Novi, MI—48377
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 $377,000, with a year-over-year change of 1.8%. 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 | $377,000 | 1.8% |
| Single Family | $494,000 | 2.9% |
| Condos | $347,000 | 1.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $304,000 | 1.0% |
3 Bed | $374,000 | 2.7% |
4 Bed | $535,000 | 3.5% |
| 5 Bed | N/A | N/A |
% 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 -1.2%. Per bedroom, the median rent as of July '25 in Novi, MI is 1-bedrooms: $1,340, 2-bedrooms: $2,180, 3-bedrooms: $2,600, 4-bedrooms: $3,950. The most common rental property sizes in Novi, MI are 1-bedroom and 2-bedroom, accounting for 44.0% and 39.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,330 | $2,420 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,220 | $1,340 |
| 2 Bed Rent | $2,100 | $2,180 |
| 3 Bed Rent | $2,600 | $2,600 |
| 4 Bed Rent | $3,500 | $3,950 |
% 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 40. This is a increase of 6.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $394,000 | 16.0% |
Listing Count | 32 | 3.0% |
| Listings as % of Homes | 0.1% | 3.0% |
Days on Market | 40 | 6.0% |
Demographics — Novi, MI
As of the latest ACS Survey released in 2023, Novi, MI has a population of 19,800, which has increased by 19.5% over the past 5 years. Novi, MI is a moderately popular place for families, as children make up 21.3% of the population. The area has a highly educated workforce, with 52.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,800 | 19.5% |
% Under 18 | 21.3% | 1.9% |
% Seniors | 19.4% | 6.6% |
% WFH | 15.6% | 642.9% |
% w/ College Degree | 52.0% | -5.8% |
As of the latest ACS Survey released in 2023, Novi, MI is a predominantly white area, with 53.4% of the population identifying as white. The white population has shrunk by 10.1% in the last 5 years. The second most common race or ethnicity in Novi, MI is asian, making up 22.4% of the population. Foreign-born residents account for 27.0% of the population in Novi, MI, and this percentage has increased by 7.1% 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 | 53.4% | -10.1% |
% Black | 15.8% | 27.4% |
% Hispanic | 4.9% | -7.5% |
% Asian | 22.4% | 8.2% |
% Foreign Born | 27.0% | 7.1% |
Mortgage and Risk — Novi, MI
According to HUD data as of 2023, there were 224 mortgage originations in Novi, MI, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Novi, MI. Investor activity is low, as 4.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 224 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 4.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Novi, MI
As of 2024, the percent of homes in Novi, MI under the Section 8 program is 0.0%. 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. In Novi, MI, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 2 |
Total Units Section 8 | 2 |
% Rentals under Section 8 | 0.0% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$30 | $1,220 | $1,190 |
| 2 Bedroom | -$590 | $2,100 | $1,510 |
| 3 Bedroom | -$750 | $2,600 | $1,850 |
| 4 Bedroom | -$1,500 | $3,500 | $2,000 |
Affordability — Novi, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.3 |
| Median Home Price | $377,000 |
| Median Household Income | $83,400 |