Is Novi, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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
| # BEDS | Apr 2021 | Apr 2022 | % |
|---|---|---|---|
| 1 Bedroom | $111K | $127.2K | +14.6% |
| 2 Bedrooms | $175K | $210K | +20.0% |
| 3 Bedrooms | $291K | $345.6K | +18.8% |
| 4 Bedrooms | $462.5K | $533.5K | +15.4% |
| 5+ Bedrooms | $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 2022 | Apr 2022 | % |
|---|---|---|
| 109 | 152 | +39.4% |
Homes For Sale By Bedroom Count
| # BEDS | Mar 2022 | Apr 2022 | % |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0%  |
| 2 Bedrooms | 25 | 34 | +36.0% |
| 3 Bedrooms | 35 | 49 | +40.0% |
| 4 Bedrooms | 38 | 56 | +47.4% |
| 5+ Bedrooms | 9 | 12 | +33.3% |
Number of Homes Sold
| Mar 2022 | Apr 2022 | % |
|---|---|---|
| 40 | 46 | +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
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 2021 | Apr 2022 | % |
|---|---|---|
| 18 Days | 15 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
Key Takeaway
Many homes in Novi are selling fast, if you're buying plan to act quickly.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource. 