Novi, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Novi Neighborhoods Since 2000




Novi, MI Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Novi Housing Market Information

With 58,723 people, 23,077 houses or apartments, and a median cost of homes of $321,909, Novi house prices are not only among the most expensive in Michigan, Novi real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Novi, accounting for 49.99% of the city's housing units. Other types of housing that are prevalent in Novi include large apartment complexes or high rise apartments ( 26.96%), row houses and other attached homes ( 11.46%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.64%).

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 65.16% of Novi's homes, and 55.54% 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 ( 23.53%). A lesser amount of the housing stock also hails from between 1940-1969 ( 8.14%). There's also some housing in Novi built before 1939 ( 1.60%).

Novi Home Appreciation Rates

Appreciation rates for homes in Novi have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.21%, which ranks in the top 50% nationwide. This equates to an annual average Novi house appreciation rate of 0.41%.

NeighborhoodScout's data show that during the latest twelve months, Novi's appreciation rate, at 4.46%, has been at or slightly above the national average. In the latest quarter, Novi's appreciation rate has been 1.86%, which annualizes to a rate of 7.66%.

Importantly, this makes Novi one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that Novi's latest annual appreciation rate is lower than 60% 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:
$321,909

Novi, MI HOME PRICES

Value Range
> $1,224,000 1.2
$918,001 - $1,224,000 1.3
$612,001 - $918,000 7.0
$489,001 - $612,000 11.5
$367,001 - $489,000 19.4
$245,001 - $367,000 22.4
$122,001 - $245,000 21.1
$61,001 - $122,000 8.9
$0 - $61,000 7.1

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
14.3911871557483 4.16666666666667

Number Of Homes And Apartments:
23,077

Novi Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
11.54% 0.64% 6 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,528 / per month

Homeownership Rate

Homeownership
Owners 65.16
Renters 34.84
Vacant 5.26

Housing Market Details

 

Age of Homes

AGE OF Novi HOMES
2000 or Newer 23.5
1970 - 1999 66.7
1940 - 1969 8.1
1939 or Older 1.6

Types of Homes

TYPE OF Novi HOMES
Single-Family 50.0
Townhomes 11.5
Small Apt. Buildings 6.6
Apt. Complexes 27.0
Mobile Homes 4.9
Other 0.0

Home Size

SIZE OF Novi HOMES
No Bedroom 0.47
1 Bedroom 12.46
2 Bedrooms 28.55
3 Bedrooms 28.05
4 Bedrooms 27.49
5 or more bedrooms 2.98