Novi Ranked as 17th Most Expensive Real Estate Market in Michigan

In its latest national home listing report, released last week, Coldwell Banker ranks Novi as the 17th most expensive home market among 99 Michigan communities.

The report lists the average price of a typical four-bedroom, two-bath home in the city at $268,812.

Coldwell Banker's commmunity overview puts the median Novi household income at $80,243 and reports that 8 percent of the community's homes are vacant.

According to the report, which also looked at 2,479 communities across the country, the average price of a typical four-bedroom, two-bath in the United States is $292,152. That price tag jumps to $742,551 in Hawaii, the nation’s most expensive state.

Among the Great Lake State's Top 25 priciest communities, according to Coldwell Banker, are a number of neighboring towns, such as Birmingham, Bloomfield Township, Royal Oak, Rochester Hills and Berkley.

Redford, meanwhile, is the least expensive community in Michigan, according to Coldwell Banker, with an average listing price of $60,490 for a four-bedroom, two-bathroom home.

Source: Coldwell Banker's Michigan Home Listing Report. *Communities in Michigan were ranked from 1 to 99 in the report. 

Novi Patch editor Rebecca Jaskot also contributed to this report.