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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 60,896 people, 23,471 houses or apartments, and a median cost of homes of $406,889, 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 50.87% of the city's housing units. Other types of housing that are prevalent in Novi include large apartment complexes or high rise apartments ( 26.18%), row houses and other attached homes ( 11.61%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.17%).

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 66.31% of Novi's homes, and 55.13% 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 ( 27.28%). A lesser amount of the housing stock also hails from between 1940-1969 ( 7.96%). There's also some housing in Novi built before 1939 ( 1.20%).

Novi Home Appreciation Rates

In the last 10 years, Novi has experienced some of the highest home appreciation rates of any community in the nation. Novi real estate appreciated 75.82% over the last ten years, which is an average annual home appreciation rate of 5.81%, putting Novi in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Novi definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 7.13%, 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 2.89%, which equates to an annual appreciation rate of 12.06%.

Relative to Michigan, our data show that Novi's latest annual appreciation rate is lower than 90% 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:
$406,889

Novi, MI HOME PRICES

> $1,205,000
1.4%
1.4%
$904,001 - $1,205,000
1.6%
1.6%
$602,001 - $904,000
16.8%
16.8%
$482,001 - $602,000
15.6%
15.6%
$362,001 - $482,000
22.1%
22.1%
$241,001 - $362,000
20.4%
20.4%
$121,001 - $241,000
15.6%
15.6%
$60,001 - $121,000
1.8%
1.8%
$0 - $60,000
4.7%
4.7%
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:
23,471

Novi Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
35.07% 1.41%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,122 / per month

Homeownership Rate

Owners
66.3%
66.3%
Renters
33.7%
33.7%
Vacant
4.9%
4.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
27.3%
27.3%
1970 - 1999
63.6%
63.6%
1940 - 1969
8.0%
8.0%
1939 or Older
1.2%
1.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
50.9%
50.9%
Townhomes
11.6%
11.6%
Small Apt. Buildings
6.2%
6.2%
Apt. Complexes
26.2%
26.2%
Mobile Homes
5.2%
5.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.9%
0.9%
1 Bedroom
11.6%
11.6%
2 Bedrooms
27.9%
27.9%
3 Bedrooms
26.5%
26.5%
4 Bedrooms
28.7%
28.7%
5 or more bedrooms
4.6%
4.6%
0.0% 100.0%
% OF HOMES