Is Northville, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Northville has remained a Seller's Market.
Key Takeaway
Northville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Northville, MI
How much do homes in Northville, MI cost?
Median Sold Price
$500,000
$226/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
The sold price of homes in Northville has remained the same since last year.
Summary: The median home sold price in Northville was $500,000 in April 2024, up 0.2% from last year, and the median price per square foot was $226.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $126.2K | $156.2K | +23.8% |
| 2 Bedrooms | $270.7K | $290K | +7.1% |
| 3 Bedrooms | $450K | $452.5K | +0.6% |
| 4 Bedrooms | $650K | $655K | +0.8% |
| 5+ Bedrooms | $930K | $910K | -2.2% |
Summary: Northville housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.8%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 0.6%, 4 bedroom homes increased by 0.8%, and 5+ bedroom homes decreased by 2.2%.
Median Sold Price Compared To Nearby Cities
| Northville | $499K | $500K | 0.2% |
| Novi | $435.3K | $434.1K | -0.3% |
| Northville Township | $500.4K | $495.8K | -0.9% |
Housing Supply in Northville, MI
How many homes are available in Northville, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 118 | 141 | +19.5% |
Summary: The Northville real estate market had 141 homes for sale in April 2024, a 19.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 36 | 37 | +2.8% |
| 3 Bedrooms | 37 | 42 | +13.5% |
| 4 Bedrooms | 27 | 42 | +55.6% |
| 5+ Bedrooms | 15 | 18 | +20.0% |
Summary: The Northville housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 13.5%, 4 bedroom homes increased by 55.6%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 36 | 38 | +5.6% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northville, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 38 homes were sold or pending in Northville in April 2024, up by 5.6% month-over-month. Of the 38 sold homes, 45% were sold under asking, 5% were sold at asking, and 50% were sold over asking.
Days on Market for Northville, MI
How long does it take to sell a home in Northville, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 27 Days | 16 Days | -40.0% |
Summary: Homes in Northville had an average of 16 days on market in Apr 2024, down by 40% compared to last year.
Breakdown of Home Sale Times
31 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Northville are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 38 homes were sold in Northville; 82% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.