$2,672 Closing Credit*
$225,000
1,100 SqFt
2 Beds
•1 Full Bath, 1 Partial
Marianne Tucker, Listing Office: The Brand Real Estate
Is Novi Township, 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 Township has remained a Seller's Market.
Key Takeaway
Novi Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Novi Township, MI
How much do homes in Novi Township, MI cost?
Median Sold Price
$462,662
$224/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$28,995(+6.7%)
Key Takeaway
Homes in Novi Township have sold for 6.7% more than they did a year ago.
Summary: The median home sold price in Novi Township was $462,662 in October 2024, up 6.7% from last year, and the median price per square foot was $224.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $180K | $137.5K | -23.6% |
| 2 Bedrooms | $233K | $234.9K | +0.8% |
| 3 Bedrooms | $360K | $405K | +12.5% |
| 4 Bedrooms | $599.9K | $642.5K | +7.1% |
| 5+ Bedrooms | $712K | $807K | +13.3% |
Summary: Novi Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 23.6%, 2 bedroom homes increased by 0.8%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 13.3%.
Median Sold Price Compared To Nearby Cities
| Novi | $427.5K | $468.8K | +9.7% |
| Novi Township | $433.6K | $462.6K | +6.7% |
Housing Supply in Novi Township, MI
How many homes are available in Novi Township, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 150 | 148 | -1.3% |
Summary: The Novi Township real estate market had 148 homes for sale in October 2024, a 1.3% 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 | 34 | 39 | +14.7% |
| 3 Bedrooms | 57 | 58 | +1.8% |
| 4 Bedrooms | 44 | 44 | 0.0% |
| 5+ Bedrooms | 15 | 7 | -53.3% |
Summary: The Novi Township 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 14.7%, 3 bedroom homes increased by 1.8%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 53.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 45 | 46 | +2.2% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Novi Township, you could pay more than the asking price. 45.7% of homes here sold above asking price last month.
Summary: A total of 46 homes were sold or pending in Novi Township in October 2024, up by 2.2% month-over-month. Of the 46 sold homes, 41% were sold under asking, 13% were sold at asking, and 46% were sold over asking.
Days on Market for Novi Township, MI
How long does it take to sell a home in Novi Township, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 14 Days | 21 Days | +49.6% |
Summary: Homes in Novi Township had an average of 21 days on market in Oct 2024, up by 49.6% compared to last year.
Breakdown of Home Sale Times
40 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Novi Township are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 46 homes were sold in Novi Township; 87% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
