Northville, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Northville, MI Housing Market Trends

With 6,119 people, 1,310 houses or apartments, and a median cost of homes of $443,497, Northville real estate is some of the most expensive in Michigan, although Northville home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Northville, accounting for 72.19% of the city's housing units. Other types of housing that are prevalent in Northville include row houses and other attached homes ( 19.03%), large apartment complexes or high rise apartments ( 4.68%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.05%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Northville. Owner-occupied housing accounts for 87.10% of Northville's homes, and 74.28% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Northville built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Northville built between 1940-1969 ( 37.92%). A lesser amount of the housing stock also hails from before 1939 ( 3.42%). There's also some housing in Northville built between 2000 and later ( 2.01%).

Northville Home Appreciation Rates

In the last 10 years, Northville has experienced some of the highest home appreciation rates of any community in the nation. Northville real estate appreciated 95.51% over the last ten years, which is an average annual home appreciation rate of 6.93%, putting Northville in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Northville definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Northville's appreciation rate, at 17.92%, has been at or slightly above the national average. In the latest quarter, Northville's appreciation rate has been 6.82%, which annualizes to a rate of 30.18%.

Relative to Michigan, our data show that Northville's latest annual appreciation rate is lower than 80% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Northville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Northville - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Northville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$443,497

Northville, MI HOME PRICES

> $1,289,000
1.8%
1.8%
$967,001 - $1,289,000
9.3%
9.3%
$645,001 - $967,000
11.5%
11.5%
$516,001 - $645,000
15.6%
15.6%
$387,001 - $516,000
21.1%
21.1%
$258,001 - $387,000
25.1%
25.1%
$129,001 - $258,000
8.9%
8.9%
$65,001 - $129,000
5.1%
5.1%
$0 - $65,000
1.6%
1.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
1,310

Northville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q3 - 2021 Q4
Last 12 Months:
2020 Q4 - 2021 Q4
Last 2 Years:
2019 Q4 - 2021 Q4
Last 5 Years:
2016 Q4 - 2021 Q4
Last 10 Years:
2011 Q4 - 2021 Q4
Since 2000:
2000 Q1 - 2021 Q4
61.14% 2.19%
6
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,729 / per month

Homeownership Rate

Owners
87.1%
87.1%
Renters
12.9%
12.9%
Vacant
2.6%
2.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
2.0%
2.0%
1970 - 1999
56.7%
56.7%
1940 - 1969
37.9%
37.9%
1939 or Older
3.4%
3.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.2%
72.2%
Townhomes
19.0%
19.0%
Small Apt. Buildings
3.0%
3.0%
Apt. Complexes
4.7%
4.7%
Mobile Homes
1.0%
1.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
3.6%
3.6%
2 Bedrooms
17.4%
17.4%
3 Bedrooms
37.8%
37.8%
4 Bedrooms
36.4%
36.4%
5 or more bedrooms
4.8%
4.8%
0.0% 100.0%
% OF HOMES