Is Northville, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Northville is a seller's market

Buyer's
Market

Difference Since March 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

$499,500

$225/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

-$3,166(-0.6%)

Key Takeaway

Homes in Northville have sold for 0.6% less than they did a year ago.

Summary: The median home sold price in Northville was $499,500 in March 2024, down 0.6% from last year, and the median price per square foot was $225.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $126.2K$156.2K
+23.8%
2 $268K$287.7K
+7.4%
3 $446.9K$450K
+0.7%
4 $659K$645K
-2.1%
5+ $925K$925K
0.0%

Summary: Northville housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.8%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 0.7%, 4 bedroom homes decreased by 2.1%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Northville
-0.6%
Novi
-0.7%
Northville Township
-1.6%

Housing Supply in Northville, MI

How many homes are available in Northville, MI?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
105119+13.3%

Summary: The Northville real estate market had 119 homes for sale in March 2024, a 13.3% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 23
+50.0%
2 3534
-2.9%
3 3837
-2.6%
4 1928
+47.4%
5+ 1117
+54.5%

Summary: The Northville housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 2.9%, 3 bedroom homes decreased by 2.6%, 4 bedroom homes increased by 47.4%, and 5+ bedroom homes increased by 54.5%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
3034+13.3%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Northville, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 34 homes were sold or pending in Northville in March 2024, up by 13.3% month-over-month. Of the 34 sold homes, 50% were sold under asking, 15% were sold at asking, and 35% 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

Mar 2023Mar 2024CHANGE
41 Days33 Days-21.0%

Summary: Homes in Northville had an average of 33 days on market in Mar 2024, down by 21% compared to last year.

Breakdown of Home Sale Times

23 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Northville are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 34 homes were sold in Northville; 68% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 23 Days Ago

Newest Listings in Northville, MI

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