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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Novi is a seller's market

Buyer's
Market

Difference Since April 2021

Since last year, Novi has remained a Seller's Market.

Key Takeaway

Novi is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Novi, MI cost?

Median Sold Price

$421,071

$194/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2021

+$54,346(+14.8%)

Key Takeaway

Homes in Novi have sold for 14.8% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSApr 2021Apr 2022%
1 $111K$127.2K
+14.6%
2 $175K$210K
+20.0%
3 $291K$345.6K
+18.8%
4 $462.5K$533.5K
+15.4%
5+ $632.5K$830K
+31.2%

Median Sold Price Compared To Nearby Cities

Novi
+14.8%
Northville
+5.2%
Northville Township
+4.0%
Wixom
+2.5%

How many homes are available in Novi, MI?

Number of Homes For Sale

Mar 2022Apr 2022%
109152+39.4%

Homes For Sale By Bedroom Count

# BEDSMar 2022Apr 2022%
1 21
-50.0%
2 2534
+36.0%
3 3549
+40.0%
4 3856
+47.4%
5+ 912
+33.3%

Number of Homes Sold

Mar 2022Apr 2022%
4046+15.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

38 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Novi, you could pay more than the asking price. 82.6% of homes here sold above asking price last month.

Average Sale Time

Apr 2021Apr 2022%
18 Days15 Days-15.1%

Breakdown of Home Sale Times

41 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

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

About Novi, MI

Number of homes for sale in Novi, MI real estate market have reached 152. In April 2022 in Novi, MI there were 39.4% more homes for sale than in March 2022. Listings spent 15 days on the market in April 2022, and had a median list price of $421,071 during the same period. Listing prices have changed in this real estate market between March 2022 and April 2022: 1 bedroom properties became 14.6% more expensive, 2 bedrooms properties became 20% more expensive, prices of 3 bedrooms properties went up by 18.8%, 4 bedrooms properties became 15.4% more expensive, prices of 5 bedrooms properties increased by 31.2%. Volume of homes for sale changed: number of 1 bedroom homes decreased by 50%, volume of 2 bedrooms homes went up by 36%, the quantity of 3 bedrooms homes went up by 40%, 4 bedrooms homes became 47.4% more available, the quantity of 5 bedrooms homes went up by 33.3%. In April 2022 more than 38 listings in Novi, MI were sold above the asking price. During the same period more than 3 listings were sold at asking price, while more than 5 were sold below.

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