Is Novi, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Novi has remained a Seller's Market.
Housing Prices in Novi, MI
How much do homes in Novi, MI cost?
Median Sold Price
$434,166
$218/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Novi was $434,166 in April 2024, down 0.3% from last year, and the median price per square foot was $218.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $225K | $135K | -40.0% |
2 Bedrooms | $221.2K | $236.2K | +6.8% |
3 Bedrooms | $350K | $372.4K | +6.4% |
4 Bedrooms | $560K | $605K | +8.0% |
5+ Bedrooms | $814K | $807K | -0.9% |
Summary: Novi housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 40%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 6.4%, 4 bedroom homes increased by 8%, and 5+ bedroom homes decreased by 0.9%.
Median Sold Price Compared To Nearby Cities
Wixom | $326.5K | $380K | +16.4% |
Novi Township | $429.5K | $442.6K | +3.1% |
Northville | $499K | $500K | 0.2% |
Novi | $435.3K | $434.1K | -0.3% |
Northville Township | $500.4K | $495.8K | -0.9% |
Housing Supply in Novi, MI
How many homes are available in Novi, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
110 | 139 | +26.4% |
Summary: The Novi real estate market had 139 homes for sale in April 2024, a 26.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 1 | +100.0% |
2 Bedrooms | 40 | 42 | +5.0% |
3 Bedrooms | 33 | 49 | +48.5% |
4 Bedrooms | 30 | 39 | +30.0% |
5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The Novi housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 5%, 3 bedroom homes increased by 48.5%, 4 bedroom homes increased by 30%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
47 | 32 | -31.9% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Summary: A total of 32 homes were sold or pending in Novi in April 2024, down by 31.9% month-over-month. Of the 32 sold homes, 25% were sold under asking, 16% were sold at asking, and 59% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
41 Days | 12 Days | -69.4% |
Summary: Homes in Novi had an average of 12 days on market in Apr 2024, down by 69.4% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 32 homes were sold in Novi; 91% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.