Novi, MI—48374
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Novi, MI
As of Oct '25, the median home price in Novi, MI is $659,000, with a year-over-year change of 2.1%. This indicates that home prices in Novi, MI are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $659,000 | 2.2% |
| Single Family | $668,000 | 1.5% |
| Condos | $628,000 | 4.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $499,000 | 1.6% |
4 Bed | $703,000 | 2.0% |
| 5 Bed | $901,000 | 1.8% |
% of Housing Stock
Rental Trends — Novi, MI
As of July '25, Rentcast reports the average rent in Novi, MI is $3,030, with a year-over-year rent change of -9.0%. Per bedroom, the median rent as of July '25 in Novi, MI is 1-bedrooms: $1,920, 3-bedrooms: $3,080, 4-bedrooms: $3,170. The most common rental property sizes in Novi, MI are 3-bedroom and 2-bedroom, accounting for 59.8% and 22.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,000 | $3,030 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,920 | $1,920 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $3,000 | $3,080 |
| 4 Bed Rent | $3,000 | $3,170 |
% of Rental Stock
Property Listings — Novi, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Novi, MI is 37. This is a decrease of -18.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $697,000 | -14.0% |
Listing Count | 36 | -22.0% |
| Listings as % of Homes | 0.2% | -22.0% |
Days on Market | 37 | -18.0% |
Demographics — Novi, MI
As of the latest ACS Survey released in 2023, Novi, MI has a population of 17,800, which has increased by 11.5% over the past 5 years. Novi, MI is a popular place for families, as children make up 29.4% of the population. The area has a highly educated workforce, with 69.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 17,800 | 11.5% |
% Under 18 | 29.4% | 1.4% |
% Seniors | 10.4% | 28.4% |
% WFH | 21.5% | 202.8% |
% w/ College Degree | 69.0% | 4.4% |
As of the latest ACS Survey released in 2023, Novi, MI is a predominantly white area, with 59.7% of the population identifying as white. The white population has shrunk by 9.8% in the last 5 years. The second most common race or ethnicity in Novi, MI is asian, making up 28.0% of the population. Foreign-born residents account for 25.8% of the population in Novi, MI, and this percentage has increased by 7.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 59.7% | -9.8% |
% Black | 4.0% | -7.0% |
% Hispanic | 4.3% | 115.0% |
% Asian | 28.0% | 9.4% |
% Foreign Born | 25.8% | 7.5% |
Mortgage and Risk — Novi, MI
According to HUD data as of 2023, there were 309 mortgage originations in Novi, MI, of which 99.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Novi, MI. Investor activity is low, as 0.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 309 |
% Conventional Loans | 99.0% |
% Government Loans | 1.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Novi, MI
Novi, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 1 |
Total Units Section 8 | 1 |
% Rentals under Section 8 | 0.4% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$280 | $1,920 | $1,640 |
| 2 Bedroom | N/A | N/A | $2,070 |
| 3 Bedroom | -$460 | $3,000 | $2,540 |
| 4 Bedroom | -$260 | $3,000 | $2,740 |
Affordability — Novi, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $659,000 |
| Median Household Income | $185,000 |