Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Novi | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $565,465 | $134,610 | $242,182 |
| Price Trend (Annual %) | 72.2% | 9.4% | 8.2% |
| Median Gross Rent | $1,691 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 5.8% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Novi is about 320% higher than in Michigan. Rent is about 56% higher than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Novi, up about 72.2% and 5.8% a year respectively. Home prices are changing faster.
Median rent in Novi rose about 57.5% between 2015 and 2023, from $1,074 to $1,691. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 5.0 yearly household incomes in Novi.
Buying the median-priced home in Novi costs roughly 27.9 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Novi. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Novi | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $565,465 | $134,610 | $242,182 |
| Median Household Income | $112,014 | $71,353 | $78,145 |
| Price-to-Income Ratio | 5.0 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Novi rose about 294.4%, while median household income rose about 44.6% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Novi | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.6% | 64.1% | 58.2% |
| Rental Rate | 30.2% | 23.8% | 31.3% |
| Vacancy Rate | 5.2% | 12.2% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Novi has a homeownership rate of 64.6%, higher than the Michigan average of 64.1%. Its housing vacancy rate is 5.2%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Novi | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1992 | 1972 | 1978 |
| Median Number of Rooms | 6.0 | 5.8 | 5.5 |
The typical housing unit in Novi was built around 1992. On average, 2.5 people live in a home with about 6.0 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Novi, Michigan.
What is the median home price in Novi, Michigan?
The median home price in Novi, Michigan is $565,465, higher than the Michigan average of $134,610.
What is the average home price in Novi, Michigan?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Novi, Michigan?
The median gross rent in Novi, Michigan is $1,691 per month, higher than the Michigan average of $1,084.
What was the median gross rent in Novi in 2020?
In 2020, the median gross rent in Novi, Michigan was $1,349 per month.
What is the price-to-rent ratio in Novi, Michigan?
The price-to-rent ratio in Novi, Michigan is about 27.9, meaning it would take roughly 27.9 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Novi.
Are home prices or rent rising faster in Novi, Michigan?
Both home prices and rent are rising in Novi, up about 72.2% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Novi, Michigan?
64.6% of households in Novi, Michigan own their home, higher than the Michigan average of 64.1%.
What is the vacancy rate in Novi, Michigan?
The housing vacancy rate in Novi, Michigan is 5.2%, lower than the Michigan average of 12.2%.