Novi, MI—48375
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 $392,000, with a year-over-year change of 2.3%. This indicates that home prices in Novi, MI are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $392,000 | 2.3% |
| Single Family | $454,000 | 2.5% |
| Condos | $217,000 | 0.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $217,000 | 1.9% |
3 Bed | $388,000 | 2.9% |
4 Bed | $552,000 | 3.2% |
| 5 Bed | $683,000 | 2.4% |
% of Housing Stock
Rental Trends — Novi, MI
As of July '25, Rentcast reports the average rent in Novi, MI is $2,420, with a year-over-year rent change of -0.8%. Per bedroom, the median rent as of July '25 in Novi, MI is studios: $1,600, 1-bedrooms: $1,540, 2-bedrooms: $1,890, 3-bedrooms: $2,960, 4-bedrooms: $3,220. The most common rental property sizes in Novi, MI are 2-bedroom and 3-bedroom, accounting for 56.1% and 23.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,420 |
| Studio Rent | $1,560 | $1,600 |
| 1 Bed Rent | $1,470 | $1,540 |
| 2 Bed Rent | $1,850 | $1,890 |
| 3 Bed Rent | $3,100 | $2,960 |
| 4 Bed Rent | $3,000 | $3,220 |
% 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 32. This is a decrease of -10.0% 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $487,000 | 8.0% |
Listing Count | 56 | 35.0% |
| Listings as % of Homes | 0.2% | 35.0% |
Days on Market | 32 | -10.0% |
Demographics — Novi, MI
As of the latest ACS Survey released in 2023, Novi, MI has a population of 23,900, which has increased by 4.8% over the past 5 years. Novi, MI is a moderately popular place for families, as children make up 23.0% of the population. The area has a highly educated workforce, with 62.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 23,900 | 4.8% |
% Under 18 | 23.0% | -6.9% |
% Seniors | 15.5% | 20.2% |
% WFH | 18.2% | 304.4% |
% w/ College Degree | 62.8% | 4.7% |
As of the latest ACS Survey released in 2023, Novi, MI is a predominantly white area, with 56.3% of the population identifying as white. The white population has shrunk by 6.2% in the last 5 years. The second most common race or ethnicity in Novi, MI is asian, making up 27.2% of the population. Foreign-born residents account for 29.0% of the population in Novi, MI, and this percentage has increased by 11.1% 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 | 56.3% | -6.2% |
% Black | 5.5% | -30.4% |
% Hispanic | 5.4% | 45.9% |
% Asian | 27.2% | 6.7% |
% Foreign Born | 29.0% | 11.1% |
Mortgage and Risk — Novi, MI
According to HUD data as of 2023, there were 392 mortgage originations in Novi, MI, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Novi, MI. Investor activity is low, as 2.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 392 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Novi, MI
As of 2024, the percent of homes in Novi, MI under the Section 8 program is 0.1%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Novi, MI, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 3 |
Total Units Section 8 | 3 |
% Rentals under Section 8 | 0.1% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $170 | $1,470 | $1,640 |
| 2 Bedroom | $220 | $1,850 | $2,070 |
| 3 Bedroom | -$560 | $3,100 | $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 | 3.1 |
| Median Home Price | $392,000 |
| Median Household Income | $113,000 |