Novi Real Estate Market Update January 2026

What I Am Seeing on the Ground in Novi

By Jeff Duneske | Novi Real Estate Agent

January is often quieter on the surface, but the numbers usually tell the real story. After more than twenty-five years in this market, I pay very close attention to January activity because it often previews what spring will bring.

The January 2026 data for Novi shows a market that is not weak, but selective and segmented. Let’s break down what the numbers say and what I am actually seeing in conversations, showings, and negotiations.

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Novi Residential Market: Fewer Sales, Tighter Supply

In Novi, new listings declined from 25 last January to 17 this year. Pending sales dropped from 24 to 14. Closed sales moved from 24 to 15.

On the surface, that looks like a slowdown in activity.

But here is what matters more. Inventory decreased from 31 homes to 24. Months supply tightened from 1.0 months to just 0.8 months.

That is an extremely tight supply.

Days on market moved slightly from 29 to 31 days, essentially stable. Sellers received an average of 98.4 percent of the list price.

Median sale price came in at $447,000, down from $510,000 last January. The average price moved to $557,100.

What I Am Seeing

The shift in median and average prices does not necessarily indicate broad-based value declines. When transaction counts are lower, the mix of what sold has a larger impact. If fewer luxury homes closed this January than last year, the averages will adjust quickly.

What I am seeing locally is this. Well-located, updated homes in strong neighborhoods are still moving with confidence. Buyers are more price sensitive than they were two years ago, but when a home is positioned correctly, it sells.

With less than one month of supply, Novi remains supply-constrained.

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Novi Condo Market: Inventory Rising, Prices Jumping

The condo segment tells a different story.

New listings dropped from 26 to 19. Pending sales slipped from 18 to 15. Closed sales declined from 19 to 10.

Yet the median condo price jumped significantly from $268,000 to $390,000. Average price rose to $428,897.

Inventory increased from 29 units to 40, and months supply rose from 1.4 to 1.9 months.

Days on market ticked up from 37 to 41 days.

What I Am Seeing

The condo market in Novi is becoming more segmented. There is a wide range in product type, age, and condition. Higher end or more updated condos are commanding strong prices, which can move the median sharply in smaller January samples.

At the same time, buyers have more choices than they did a year ago. That means condition, upgrades, and realistic pricing are critical.

We are not in a distressed condo market. But we are in a market where buyers are more selective.

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What This Means for Sellers in Novi

If you are considering selling, the good news is that inventory remains tight, especially in the residential segment. That gives properly priced homes leverage.

The caution is this. Buyers are disciplined. The days of pushing price beyond market support and expecting multiple offers automatically are less predictable.

Preparation and pricing strategy matter more than ever.

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What This Means for Buyers in Novi

For buyers, tight inventory means strong competition for well-priced homes. That has not changed.

However, in the condo space, options have expanded somewhat, giving you more negotiating room in certain segments.

The key is understanding which price points and neighborhoods are most competitive. Novi is not moving uniformly across all segments.

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Local Market Insight

This update reflects what I am seeing across Novi right now. Real estate decisions are local, and small details can create meaningful financial differences.

If you would like a personalized review of your home’s current value or want to talk through a buying strategy this year, I am always happy to help you think it through clearly and confidently.

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My Bottom Line

I have been serving Novi, Northville, South Lyon, and the surrounding Metro Detroit communities for more than twenty-five years.

What I see in Novi right now is not a weakening market. It is a more strategic market. Less emotional bidding. More analysis. More emphasis on value.

With a month's supply below one month in the residential segment, Novi remains fundamentally undersupplied. That underlying dynamic supports pricing over time.

If you want to talk through how these January numbers apply to your specific neighborhood or price point, I am always available for a straightforward conversation.

Jeff Duneske
Novi Real Estate Agent
Keller Williams Advantage
Call or text 248 939 9393

Data sourced from Realcomp II Ltd., January 2026 Local Market Update for Novi, current as of February 6, 2026. Small January sample sizes can create larger percentage shifts.