Novi, MI Housing Market
The Novi housing market is most competitive. Homes in Novi receive 3 offers on average and sell in around 8 days. The median sale price of a home in Novi was $486K last month, down 3.8% since last year. The median sale price per square foot in Novi is ¤228, up 2.9% since last year.
Novi Housing Market Trends
In June 2024, Novi home prices were down 3.8% compared to last year, selling for a median price of $486K. On average, homes in Novi sell after 8 days on the market compared to 7 days last year. There were 51 homes sold in June this year, down from 67 last year.
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How hot is the Novi housing market?
The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
Calculated over the last 3 months
- Most homes get multiple offers, often with waived contingencies.
- The average homes sell for about 3% above list price and go pending in around 7 days.
- Hot homescan sell for about 7% above list price and go pending in around 5 days.
The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
Calculated over the last 3 months
- Many homes get multiple offers, some with waived contingencies.
- The average homes sell for about 2% above list price and go pending in around 11 days.
- Hot homescan sell for about 7% above list price and go pending in around 6 days.
The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
Calculated over the last 3 months
- Most homes get multiple offers, often with waived contingencies.
- The average homes sell for about 4% above list price and go pending in around 7 days.
- Hot homescan sell for about 7% above list price and go pending in around 4 days.
Novi Migration & Relocation Trends
- Across the nation, 0.74% of homebuyers searched to move into Novi from outside metros.
- New York homebuyers searched to move into Novi more than any other metro followed by Washington and Los Angeles.
- 78% of Novi homebuyers searched to stay within the Novi metropolitan area.
- Cape Coral was the most popular destination among Novi homebuyers followed by Grand Rapids and Sarasota.
Inbound | Net inflow | ||
---|---|---|---|
Metros | Apr '24 - Jun '24 | ||
1 | 512 | ||
2 | 384 | ||
3 | 353 | ||
4 | 295 | ||
5 | 203 | ||
6 | 110 | ||
7 | 97 | ||
8 | 77 | ||
9 | 62 | ||
10 | 59 |
Outbound | Net outflow | ||
---|---|---|---|
Metros | Apr '24 - Jun '24 | ||
1 | 265 | ||
2 | 247 | ||
3 | 167 | ||
4 | 138 | ||
5 | 137 | ||
6 | 113 | ||
7 | 105 | ||
8 | 103 | ||
9 | 92 | ||
10 | 82 |
View houses in Novi that sold recently
Recently sold homes
- $293,000 Last Sold Price3 beds1.5 baths1,160 sq ft41500 Belden Cir, Novi, MI 48377List Price$300,000Sale to List2% under listDays on Market68 days41500 Belden Cir, Novi, MI 48377
- $1,495,291 Last Sold Price5 beds4 baths3,973 sq ft21047 Ballantyne Ct, Novi, MI 48167List Price$1,288,590Sale to List16% over listDays on Market346 days21047 Ballantyne Ct, Novi, MI 48167
- $565,000 Last Sold Price3 beds2.5 baths1,945 sq ft43445 Chancellor Ln, Novi, MI 48375List Price$565,000Sale to List0% over listDays on Market32 days43445 Chancellor Ln, Novi, MI 48375
- $593,300 Last Sold Price4 beds2.5 baths2,964 sq ft41493 Fawn Trl, Novi, MI 48375List Price$600,000Sale to List1% under listDays on Market62 days41493 Fawn Trl, Novi, MI 48375
- $1,435,000 Last Sold Price6 beds5.5 baths4,369 sq ft47692 Wales, Novi, MI 48167List Price$1,500,000Sale to List4% under listDays on Market47 days47692 Wales, Novi, MI 48167
- $595,000 Last Sold Price4 beds3.5 baths2,409 sq ft42650 Whitman Way, Novi, MI 48377List Price$550,000Sale to List8% over listDays on Market48 days42650 Whitman Way, Novi, MI 48377
- $220,000 Last Sold Price2 beds1.5 baths1,048 sq ft24582 Olde Orchard St, Novi, MI 48375List Price$209,000Sale to List5% over listDays on Market41 days24582 Olde Orchard St, Novi, MI 48375
- $225,000 Last Sold Price2 beds1.5 baths1,005 sq ft22808 Renford St, Novi, MI 48375List Price$220,000Sale to List2% over listDays on Market39 days22808 Renford St, Novi, MI 48375
See all recently sold homes in Novi.
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Schools in Novi
- Elementary
- Middle
- High
GreatSchools Rating
9/10 Deerfield Elementary School Public • K-4 | 433 Students | 3 reviews |
7/10 Village Oaks Elementary School Public • K-4 | 609 Students | 10 reviews |
7/10 Novi Meadows School Public • PreK-6 | 965 Students | 7 reviews |
6/10 Wixom Elementary School Public • PreK-5 | 351 Students | 6 reviews |
6/10 Hickory Woods Elementary School Public • K-8 | 542 Students | 10 reviews |
Climate's impact on Novi housing
Learn about natural hazards and environmental risks, such as floods, fires, wind, and heat that could impact homes in Novi.
Flood Factor - Minor
Flood Factor
![flood factor score logo](https://ssl.cdn-redfin.com/v533.2.1/images/riskFactor/regional/flood-1.png)
Fire Factor - Moderate
Fire Factor
![fire factor score logo](https://ssl.cdn-redfin.com/v533.2.1/images/riskFactor/regional/fire-2.png)
Wind Factor - Minimal
Wind Factor
![wind factor score logo](https://ssl.cdn-redfin.com/v533.2.1/images/riskFactor/regional/wind-0.png)
Heat Factor - Minor
Heat Factor
![heat factor score logo](https://ssl.cdn-redfin.com/v533.2.1/images/riskFactor/regional/heat-1.png)
Transportation in Novi
Walk Score®
Bike Score®
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