Is Novi, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
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.
Housing Prices in Novi, MI
How much do homes in Novi, MI cost?
Median Sold Price
$432,142
$217/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Novi have sold for 0.7% less than they did a year ago.
Summary: The median home sold price in Novi was $432,142 in March 2024, down 0.7% from last year, and the median price per square foot was $217.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $135K | -40.0% |
| 2 Bedrooms | $225K | $235K | +4.4% |
| 3 Bedrooms | $350K | $380K | +8.6% |
| 4 Bedrooms | $561.4K | $600K | +6.9% |
| 5+ Bedrooms | $830K | $800K | -3.6% |
Summary: Novi housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 40%, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 6.9%, and 5+ bedroom homes decreased by 3.6%.
Median Sold Price Compared To Nearby Cities
| Wixom | $330K | $355K | +7.6% |
| Novi Township | $431.6K | $439.8K | +1.9% |
| Northville | $502.6K | $499.5K | -0.6% |
| Novi | $435.2K | $432.1K | -0.7% |
| Northville Township | $503.1K | $495.2K | -1.6% |
Housing Supply in Novi, MI
How many homes are available in Novi, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 105 | 108 | +2.9% |
Summary: The Novi real estate market had 108 homes for sale in March 2024, a 2.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 27 | 42 | +55.6% |
| 3 Bedrooms | 33 | 30 | -9.1% |
| 4 Bedrooms | 33 | 30 | -9.1% |
| 5+ Bedrooms | 12 | 6 | -50.0% |
Summary: The Novi housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 55.6%, 3 bedroom homes decreased by 9.1%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 29 | 38 | +31.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
20 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Novi, you could pay more than the asking price. 52.6% of homes here sold above asking price last month.
Summary: A total of 38 homes were sold or pending in Novi in March 2024, up by 31.0% month-over-month. Of the 38 sold homes, 32% were sold under asking, 16% were sold at asking, and 53% were sold over asking.
Days on Market for Novi, MI
How long does it take to sell a home in Novi, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 107 Days | 20 Days | -81.2% |
Summary: Homes in Novi had an average of 20 days on market in Mar 2024, down by 81.2% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Novi are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 38 homes were sold in Novi; 79% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
