48375, Novi, MI

Novi, Michigan is located in the 48375 zip code. According to the 2010 census, the population of Novi was 27,976. The median household income in Novi was $86,814. Home prices in Novi have increased significantly over the past few years and are now among some of the highest in Michigan.

The average home price in Novi was $219,000 as of September 2016. This represents a 161% increase from 2007 when the average home price was $105,000. The current market conditions have driven up home values even further and there is no indication that this trend will slow down any time soon. In fact, according to Zillow’s recent report on Michigan’s housing market trends, Novi is one of only six Michigan cities where home values are expected to rise by more than 20% over the next three years.

One reason for this sustained appreciation in home values is that Novi has a relatively low supply of homes for sale compared to other areas of Michigan. In fact, as of September 2016 there were only 2 homes available for sale within a 10-mile radius of Novi! This tight housing market has led to strong demand and high prices across all types of homes – from single family homes to condos and townhouses – in Novi.

Despite these strong market conditions, it's important not to overvalue your home equity or become too complacent about your investment potential in Novi. While it's definitely possible for house prices to continue increasing at a rapid pace for many years into the future, there is always a risk that conditions could change quickly and cause prices to decline – especially if interest rates start rising again or if another recession hits later on down the road. So make sure you do your homework before making any decisions about buying or selling a property in Novi – and always consult with an experienced real estate agent if you have any questions or concerns about your particular situation!