Novi Real Estate Market Update: May 2026

If you're tracking home values in Novi, here's what the latest numbers are showing.

I go through the local market reports every month, and May had a bit of a mixed bag for Novi. Prices are still moving up, but a few other numbers are worth paying attention to if you're thinking about making a move.

The Metro Detroit backdrop

Across Livingston, Macomb, Oakland, and Wayne counties, the median sale price is up about 9 percent compared to last May, landing around $325,000. Homes across the region are still selling close to full price, right around 100 percent of list price on average.

That's the wider picture. Here's how Novi compares.

Novi residential: prices up, but the market is taking a breath

Here's what stood out in Novi for May:

• The median sale price came in at $568,000, up about 2.3 percent from last year.
• Closed sales dropped fairly significantly, down 27 percent compared to May 2025.
• Days on market more than doubled, from 11 days last year to 23 days this year.
• Inventory actually shrank, down to 54 homes from 67, putting months of supply at 1.8.
• Sellers are still receiving strong offers, around 101.1 percent of list price on average.

What the slower pace means

This is worth paying attention to. Prices are still climbing, but homes aren't moving as fast as they were a year ago. Closed sales being down while pending sales held roughly steady tells me deals are still happening, they're just taking a bit longer to get to the closing table.

What this looks like for Novi right now

With only 1.8 months of supply, Novi is still firmly in seller's market territory. But that jump from 11 to 23 days on market is a real shift. Buyers seem to be taking more time to make decisions, even with inventory this tight. The right home, priced well, is still getting strong offers. It's just not happening overnight the way it was last spring.

Novi condos: smaller market, similar price growth

The condo side of Novi is also worth a look:

• The median condo sale price rose to $349,250, up 8.3 percent from last year.
• New listings jumped 58 percent, giving buyers more to choose from.
• Inventory grew from 34 to 52 units, pushing months of supply up to 2.5.
• Sellers received about 99.4 percent of list price on average, a slight dip from last year.

For condo buyers, this means a bit more selection than last year. For condo sellers, pricing close to market value still matters since buyers now have more options to compare.

What this means for sellers

For sellers, the takeaway is simple. Novi homes are still selling for more than they were a year ago, and inventory is tight enough that well prepared listings are still in a strong position. That said, the longer days on market suggest buyers are doing more homework before making an offer. A home that's priced right, shows well, and is marketed properly from day one is still your best path to a fast, strong sale.

What this means for buyers

For buyers, this means preparation still matters, but you may have a little more breathing room than last spring. With days on market up and closed sales down, you're less likely to be in a situation where you have to make a snap decision on day one. That said, with only 1.8 months of supply, good homes in good locations can still attract competition, so having your financing ready is still important.

Frequently asked questions

Is Novi a buyer's or seller's market right now?

With 1.8 months of supply, Novi still favors sellers on paper. But days on market have more than doubled compared to last year, which suggests buyers have a bit more leverage to take their time than they did in 2025.

Why are homes taking longer to sell in Novi if prices are still going up?

Rising prices and longer days on market aren't contradictory. It often means buyers are still willing to pay more for the right home, but they're spending more time researching and comparing before committing.

Are condo prices in Novi rising faster than single family homes?

In May, Novi condo prices were up 8.3 percent year over year, compared to 2.3 percent for residential homes. Condo inventory also grew more, giving buyers in that segment more options.

Is now a good time to sell my home in Novi?

It depends on your home, your timeline, and your goals. If you'd like, I can put together a quick comparison for your specific property so you can see where it fits in the current market.

A quick word of advice

These numbers reflect Novi as a whole, and your neighborhood, home condition, and situation can shift the picture. If you're thinking about buying or selling in Novi and want to know what this actually means for you, reach out and I'll walk you through it. No pressure, just helpful information so you can make a good decision.