Is Northville, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Northville has remained a Seller's Market.
Key Takeaway
Northville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Northville, MI
How much do homes in Northville, MI cost?
Median Sold Price
$504,166
$229/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Northville have sold for 2.7% less than they did a year ago.
Summary: The median home sold price in Northville was $504,166 in May 2024, down 2.7% from last year, and the median price per square foot was $229.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $135.5K | $156.2K | +15.3% |
| 2 Bedrooms | $282.4K | $284K | 0.5% |
| 3 Bedrooms | $435.5K | $460K | +5.6% |
| 4 Bedrooms | $681.2K | $678K | -0.5% |
| 5+ Bedrooms | $930K | $935K | 0.5% |
Summary: Northville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.3%, 2 bedroom homes increased by 0.5%, 3 bedroom homes increased by 5.6%, 4 bedroom homes decreased by 0.5%, and 5+ bedroom homes increased by 0.5%.
Median Sold Price Compared To Nearby Cities
| Novi | $435.1K | $439.4K | +1.0% |
| Northville Township | $512.4K | $499.9K | -2.4% |
| Northville | $518.4K | $504.1K | -2.7% |
Housing Supply in Northville, MI
How many homes are available in Northville, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 149 | 190 | +27.5% |
Summary: The Northville real estate market had 190 homes for sale in May 2024, a 27.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 39 | 34 | -12.8% |
| 3 Bedrooms | 45 | 59 | +31.1% |
| 4 Bedrooms | 49 | 77 | +57.1% |
| 5+ Bedrooms | 14 | 18 | +28.6% |
Summary: The Northville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 12.8%, 3 bedroom homes increased by 31.1%, 4 bedroom homes increased by 57.1%, and 5+ bedroom homes increased by 28.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 42 | 63 | +50.0% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
31 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northville, you could pay more than the asking price. 49.2% of homes here sold above asking price last month.
Summary: A total of 63 homes were sold or pending in Northville in May 2024, up by 50.0% month-over-month. Of the 63 sold homes, 33% were sold under asking, 17% were sold at asking, and 49% were sold over asking.
Days on Market for Northville, MI
How long does it take to sell a home in Northville, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 18 Days | 33 Days | +83.5% |
Summary: Homes in Northville had an average of 33 days on market in May 2024, up by 83.5% compared to last year.
Breakdown of Home Sale Times
50 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Northville are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 63 homes were sold in Northville; 79% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
