The 60-second read
- Rates barely moved week-over-week — and are meaningfully lower than a year ago. Per Freddie Mac PMMS, the 30-year fixed averaged 6.36% the week ending May 14 (yesterday's release), down 1 bp from 6.37% the prior week and down 45 bps from 6.81% at this point last year. National-average dailies vary: Bankrate shows ~6.47%; Zillow's daily tracker shows ~6.27% today.
- NAR April release (May 11) just came out. The National Association of REALTORS® reported national median existing-home price at $417,700, up 0.9% YoY — the 34th consecutive month of YoY price increases. Sales rose 0.2% MoM. The Midwest region's median was $324,500, up 3.6% YoY.
- Garden City and Wixom lead Michigan in annual appreciation at +15.3% and +15.0% respectively (Zillow ZHVI), followed by Plymouth +12.7%. Three very different markets, all running well above the state average.
- Five upper-tier Oakland cities are flat or negative YoY on Zillow ZHVI: Birmingham (-0.7%), Novi (-0.4%), Troy (-0.2%), Rochester Hills (-0.2%), West Bloomfield (-2.2%). Bloomfield Hills is the only premium Oakland market still meaningfully positive at +2.9%.
- Michigan was a top-5 state for YoY appreciation per the FHFA House Price Index Q4 2025 release, at +5.5% (Q4 2024 → Q4 2025). The next FHFA release with Q1 2026 data is May 26.
Wayne County: at a glance
Per Zillow's Wayne County page, the county-level typical home value is $158,591, down 0.3% year-over-year — a slight negative read on the county-wide ZHVI. Per Redfin's February 2026 Wayne County snapshot (the most recent county-level monthly data published), median sale price was $180,000, up 2.0% YoY, with homes selling in approximately 46 days versus 39 days a year prior. As always, the county-wide median masks an enormous spread by city — Plymouth, Northville, and Grosse Pointe all run two-to-three times the county headline.
| City | Zillow ZHVI | YoY | Days to Pending |
|---|---|---|---|
| Plymouth | $395,659 | +12.7% | — |
| Canton | $368,494 | +1.9% | 5 |
| Northville | $571,744 | +6.5% | 12 |
| Livonia | $283,115 | +2.1% | 5 |
| Garden City | $169,470 | +15.3% | — |
| Westland | $188,182 | +1.9% | 6 |
| Grosse Pointe | $434,256 | +2.7% | — |
| Redford Township | $176,362 | +2.4% | — |
Source: Zillow Home Value Index (ZHVI), city-level pages, May 2026 update. Dash (—) indicates Zillow does not publish a days-to-pending value for this city this period. "Grosse Pointe" stat line reflects the City of Grosse Pointe specifically; Grosse Pointe Park, Farms, Woods, and Shores have separate ZHVI series ranging from ~$358K to ~$488K.
Oakland County: at a glance
Per Zillow's Oakland County page, the county-level typical home value is $335,749 as of the May 2026 update. Oakland's county headline obscures the divergence visible at the city level: five of the six premium-tier cities in this brief are now flat or negative year-over-year on Zillow's ZHVI, while the smaller-priced Oakland cities (Royal Oak, Wixom, South Lyon) and Bloomfield Hills continue to appreciate.
| City | Zillow ZHVI | YoY | Days to Pending |
|---|---|---|---|
| Birmingham | $607,910 | −0.7% | 13 |
| Bloomfield Hills | $655,975 | +2.9% | 9 |
| Troy | $414,936 | −0.2% | 5 |
| Rochester | $437,721 | +1.0% | 5 |
| Rochester Hills | $428,620 | −0.2% | — |
| Farmington Hills | $385,085 | +2.3% | 6 |
| Novi | $435,117 | −0.4% | — |
| Royal Oak | $308,822 | +1.4% | 6 |
| West Bloomfield Township | $419,374 | −2.2% | 7 |
| Wixom | $337,532 | +15.0% | — |
| South Lyon | $471,048 | +4.5% | — |
Source: Zillow Home Value Index (ZHVI), city-level pages, May 2026 update. Dash (—) indicates Zillow does not publish a days-to-pending value for this city this period.
Share / save the snapshot: Watermarked Southeast Digest data card with all 18 cities — SVG (sharper, scalable) · PNG (1200×630, best for social). The Southeast Digest Market Speed Index ranks every city by Zillow days-to-pending and updates weekly. Browse all past briefs in the Daily Brief Archive.
This week's featured cities
Eighteen cities is a lot to read about every morning, so each brief features four to five cities for deeper context — chosen by where the data is moving most. The rest are in the tables above. This week:
Garden City — +15.3% YoY is the headline you didn't expect
Garden City posted the strongest year-over-year appreciation on this brief at +15.3%, with a ZHVI of $169,470. The smaller absolute baseline amplifies percentage moves, but the trajectory matters: when entry-tier Wayne County markets appreciate this fast against a mid-6% mortgage-rate backdrop, it tells you affordability buyers are crowding into the most accessible price points first. If you've been holding off listing in Garden City because you thought "the market is slowing," the Zillow ZHVI says otherwise.
Plymouth — corridor pricing power holding
Plymouth is up +12.7% YoY on Zillow ZHVI at $395,659 — second only to Garden City and Wixom across this brief. Inventory remains thin, well-prepared homes go under contract in days, and the spread between ZHVI (typical home value) and the city's median list price (~$535K in April per Zillow) tells you the active seller pool is leaning premium. Fully underwritten pre-approval is table stakes here.
Birmingham — the luxury Oakland story turns slightly negative
Birmingham's ZHVI of $607,910 is now down 0.7% YoY, with homes going pending in about 13 days. That's the slowest pending pace in the brief and the first negative print I've recorded for Birmingham. The Redfin city page separately shows median sale prices have climbed to $1.18M in March — meaning the luxury tier of Birmingham is selling well, but the ZHVI (which weights the broader middle of the market) is softening. Two markets within one city.
West Bloomfield Township — the largest negative print on the brief
West Bloomfield Township is down 2.2% YoY on Zillow ZHVI at $419,374 — the largest year-over-year decline on this brief — and yet homes are still going pending in about 7 days. That combination tells you what's happening: sellers are pricing more carefully than they were a year ago, and correctly priced homes are still moving fast. For buyers, this is one of the most actionable windows West Bloomfield has offered in years.
Bloomfield Hills — the one upper-tier Oakland city still appreciating
Bloomfield Hills sits at $655,975 ZHVI, up 2.9% YoY, going pending in 9 days. It's the only premium Oakland market we cover that's still meaningfully positive on the annual appreciation measure. The reason matters: Bloomfield Hills' housing stock skews to genuinely top-tier homes that compete on attributes rate-sensitive buyers don't proxy on (large lots, custom architecture, school district), which historically insulates it more than its neighbors when rates pressure the broader upper tier.
What this means if you're buying
- Upper-tier Oakland just opened a real buyer-leverage window. Birmingham, Novi, Troy, Rochester Hills, and West Bloomfield are all flat-to-negative YoY on Zillow ZHVI. If you've been waiting for the top to give an inch, it just did. Take it — fully underwritten pre-approval still wins offers.
- Talk to your lender about a rate lock if you're closing in June or July. Freddie Mac at 6.36% (May 14) is essentially flat to a week ago but still ~30-50 bps above the early-2026 low. CPI and Fed commentary in the next 30 days will move it from here in either direction.
- The Wayne corridor still rewards preparation, not budget. Garden City +15.3%, Plymouth +12.7%, Livonia and Canton both at 5 days to pending. Showing up prepared matters more than your top-line number.
- Cross-shop Royal Oak. At $308,822 ZHVI with a 6-day pending pace and +1.4% YoY, it's the most accessible Oakland County entry point in this brief that's still moving cleanly.
What this means if you're selling
- Price honestly out of the gate — more important this week than last. Per Redfin Michigan, 24.2% of homes had a price drop in March 2026, up from 22.0% a year earlier; and 29.1% sold above list, down 1.2 points YoY. Buyers are not chasing aspirational prices the way they were a year ago.
- If you're in Birmingham, Novi, West Bloomfield, Troy, or Rochester Hills, price like the current ZHVI, not like your neighbor's 2024 sale. A correctly priced home in these cities is still going pending in a week or two. An aspirationally priced one will sit.
- Pre-listing prep is paying off more than usual this season. Paint, photography, and modest staging are the difference between offers and views.
- Inspection negotiations remain firmer than they were eighteen months ago. Be ready for buyer pushback on repair items even in multiple-offer situations.
Frequently asked
What did the NAR April 2026 release show?
Per the National Association of REALTORS® (released May 11, 2026), national median existing-home price was $417,700, up 0.9% YoY — the 34th consecutive month of year-over-year price increases. Existing-home sales rose 0.2% MoM. The Midwest region's median was $324,500, up 3.6% YoY.
What are mortgage rates doing as of May 15, 2026?
Per Freddie Mac's Primary Mortgage Market Survey (May 14 release), the 30-year fixed averaged 6.36%, down 1 bp from 6.37% the prior week and down 45 bps from 6.81% at this point last year. National-average dailies on Friday May 15 ranged from approximately 6.27% on Zillow's daily tracker to approximately 6.47% per Bankrate.
What's the typical home value in Plymouth, MI right now?
Per Zillow's Plymouth, MI page, the typical home value (ZHVI) is $395,659 as of the May 2026 update, up 12.7% over the past year.
What's the typical home value in Birmingham, Michigan in May 2026?
Per Zillow's Birmingham, MI page, the typical home value (ZHVI) is $607,910 as of the May 2026 update, down 0.7% over the past year. Homes are going pending in approximately 13 days — the slowest pending pace among the 18 cities in this brief.
What's happening with home prices in Novi, Michigan?
Per Zillow's Novi, MI page, the typical home value (ZHVI) is $435,117 as of the May 2026 update, down 0.4% over the past year — a notable pivot for a city that had been running at higher single-digit annual appreciation in prior quarters.
Are home values rising or falling in Troy, Michigan?
Per Zillow's Troy, MI page, the typical home value (ZHVI) is $414,936 as of the May 2026 update, down 0.2% over the past year. Despite the slight YoY decline, Troy homes are still going pending in approximately 5 days — among the fastest pending paces in this brief.
What's the housing market like in West Bloomfield, MI in May 2026?
Per Zillow's West Bloomfield Township, MI page, the typical home value (ZHVI) is $419,374 as of the May 2026 update, down 2.2% over the past year — the largest year-over-year decline among the 18 cities in this brief. Homes are still going pending in approximately 7 days, signaling that sellers who price correctly are still moving inventory fast.
What's happening in upper-tier Oakland County?
Five upper-tier Oakland cities are flat or negative YoY on Zillow ZHVI: Birmingham (-0.7%), Novi (-0.4%), Troy (-0.2%), Rochester Hills (-0.2%), West Bloomfield (-2.2%). Bloomfield Hills is the only premium Oakland market we cover still meaningfully positive at +2.9%.
Which cities are appreciating fastest in Metro Detroit?
Per Zillow ZHVI as of May 2026: Garden City +15.3%, Wixom +15.0%, Plymouth +12.7%, Northville +6.5%, South Lyon +4.5%.
Which cities are moving fastest by days-to-pending?
Per Zillow: Canton, Livonia, Troy, and Rochester all at approximately 5 days; Westland, Royal Oak, and Farmington Hills at 6 days; West Bloomfield at 7 days. The slowest cities are Birmingham (13 days) and Northville (12 days).
How does Wayne County compare to Oakland County?
Per Zillow's county-level ZHVI, Wayne County's typical home value is $158,591 (down 0.3% YoY), versus $335,749 for Oakland County — Oakland's typical value is more than double Wayne's. Within each county, however, the city-level variation is enormous. Northville, Plymouth, Bloomfield Hills, Birmingham, and Grosse Pointe all run well above their respective county medians.
How is Michigan performing nationally?
Per the FHFA House Price Index Q4 2025 release, Michigan was among the top 5 U.S. states for year-over-year home price appreciation at +5.5% (Q4 2024 → Q4 2025). The next FHFA release (with Q1 2026 data) is May 26.
What does the Case-Shiller Detroit index show?
The S&P Cotality Case-Shiller MI-Detroit Home Price Index (via FRED) publishes monthly with a meaningful lag; the most recent data point is January 2026. The next release is May 26, 2026, with data through approximately February/March 2026.
Sources and methodology
Today's brief uses publicly available aggregate market data, all linked inline. Headline city home-value figures are Zillow's Home Value Index (ZHVI), the methodology-disclosed, seasonally-adjusted typical-home-value benchmark, pulled directly from each city's Zillow page as of the May 2026 update. Macro and contextual data is sourced from the National Association of REALTORS® April 2026 Existing-Home Sales release (May 11, 2026), Freddie Mac's Primary Mortgage Market Survey (May 14, 2026 release; week ending May 14), the FHFA House Price Index (Q4 2025 release; next: May 26), S&P Cotality Case-Shiller MI-Detroit Home Price Index via FRED, Redfin's Michigan and Wayne/ Oakland County housing market pages, and FRED data series. Where Zillow does not publish a days-to-pending value for a given city this period, that cell is dashed rather than estimated. Every number in this brief is true to a public source URL. Once direct Realcomp MLS access is connected, this brief will draw from authoritative MLS aggregates and refresh automatically each morning. All information deemed reliable but not guaranteed and should be independently verified. This brief does not constitute legal, financial, or investment advice.
Two markets, one spring. The data is telling a more interesting story this week than it has all year — and the right move depends entirely on which side of the divergence your home is on. Get your numbers, your story, and your decision-making framework right before the right opportunity shows up.
DeBenedet, Marissa. "Daily Metro Detroit Market Brief: Friday, May 15, 2026." The Southeast Digest, 15 May 2026, thesoutheastdigest.com/digest-2026-05-15.html.