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.
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
$434,166
$218/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
The sold price of homes in Novi has remained the same since last year.
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
Key Takeaway
If you're buying a home in Novi, you could pay more than the asking price. 59.4% of homes here sold above asking price last month.
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
Key Takeaway
Many homes in Novi are selling fast, if you're buying plan to act quickly.
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.
