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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Novi, 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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Novi, MI Housing Market Trends

With 66,372 people, 26,516 houses or apartments, and a median cost of homes of $515,881, Novi real estate is some of the most expensive in Michigan, although Novi home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Novi, accounting for 51.91% of the city's housing units. Other types of housing that are prevalent in Novi include large apartment complexes or high rise apartments ( 24.85%), row houses and other attached homes ( 11.70%), and a few mobile homes or trailers ( 6.03%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Novi. Owner-occupied housing accounts for 67.55% of Novi's homes, and 56.43% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Novi 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 Novi built between 2000 and later ( 32.35%). A lesser amount of the housing stock also hails from between 1940-1969 ( 7.54%). There's also some housing in Novi built before 1939 ( 1.06%).

Novi Home Appreciation Rates

Real estate appreciation rates in Novi's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.82% during the period.

Over the last year, Novi appreciation rates have trailed the rest of the nation. In the last twelve months, Novi's appreciation rate has been 4.71%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Novi were at -0.26%, which equates to an annual appreciation rate of -1.02%.

Relative to Michigan, our data show that Novi's latest annual appreciation rate is lower than 70% 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 Novi differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Novi - 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 Novi real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$515,881

Novi, MI Home Prices
> $1,215,000
$911,001 - $1,215,000
$608,001 - $911,000
$486,001 - $608,000
$364,001 - $486,000
$243,001 - $364,000
$121,001 - $243,000
$61,001 - $121,000
$0 - $61,000
1.0%
1.0%
6.4%
6.4%
26.3%
26.3%
17.8%
17.8%
16.5%
16.5%
15.4%
15.4%
9.6%
9.6%
2.0%
2.0%
5.1%
5.1%
0% 100.0%
% of Homes
Very High

for Michigan

Very High

for nation

Number of Homes And Apartments:

26,516

Novi Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,734 / per month

Homeownership Rate

Owners
Renters
67.6%
67.6%
32.4%
32.4%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.4%
5.4%
94.6%
94.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
32.4%
32.4%
59.1%
59.1%
7.5%
7.5%
1.1%
1.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
51.9%
51.9%
11.7%
11.7%
5.5%
5.5%
24.9%
24.9%
6.0%
6.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.9%
0.9%
11.5%
11.5%
26.2%
26.2%
28.1%
28.1%
28.3%
28.3%
4.9%
4.9%
0% 100.0%
% of Homes