Novi Housing Market, October 2026: More Listings, Pending Sales Hold Steady

Novi home prices held steady through October, but the way homes sold changed. Homes that were priced well from the start still went under contract quickly, often at or above their asking price. Homes that sat sold for noticeably less than their first price.

Buyers also have more choices than they did a year ago. Inventory is up, and roughly half of the homes and condos for sale in Novi have already reduced their price at least once.

Below is what the October numbers show, what I am seeing in the field, and what it means if you are thinking about selling or buying in Novi. For a longer view, see my Novi real estate market overview.

How did Novi home prices hold up in October?

Prices held up well over the year, even though the single month looks softer. The median sale price for a Novi home in October was about $558,000, compared with $600,000 last October. That figure rests on only 28 sales, so a few lower-priced homes can pull it down.

For the year to date, the median is about $599,000, up roughly 2 percent from last year, across more than 320 sales. Condos tell a similar story. The October condo median was about $353,000 on 13 sales, while the year-to-date condo median of about $308,000 is down roughly 4 percent.

For the long-term direction of prices, I put more weight on the year-to-date figures than on any single month.

Are Novi sellers still getting their asking price?

Most are getting close to their final asking price, but fewer are getting their first one. Realcomp reports that Novi homes sold for nearly 100 percent of their final list price in October, the same as last year. That number does not show the price reductions many sellers made along the way.

When I compare each sale with the home's original list price, the trend is clearer. In spring, the typical Novi home sold for about 2 percent above its original price. Over the summer, it sold for about its original price. In October, it sold for about 1.5 percent below.

Why did some Novi homes sell quickly while others sat?

The clearest pattern in October was the gap between homes that sold quickly and homes that did not. Thirteen Novi homes went under contract within two weeks of listing, and the typical one sold for about 2 percent above its original price. Eleven homes took more than a month, and the typical one sold for about 7 percent below its original price. More than a third of those slower homes reduced their price before they sold.

In my experience, that gap usually starts with the first price. I share a simple rule of thumb with sellers that I call the 10-10-0 rule. If a home has been on the market for 10 days, has had 10 showings, and has no offer, the market is usually telling us the price is too high. In my experience, adjusting at that point usually costs less than waiting another month. I explain more about this early window in what the first 10 days on the market tell home sellers.

Is the upper end of the Novi market moving differently?

Yes. Homes at higher price points saw the most negotiation in October. Of the seven Novi homes that started at $850,000 or more, six sold below their original price, and the typical one sold about 8 percent below. Homes that started under $600,000 sold close to their original price.

These are small numbers, so they are not a trend on their own. For sellers at those price points, an accurate first price and careful preparation matter even more.

How much more choice do Novi buyers have?

Noticeably more than a year ago. At the end of October, 76 homes were for sale in Novi, compared with 47 a year earlier. That works out to about two and a half months of supply, up from about one and a half. Sellers also listed more homes, with 51 new listings in October compared with 34 a year earlier.

Condo inventory nearly doubled, from 42 to 80, which is close to four months of supply. As of mid-November, nearly half of the Novi homes for sale and about half of the condos had reduced their price at least once. New construction adds to the condo competition, with about 15 new-construction condos for sale alongside resales.

Buyer demand has not disappeared. Novi recorded 29 pending sales in October, about the same as last year, while pending sales across Metro Detroit fell about 14 percent. Novi's supply also remains below the Metro Detroit level of a little over three months.

What should Novi buyers know right now?

Buyers have more room to negotiate than they did in spring. None of my recent buyer clients have faced competing offers, although well-priced homes can still draw more than one. In the offers we have written recently, sellers have agreed to concessions and to repairs after inspection. Requests for a seller-paid rate buydown have been rare.

If you have been planning to wait until after the holidays, this may be a good window to look, while competition is lighter. The right timing still depends on your finances and your plans, and a conversation with your lender is a good first step.

What should Novi sellers do before the holidays?

If your home is already on the market, watch the first two weeks closely and use the 10-10-0 rule as a checkpoint.

If a home has not sold by Thanksgiving, I often suggest taking it off the market through the holidays. Under Realcomp's rules, a home that stays off the market for a full 30 days returns with a new days-on-market count in the MLS. Sites like Zillow may still show its earlier listing and price history, so this is not about hiding anything. It is about relaunching in late December or early January with fresh photos, the holidays behind it, and buyers who are ready to move.

If you are planning to sell in the spring and have some flexibility, consider listing right after the new year instead. In my experience, the first two weeks of January bring a wave of activity in our area, including corporate relocations and transferees, with fewer homes competing for attention. Launching in the last week of December or right after the new year lets you capture that early demand before the spring market gets crowded.

If you would rather wait for spring, the best use of the next few months is preparation. A walkthrough now lets us identify which repairs and improvements will make the biggest difference for the least cost, so your home launches ready to draw strong interest. You can see how I approach that process in what to expect when selling your home with me.

Local Market Insight

October gave us outstanding weather, and in my view that helped keep showings and open-house traffic moving well through the month. In my experience, activity often slows around major elections in Michigan, and I expect it to pick up now that the election is behind us. The usual seasonal slowdown will follow as we move toward Thanksgiving and December.

Every home and every seller's situation is different, and citywide numbers only tell part of the story. If you are wondering what this month's Novi market means for your home, I am happy to walk you through recent sales near you and what I would expect for a home like yours, whether you sell now, later, or not at all.

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Frequently asked questions about the Novi housing market

Are home prices going down in Novi?

Not over the year. Through October, the median Novi home sold for $599,000, up 2.3 percent from the same period last year, across 322 sales. The October median was lower, at $557,500, but that reflects only 28 sales. What has changed is negotiation. In October, the typical home sold for about 98.5 percent of its original list price, compared with about 101.7 percent in spring.

How long does it take to sell a home in Novi?

Through October, Novi homes went under contract in an average of 19 days, according to Realcomp. In October alone, the average was 28 days. Homes priced well from the start often went under contract within two weeks, while homes that sat typically sold further below their original price.

Should I wait until spring to sell my Novi home?

It depends on your timing and your home. In my experience, the first two weeks of January bring strong activity in our area, including corporate relocations, with fewer homes competing for attention. If you have flexibility, listing right after the new year can capture that demand. If you prefer to wait for spring, starting your preparation now gives you time to make the improvements that matter most.

Is now a good time to buy a home in Novi?

For many buyers, conditions are more favorable than they were in spring. There are more homes to choose from, many sellers have already reduced their price, and none of my recent buyer clients have faced competing offers. The right decision still depends on your finances, your plans, and the specific home.

About Jeff Duneske

Jeff Duneske is an Associate Broker with Keller Williams Advantage and has been licensed since 2000. Ranked No. 93 among individual agents in Michigan by sales volume in the 2026 RealTrends Verified rankings, based on 2025 production, he helps buyers and sellers in Novi, Northville, South Lyon, Brighton, Green Oak, New Hudson, and Wixom. He is a Novi High School graduate and a former Novi firefighter and EMT, and he holds the SRES and CDRE designations. About 75% of his business comes from referral and repeat clients. You can reach Jeff at (248) 939-9393 or jeff@duneske.com.

SOURCE AND METHODOLOGY

Monthly, year-to-date, inventory, pending sales, and months-of-supply figures for Novi come from Realcomp's Local Market Update for October 2026, current as of November 6, 2026. The Metro Detroit comparison comes from Realcomp's Metro Detroit Local Market Update for the same period. "Homes" means Realcomp's Residential category, and "condos" means its Condominium category. Comparisons of sale price with original list price are Jeff Duneske's analysis of closed Residential sales in Realcomp MLS Area 02223 (Novi): 111 sales closed April through June 2026, 130 sales closed July through September 2026, and 28 sales closed in October 2026. "Within two weeks" means 14 or fewer cumulative days on market, and "more than a month" means more than 30. Price tiers use each home's original list price. Price reduction and new-construction counts reflect active Novi listings as of November 13, 2026. Monthly figures based on small numbers of sales can change sharply from month to month.

This statistical information has been obtained from Realcomp II Ltd., the REALTOR'S® MLS. Although not guaranteed, these statistics are derived from data believed to be reliable. This information is not to be reproduced, redistributed, or combined with data from other sources without expressed permission from Realcomp.