48168, Northville, MI

The 48168 zip code of Northville, Michigan is located in Wayne County and has a population of around 30,000. The median household income in this zip code is around $60,000, which is lower than the national median household income of $53,046. However, the home equity and home prices in this zip code are much higher than the national average.

According to Zillow’s 2018 Home Value Index report, the median home value in this zip code is $248,700. This is more than double the national median home value of $130,000 and significantly higher than the Michigan median home value of $152,500. Furthermore, as of March 2019 there were 2,872 homes for sale in this zip code and 1,521 of these homes had been sold at an average price of $269,900. This means that the average home equity balance in this zip code is approximately $191,600.

Given these high home values and strong demand for property in this zip code it comes as no surprise that house prices have continued to rise over recent years. For example according to data from Zillow’s 2018 Home Value Index report house prices increased by 7% between 2017 and 2018 alone! Additionally during Q1 2019 house prices increased by 6% compared to Q1 2018 – indicating that demand for property remains strong even amidst some economic uncertainty.