Novi, Michigan.
Typical home $465,874 (+2.8% in a year), asking rent $1,832 (+3.0%). Detroit-Warren-Dearborn, MI metro.
to buy the typical home at today's mortgage rate — +$1,242 (+103%) since Jan 2020.
- 1 year
- Up $12,527 +3%
- $453,347$465,874 since Sep 2025
- 5 years
- Up $85,491 +22%
- $380,383$465,874 since Sep 2021
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- Novi$2,445
- Michigan$1,384
- United States$1,922
At the last five years' pace, a typical home here doubles in price every 17 years.
Typical home values in Novi, MI rose 2.8% over the past year — faster than the nation's +1.2%.
Asking rents in Novi, MI rose 3.0% over the past year — faster than the nation's +2.7%.
Owning the typical home in Novi runs $1,606/mo more than renting one — the widest that gap has been in this data.
That is $3,438 a month against $1,832 rent: a $2,445 mortgage payment, plus $494 property tax and $499 insurance & upkeep.
Owning vs renting — Novi
The owning line is the typical home's monthly payment at that month's rate, plus property tax and insurance & upkeep; the renting line is the typical asking rent; the grey line is the mortgage payment on its own. Same homes, same months, both ways of paying for a roof.
- Owning all in$3,438
- Renting$1,832
- Mortgage only$2,445
Property tax · $494/mo 1.27% of value a year — the ACS 2020-2024 median bill over the median home value for Oakland County, MI
Insurance & upkeep · $499/mo insurance, maintenance and repairs together, from the BLS Consumer Expenditure Survey — the national figure for mortgaged homeowners, scaled to this market's home value. BLS publishes the three bundled and they cannot be split.
Both are priced off the same month's home value, so they rise with the market. Neither is a quote — a specific home's bill depends on its assessment, its age and its insurer.
Living in Novi, Oakland County, Michigan
Novi is a city of 66,243 people in Oakland County. Half its households earn more than $110,723 a year and half less, against $97,760 across Oakland County; 5% of its people live below the poverty line. 66% of its homes are lived in by their owners and 34% are rented. Unemployment in Novi was 3.8% in August 2026, and Oakland County had 0.5% fewer jobs in 2025 than the year before. The most residents work in manufacturing, then schools and health care.
Written by AI Claude Sonnet 5.5 wrote this on 23 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.
What it’s like
The place. Novi is a city in Oakland County, Michigan, with a population that has grown to a mid-sized suburb. Households here earn more than across the county as a whole, and few residents live below the poverty line. Most homes are lived in by their owners, though homes cost a good deal to buy and rent. A large majority of adults have a four-year degree, and the typical resident is somewhere in middle age.
Work. Residents work mostly in manufacturing, in schools, hospitals and social care, in professional and business services, and in shops. Among the largest workplaces in Novi are Providence Park Hospital Novi, the Novi Community School District and Henry Ford Columbus Medical Center. Unemployment has edged up a little over the past year, and across Oakland County there are slightly fewer jobs than a year ago. Commutes are fairly ordinary in length, and a good number of people work from home.
Things to do. The Holocaust Memorial Center, a museum, is a short drive away. A longer drive brings you to the Detroit Institute of Arts, an art museum, and to the Detroit Zoo. Winters are cold and snowy, with January the coldest month, and summers are warm, with July the warmest and a fair amount of rain through the year.
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- 26,801households
- 64%of adults have a degree
- 5%below the poverty line
- 26 mintypical commute
- 23%work from home
What residents work in
Employed residents by industry, from the Census survey. Oakland County had 720,266 jobs in 2025, 0.5% fewer than the year before (Bureau of Labor Statistics).
Weather through the year
Coldest in January, with highs near 30° and lows near 16°; warmest in July, with highs near 83° and lows near 60°. About 36 inches of snow and 33 inches of rain and melted snow a year.
Average daily high and low, 1991–2020, at the Farmington weather station, 6 miles away (NOAA).
Largest workplaces in Novi
- Providence Park Hospital NoviGeneral medical and surgical hospitals1,846
- Novi Community School DistrictSchool district758FTE
- Henry Ford Columbus Medical CenterCommunity health centers and clinics, outpatient407
- Hanon Systems USA Llc-michiganAutomotive parts and supply stores385
- TremecParts, new, motor vehicle, merchant wholesalers358
- Dana Incorporated Advanced Manufacturing Center (NOVI)Testing & laboratory / corporate support288
- MAGNA SEATING NoviEngineers' offices282
- Purem NoviCatalytic converters, engine exhaust, automotive, truck, and bus, manufacturing270
Staff on average in 2025, as each workplace reported it to OSHA with its injury records: 104 workplaces with 20 or more staff, 12,201 people in all. School districts come from the Common Core of Data (NCES, 2023–24); FTE marks full-time equivalent staff. Not listed: many offices and banks, which need not report to OSHA; military bases, whose staff OPM withholds; and, in about half the states, city and county governments.
Natural hazards
- TornadoesRelatively high
- Cold wavesRelatively high
- Ice stormsRelatively moderate
- Strong windRelatively moderate
- Heat wavesRelatively moderate
FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in Novi’s census tracts, against the rest of the country; all of them together, relatively low. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.
From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Oakland County and the Detroit-Warren-Dearborn, MI metro.
Novi home values
Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.
- Novi$465,874
- Michigan$263,760
- United States$366,157
Levy by levy, and a check of one home’s own bill, the site covers Ohio’s property tax.
Sellers are cutting prices on about 1 in 3 Novi listings, and the typical home goes pending in 12 days — the market is cooling.
When this market ran hot
Each cell is that month's year-on-year home-value growth. Read left to right, top row is the latest year — the 2021–22 band is the boom.
Market heat, inside the city limits
Share of listings with a price cut
The early-warning dial: sellers cut when buyers stop reaching. Rising cuts cool a market months before prices notice.
- Novi31.26%
- United States26.90%
Days to pending
How long the typical listing takes to go under contract.
- Novi12
- United States27
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- Novi157
New listings per month
Sellers arriving at the market.
- Novi68
Median sale price
What buyers actually paid — closed sales, not asking prices.
- Novi$397,737
- United States$371,407
Sale-to-list ratio
Above 100%, homes sell over asking; below, buyers negotiate wins.
- Novi100.10%
Zip codes with a Novi address
A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls Novi — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.
Zip codes in Novi
| Zip activate to sort by Zip | Place activate to sort by Place | Population sorted descending, activate to sort ascending | Rent activate to sort by Rent | Home value activate to sort by Home value |
|---|---|---|---|---|
| 48375 | Novi | 24,029 | $1,759 | $398,976 |
| 48377 | Novi | 19,816 | $1,976 | $378,334 |
| 48374 | Novi | 17,672 | $1,997 | $673,283 |