Zip 48377 (Novi, MI) Housing

The housing market in 48377 Novi, MI is doing well. The median value of a house is $333,400, which is close to the US house median value of $338,100. The US house appreciation rate is 8.27%, and the rate for houses in 48377 Novi, MI is 8.00%. This shows that the housing market in this area has been appreciating at a steady pace over the past year. Overall, the housing market in 48377 Novi, MI appears to be healthy and growing.

The median home cost in Novi (zip 48377) is $333,400. Home appreciation the last 10 years has been 110.3%. Home Appreciation in Novi (zip 48377) is up 11.2%.

Average Age of Homes

- The median age of Novi (zip 48377) real estate is 21 years old

The Rental Market in Novi (zip 48377)

- Renters make up 50.4% of the Novi (zip 48377) population
- 5.3% of houses and apartments in Novi (zip 48377), 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
	9,538.0	139,647,020.0
	24	42
	$333,400	$338,100
	11.2%	16.6%
	45.5%	57.0%
	110.3%	101.1%
	$15.07	$10.98
	$4,248	$2,690
	45.7%	57.4%
	7.4%	11.2%
	47.0%	31.4%
Vacant Housing
	5.3%	1.9%
	0.0%	0.4%
	0.0%	0.7%
	0.0%	0.4%
	0.6%	3.6%
	1.5%	4.1%
Value of Owner-Occupied Housing
	6.9%	2.6%
	4.9%	2.4%
	0.2%	2.8%
	2.5%	3.9%
	0.7%	4.5%
	3.2%	11.3%
	8.1%	13.0%
	28.3%	20.1%
	21.4%	13.6%
	13.4%	8.3%
	9.8%	9.7%
	0.2%	3.9%
	0.0%	2.2%
	0.5%	0.8%
	0.0%	1.1%
Housing Units by Year Structure Built
	0.0%	0.2%
	28.4%	13.6%
	28.4%	13.6%
	24.8%	13.6%
	13.4%	13.2%
	8.4%	14.8%
	24.8%	13.6%
	1.9%	10.0%
	0.9%	4.7%
	2.7%	12.2%

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