$7,244 Closing Credit*
$610,000
2,066 SqFt
4 Beds
•2 Full Baths, 1 Partial
Nathan B Oake, Listing Office: Griffith Realty
Is Novi, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Novi has remained a Seller's Market.
Key Takeaway
Novi is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Novi, MI
How much do homes in Novi, MI cost?
Median Sold Price
$468,825
$226/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$41,325(+9.7%)
Key Takeaway
Homes in Novi have sold for 9.7% more than they did a year ago.
Summary: The median home sold price in Novi was $468,825 in October 2024, up 9.7% from last year, and the median price per square foot was $226.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $137.5K | -38.9% |
| 2 Bedrooms | $231.5K | $230.7K | -0.3% |
| 3 Bedrooms | $346.5K | $390K | +12.6% |
| 4 Bedrooms | $600K | $650K | +8.3% |
| 5+ Bedrooms | $772.5K | $990K | +28.2% |
Summary: Novi housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 38.9%, 2 bedroom homes decreased by 0.3%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes increased by 28.2%.
Median Sold Price Compared To Nearby Cities
| Novi | $427.5K | $468.8K | +9.7% |
| Novi Township | $433.6K | $462.6K | +6.7% |
| Northville | $527.8K | $548.8K | +4.0% |
| Northville Township | $523.6K | $542.8K | +3.7% |
| Wixom | $350K | $350K | 0.0% |
Housing Supply in Novi, MI
How many homes are available in Novi, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 173 | 172 | -0.6% |
Summary: The Novi real estate market had 172 homes for sale in October 2024, a 0.6% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 39 | 45 | +15.4% |
| 3 Bedrooms | 61 | 60 | -1.6% |
| 4 Bedrooms | 52 | 55 | +5.8% |
| 5+ Bedrooms | 21 | 12 | -42.9% |
Summary: The Novi housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 15.4%, 3 bedroom homes decreased by 1.6%, 4 bedroom homes increased by 5.8%, and 5+ bedroom homes decreased by 42.9%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 49 | 57 | +16.3% |
Asking Price vs. Sold Price
26 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Novi, you may be able to get a good deal. 45.6% of homes here sold below asking price last month.
Summary: A total of 57 homes were sold or pending in Novi in October 2024, up by 16.3% month-over-month. Of the 57 sold homes, 46% were sold under asking, 14% were sold at asking, and 40% were sold over asking.
Days on Market for Novi, MI
How long does it take to sell a home in Novi, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 13 Days | 22 Days | +63.2% |
Summary: Homes in Novi had an average of 22 days on market in Oct 2024, up by 63.2% compared to last year.
Breakdown of Home Sale Times
48 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Novi are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 57 homes were sold in Novi; 84% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.