Novi, Michigan Real Estate Market Report for July

Recent activity on the Novi, Michigan real estate market has been a bit of a mixed bag lately for interested home sellers.

Although the total number of home sales has decreased year-over-year, the median home sales price has actually increased.

Continue reading to learn more about the most recent market data for Novi, Michigan.

Properties for Real Estate Sale in Novi

Here’s a brief summary of Novi real estate market activity over the last few weeks:

  • Currently there are 252 homes for sale on the market, including 176 in some stage of the foreclosure process.
  • Between March and May, the median sales price for Novi homes was $155,340, up 5.1 percent when compared to the same period in 2011.
  • During that period in 2011, the median sales price was about $147,781.
  • Here’s how nearby communities compared when it came to median sales price:

Wixom: $128,000
Northville: $270,100
Walled Lake: $98,776
New Hudson: $91,250
Wolverine Lake: $28,050
Farmington Hills: $135,000

  • Also between March and May of this year, the total number of home sales was 47, down 75.6 percent when compared to the same period in 2011.
  • During the week ending on July 4, the average listing price for Novi homes was $332,792, down 5.4 percent from the previous week.
  • During that previous week, the average listing price was about $351,500.
  • During the week ending on July 4, the average listing price for a 2-bedroom Novi home was $147,015.
  • The average listing price for a 3-bedroom home was $229,261.
  • And the average listing price for a 4-bedroom home was $404,085.
  • Here’s how other communities compared in terms of average listing price:

Wixom: $169,838
Northville: $506,243
Walled Lake: $147,902
New Hudson: $251,256
Wolverine Lake: $157,846
Farmington Hills: $233,767

 Novi Home Selling Made Easy!

Although fewer homes are selling in the Novi area than a year ago, those sellers who are able to sell their home are doing so at higher prices.

To ensure that you’re one of the Novi home owners who is able to sell your home for a great price, contact me, Jim DiMora, your Novi real estate expert, today!

I’ll explain to you the comprehensive home marketing plan I offer Novi home sellers as well as provide you with a complimentary Novi real estate home evaluation.

I’ll also be happy to answer any questions you have and provide you with helpful information on homes that have recently sold in your Novi neighborhood.

Until next time,

Jim

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