Is Novi, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$439,422
$219/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Novi have sold for 1% more than they did a year ago.
Summary: The median home sold price in Novi was $439,422 in May 2024, up 1% from last year, and the median price per square foot was $219.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $134.5K | -40.2% |
| 2 Bedrooms | $230K | $237.5K | +3.3% |
| 3 Bedrooms | $350K | $390K | +11.4% |
| 4 Bedrooms | $562.2K | $625K | +11.2% |
| 5+ Bedrooms | $814K | $830K | +2.0% |
Summary: Novi housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 40.2%, 2 bedroom homes increased by 3.3%, 3 bedroom homes increased by 11.4%, 4 bedroom homes increased by 11.2%, and 5+ bedroom homes increased by 2%.
Median Sold Price Compared To Nearby Cities
| Wixom | $330.5K | $367K | +11.0% |
| Novi Township | $435.1K | $448.9K | +3.2% |
| Novi | $435.1K | $439.4K | +1.0% |
| Northville Township | $512.4K | $499.9K | -2.4% |
| Northville | $518.4K | $504.1K | -2.7% |
Housing Supply in Novi, MI
How many homes are available in Novi, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 151 | 187 | +23.8% |
Summary: The Novi real estate market had 187 homes for sale in May 2024, a 23.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 44 | 41 | -6.8% |
| 3 Bedrooms | 52 | 66 | +26.9% |
| 4 Bedrooms | 45 | 67 | +48.9% |
| 5+ Bedrooms | 9 | 11 | +22.2% |
Summary: The Novi housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 6.8%, 3 bedroom homes increased by 26.9%, 4 bedroom homes increased by 48.9%, and 5+ bedroom homes increased by 22.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 37 | 71 | +91.9% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
47 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Novi, you could pay more than the asking price. 66.2% of homes here sold above asking price last month.
Summary: A total of 71 homes were sold or pending in Novi in May 2024, up by 91.9% month-over-month. Of the 71 sold homes, 21% were sold under asking, 13% were sold at asking, and 66% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 7 Days | 12 Days | +68.6% |
Summary: Homes in Novi had an average of 12 days on market in May 2024, up by 68.6% compared to last year.
Breakdown of Home Sale Times
65 Homes Were Sold
Under 30 Days
5 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 May 2024, 71 homes were sold in Novi; 92% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 1% 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.
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.