized by extremely low mortgage rates, limited inventory and intense competition.

Residential inventory is recovering gradually

The number of homes for sale increased year over year in Northville and Plymouth-Canton and remained unchanged in Novi.

Although inventory is beginning to recover, the 10-year charts show that residential availability remains far below the levels common before 2021—especially in Plymouth-Canton and Novi.

One likely contributor is the mortgage-rate “lock-in effect.” Many owners purchased or refinanced when mortgage rates were historically low and may be reluctant to trade those loans for today’s substantially higher rates.

Michigan’s property-tax system may provide an additional incentive for longtime owners to remain in place. During ownership, annual increases in taxable value are generally capped at the lesser of 5% or the inflation rate, subject to applicable additions and exceptions. Following a qualifying transfer of ownership, taxable value generally uncaps in the following year. This can create a meaningful difference between the property taxes paid by a longtime owner and those faced after a sale.

These factors help explain why inventory can increase modestly while still remaining historically constrained.

Homes continue to sell quickly

Residential median days on market remain exceptionally low. Plymouth-Canton rose slightly from a year earlier, but Northville and Novi declined. Across all three districts, properly priced residential homes are still selling quickly by historical standards.

Condominium Market: More Choice and Less Urgency

The condominium market is undergoing a more noticeable shift in the balance between buyers and sellers.

Condo prices are plateauing

Median condo price per square foot increased modestly in all three districts. Appreciation has slowed and prices appear to be leveling after several years of strong growth.

This moderation may benefit buyers, but it does not automatically make every condo affordable. Purchase price, monthly association dues, property taxes, insurance, special assessments and the services included in the association fee all need to be considered.

Showing activity per listing has declined

Unlike the mixed residential results, this is a consistent regional trend. Condo buyers generally face less urgency and less competition than they did during the pandemic-era market.

Condo inventory has increased

The number of condominiums for sale has risen giving buyers more choices and places greater pressure on sellers to price and present their properties competitively. New construction along with the normal resale turnover of condominium communities built during earlier development cycles are some of the reasons for the growth in inventory

Condos are taking longer to sell but still reasonable

Median condo marketing times increased across all three districts. These are still reasonable selling times by long-term standards, but the direction is clear. Condos have recently been taking longer to sell as buyers gain more alternatives.

What the Data Means for Buyers

Detached residential homes remain competitive, particularly when they are updated, well located and appropriately presented and priced. Buyers pursuing these properties should be fully prepared before a desirable listing appears.

The condo market may offer more time to compare properties, evaluate HOA finances and negotiate price or other terms.

Fall and winter can also create opportunities. Real estate activity continues throughout the year, but the buyer pool generally becomes smaller as the weather cools and the holidays approach. Sellers who remain on the market may have a more immediate need to complete a transaction.

What the Data Means for Sellers

Residential sellers continue to benefit from limited long-term supply and short marketing times. However, buyers have become more selective, and the market is less forgiving of overpricing, deferred maintenance or poor presentation.

Condo sellers face stronger competition from both resale and potentially new-construction inventory. Professional preparation, photography, marketing and disciplined pricing are increasingly important.

Owners considering a 2027 sale should begin planning now rather than waiting until spring. Early preparation provides time to address repairs, improve presentation, evaluate competing inventory and choose a launch date based on both personal needs and market conditions. So now is the time to call us to get a head start on the process.

The Bottom Line

The 2026 market remains strong, but it is no longer a single, uniform seller’s market.

Residential home values continue to rise, inventory remains low by historical standards and well-positioned homes are still selling quickly. At the same time, bidding pressure has moderated and some buyers have regained limited negotiating leverage.

The condominium market has shifted more noticeably. Prices remain stable to slightly higher, but inventory has expanded, showings have declined, and selling times have increased.

Market statistics are based on the MLS charts supplied for this report and reflect activity through August 2026. Figures are grouped by school district and MLS property classification. Market statistics are historical and do not guarantee future results. Mortgage-rate and property-tax circumstances vary by borrower and property.