Is Novi Township, 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 Township has remained a Seller's Market.
Key Takeaway
Novi Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Novi Township, MI
How much do homes in Novi Township, MI cost?
Median Sold Price
$439,850
$217/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Novi Township have sold for 1.9% more than they did a year ago.
Summary: The median home sold price in Novi Township was $439,850 in March 2024, up 1.9% 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 | $180K | $135K | -25.0% |
| 2 Bedrooms | $222K | $240K | +8.1% |
| 3 Bedrooms | $335K | $400K | +19.4% |
| 4 Bedrooms | $559.9K | $600K | +7.2% |
| 5+ Bedrooms | $786.5K | $732.5K | -6.9% |
Summary: Novi Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 8.1%, 3 bedroom homes increased by 19.4%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes decreased by 6.9%.
Median Sold Price Compared To Nearby Cities
| Novi Township | $431.6K | $439.8K | +1.9% |
| Novi | $435.2K | $432.1K | -0.7% |
Housing Supply in Novi Township, MI
How many homes are available in Novi Township, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 94 | 99 | +5.3% |
Summary: The Novi Township real estate market had 99 homes for sale in March 2024, a 5.3% 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 | 25 | 37 | +48.0% |
| 3 Bedrooms | 29 | 29 | 0.0% |
| 4 Bedrooms | 30 | 28 | -6.7% |
| 5+ Bedrooms | 10 | 5 | -50.0% |
Summary: The Novi Township 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 48%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 6.7%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 25 | 37 | +48.0% |
Asking Price vs. Sold Price
11 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 Township, you could pay more than the asking price. 54.1% of homes here sold above asking price last month.
Summary: A total of 37 homes were sold or pending in Novi Township in March 2024, up by 48.0% month-over-month. Of the 37 sold homes, 30% were sold under asking, 16% were sold at asking, and 54% were sold over asking.
Days on Market for Novi Township, MI
How long does it take to sell a home in Novi Township, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 107 Days | 20 Days | -81.3% |
Summary: Homes in Novi Township had an average of 20 days on market in Mar 2024, down by 81.3% compared to last year.
Breakdown of Home Sale Times
29 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 Township are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 37 homes were sold in Novi Township; 78% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.