Zip 48374 (Novi, MI) Housing

The housing market in Novi, MI (48374) is doing well. The median value of a house in the area is $555,900, which is significantly higher than the US median value of $338,100. In the past year, appreciation for houses in Novi has been 8.00%, almost as much as the 8.27% national average. This indicates that Novi is a desirable place to own a home and that prices are likely to continue to increase in the future.

The median home cost in Novi (zip 48374) is $555,900. Home appreciation the last 10 years has been 110.3%. Home Appreciation in Novi (zip 48374) is up 11.2%.

Average Age of Homes

- The median age of Novi (zip 48374) real estate is 22 years old

The Rental Market in Novi (zip 48374)

- Renters make up 7.6% of the Novi (zip 48374) population
- 1.2% of houses and apartments in Novi (zip 48374), are available to rent

DID YOU KNOW

Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.

Median Monthly Rent by Number of Bedrooms

Housing by Year Built

Housing	Novi, Michigan	United States
	5,887.0	139,647,020.0
	23	42
	$555,900	$338,100
	11.2%	16.6%
	45.5%	57.0%
	110.3%	101.1%
	$16.50	$10.98
	$7,694	$2,690
	83.9%	57.4%
	3.8%	11.2%
	12.3%	31.4%
Vacant Housing
	1.2%	1.9%
	0.0%	0.4%
	0.8%	0.7%
	0.0%	0.4%
	1.8%	3.6%
	0.0%	4.1%
Value of Owner-Occupied Housing
	6.1%	2.6%
	2.0%	2.4%
	1.8%	2.8%
	0.3%	3.9%
	0.0%	4.5%
	0.6%	11.3%
	1.7%	13.0%
	5.5%	20.1%
	16.2%	13.6%
	23.7%	8.3%
	32.6%	9.7%
	8.5%	3.9%
	0.6%	2.2%
	0.3%	0.8%
	0.0%	1.1%
Housing Units by Year Structure Built
	0.0%	0.2%
	22.1%	13.6%
	22.1%	13.6%
	35.6%	13.6%
	13.6%	13.2%
	2.7%	14.8%
	35.6%	13.6%
	1.8%	10.0%
	0.3%	4.7%
	0.2%	12.2%