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

Novi comes in at 17th in the state's 99 communities in Coldwell Banker's latest Home Listing Report.

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.

Rank in Michigan Community  Average Price 1 Birmingham $429,800 3 Bloomfield Twp. $328,034 4 Northville $325,600 9 Rochester Hills $300,538 12 Berkley $285,573 16 Plymouth $271,924 17 Novi $268,812 25 Royal Oak $253,507 39 Troy $228,404 41 Sterling Heights $218,928 42 Farmington Hills $218,388 57 Livonia $193,778 64 Grosse Pointe $181,700 90 Southfield $123,843 96 Warren $99,349 98 Detroit $65,155 99* Redford $60,490

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. 


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something