Novi, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Novi, MI Real Estate Data


Novi Housing Market Information

With a population of 58,723, 23,001 total housing units (homes and apartments), and a median house value of $333,313, 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 49.73% of the city's housing units. Other types of housing that are prevalent in Novi include large apartment complexes or high rise apartments ( 26.49%), row houses and other attached homes ( 11.99%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.74%).

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 65.47% of Novi's homes, and 54.48% 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 ( 23.29%). A lesser amount of the housing stock also hails from between 1940-1969 ( 8.96%). There's also some housing in Novi built before 1939 ( 2.02%).

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 4.41%, which ranks in the top 50% nationwide. This equates to an annual average Novi house appreciation rate of 0.43%.

NeighborhoodScout's data show that during the latest twelve months, Novi's appreciation rate, at 5.70%, has been at or slightly above the national average. In the latest quarter, Novi's appreciation rate has been 1.97%, which annualizes to a rate of 8.12%.

Relative to Michigan, our data show that Novi's latest annual appreciation rate is higher 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:
$333,313

Novi, MI HOME PRICES

Value Range
> $1,323,000 1.3
$992,001 - $1,323,000 1.4
$662,001 - $992,000 5.8
$529,001 - $662,000 9.2
$397,001 - $529,000 20.0
$265,001 - $397,000 22.7
$132,001 - $265,000 22.2
$66,001 - $132,000 9.2
$0 - $66,000 8.1

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
13.8724600339638 3.36538461538462

Number Of Homes And Apartments:
23,001

Rent & Ownership

 

Average Market Rent:
$1,862 / per month

Homeownership Rate

Homeownership
Owners 65.47
Renters 34.53
Vacant 5.36

Housing Market Details

 

Age of Homes

AGE OF Novi HOMES
2000 or Newer 23.3
1970 - 1999 65.7
1940 - 1969 9.0
1939 or Older 2.0

Types of Homes

TYPE OF Novi HOMES
Single-Family 49.7
Townhomes 12.0
Small Apt. Buildings 6.7
Apt. Complexes 26.5
Mobile Homes 5.1
Other 0.0

Home Size

SIZE OF Novi HOMES
No Bedroom 0.66
1 Bedroom 12.29
2 Bedrooms 29.37
3 Bedrooms 26.92
4 Bedrooms 27.56
5 or more bedrooms 3.19

Novi Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
13.73% 0.76% 7 1
* 10 is highest