Housing in Novi, MI
Home values, rent, ownership rates, and housing market data
Housing Market Snapshot
Source: Redfin — January 2026Median Sale Price
$422,000
Median List Price
$373,250
Price Per Sq Ft
$199
Days on Market
43
Active Inventory
63
Months of Supply
2.1
Seller's market
Zillow Home Value
$451,853
ZHVI — January 2026
Zillow Rent Index
$1,777
ZORI — January 2026
Price Trends
Source: RedfinMarket Competitiveness
Source: RedfinSold Above List
16.7%
Off Market in 2 Weeks
38.7%
Sale-to-List Ratio
97.8%
Buyer's market
Market Activity
Source: RedfinHomes Sold
30
New Listings
30
Pending Sales
31
Price Per Square Foot
Source: RedfinMedian Sale $/SF
$199
Median List $/SF
$207
Novi vs Similar Cities
Source: Census ACS / Redfin (2023)Compared to cities with 50,000 - 100,000 residents. Novi is highlighted.
Median Home Value
Median Rent
Median Price Per Sq Ft
Rent Burden
Census Housing Data
Source: U.S. Census Bureau ACS (2023)Median Home Value
$399,100
Median Rent
$1,696
Total Housing Units
27,934
Vacancy Rate
5.2%
Owner Occupied
68.0%
Renter Occupied
32.0%
Median Property Tax
$5,598
per year
Monthly Cost (w/ Mortgage)
$1,630
Housing Types
The current median sale price in Novi, MI is $422,000 according to Redfin data. Homes spend a median of 43 days on the market. 16.7% of homes sold above asking price. The market has 2.1 months of supply. The median price per square foot is $199. Zillow's observed rent index is $1,777/month. About 68.0% of housing units are owner-occupied. The median year homes were built is 1992. There are 27,934 total housing units.