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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
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%).
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.
|$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|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Novi HOMES|
|2000 or Newer||23.5|
|1970 - 1999||66.7|
|1940 - 1969||8.1|
|1939 or Older||1.6|
|TYPE OF Novi HOMES|
|Small Apt. Buildings||6.6|
|SIZE OF Novi HOMES|
|5 or more bedrooms||2.98|