Buying A Home In Novi Michigan | Is is It ACTUALLY AFFORDABLE?
Buying A Home In Novi Michigan, is it affordable? - So you’re thinking about potentially making the move to Novi, Michigan? Or even seeing what the city has to offer. Well, be sure to stick around until the end, because I am going to show you 3 different homes in 3 different price ranges in Novi to give you an idea of how far you can stretch your dollar in a Michigan city like Novi. Stay tuned!
This blog is a direct transcript from the video below. This comes in 3 versions: You are able to watch the video, read the blog for your convenience or listen to the audio experience (which is linked under the video below).
If you’re not familiar with the city of Novi, maybe you’re in Michigan outside the area or in another state altogether, it’s located just north of Northville, south of walled lake, east of Farmington and east of South Lyon to be extremely specific. It's roughly 29-32 miles away from downtown Detroit, and around the same distance away from Ann Arbor. So it’s very centrally located in that sense. At the end of this, if you find yourself more interested in Novi, I'll link a few videos I did about Novi in the description so you can add those videos to your queue.
The city of Novi is 31.26 square miles with a population of just over 67,000, which is actually a 20% increase from the 2010 census, which is a great indicator for desirability, which I can most certainly attest to as I’ve spent countless years going to the Novi Ice Arena which I still do to this day, along with the twelve oaks Mall.
Starting this list off with the cheapest home you can get in Novi, Michigan today. This condominium is located north of 10 mile road, and south of Grand River avenue, all while having the luxury of I-275 being just a short drive east past Haggerty road. This location is perfect and right in the middle of all the action for a fair price in Novi. Taking a look at this 3 bedroom, 1.5 bathroom condo, just over 1,200 square feet including the basement with no garage, but has adequate storage and laundry room, along with the common areas provided by the association such as: a pool, basketball court, and a playground that’s pet friendly. Built in 1973, it's no secret a lot of the finishes, paint, floorings, etc. could be updated a little bit, but for the most part, even though it’s fairly outdated, it still has a clean feel to it. It’s got some potential to say the least and the coolest part is, the location is great to get the full Novi experience at such a low cost. Another big plus especially for condo living, is the fact the rear patio is completely fenced in so you can have some privacy. Most condo complexes seem to have a pretty seamless patio that stretches from one end to another and is simply separated by a makeshift lattice wall that does almost nothing in the privacy department. After taking more time looking at the images, having a large finished living area in the basement that’s separated from the laundry and storage is also a great offering this condo has, as a lot of condos tend to have a terrible floor plan that doesn’t provide the convenience and usability as this one.
This home is listed at $180,000, which is just over $171 a square footage, as of recording this video, and has been listed since the beginning of September. Even with the housing market shift, the home being on the market still has me thinking it has a lot to do with the association fee. This condo has a monthly association fee of $355 a month, but before you say it’s out of this world ridiculous, this fee includes: snow removal, gas, maintenance of the structure, maintenance of the grounds, sewer, trash and water.
So it essentially covers all your utilities and more, and I think when an association fee is structured this way it has people turning heads before they even look into what it covers. What I mean is, let’s say for example this condo attracted a first time home buyer who didn’t have a lot of money to bring to the table and they were basically maxing out their budget to make this happen, until they noticed they have to pay an extra $355 a month on top of everything else. It’s not on top of everything else as it would cover the items you’d need to pay for anyway.
Taking a look at this graph provided by the multiple listing service, Keep in mind that the average sale price as of recording this video in Novi Michigan is just over $484,000, which was a 12.5% increase from a year ago. So getting a home in Novi for $300,000 less than the average sale price, is a great thing to keep in mind, if you’re something that has a desire for that lifestyle. There’s also the ability to add some value to a palace like this and sell it for much more down the road.
Jumping to a home that is priced right in the middle price range. We have this single family home located in the sought after vista hills of Novi located off Novi road, just north of Oakland Hill's memorial gardens between 12 mile and 13 mile road. This location is also perfectly located, as it's a few short miles to hop on M5 and I-96, as well as the twelve oaks mall, and walled lake as well. Not only that, it’s also near Lakeshore park that has several mountain bike, and hiking trails along with the Novi tree farm.
This residential home off Brookstone drive has 4 bedrooms, 2.5 bathrooms, with a 2-car attached garage sprawled out on 0.25 acres. This almost 2500 square foot home has been meticulously maintained by the original owners who had it built in 1995. From the hardwood floors and vaulted ceilings, to the mature landscape and bay windows, this home has been everything you could ever need and more, all being appropriately modernized. The room sizes, closet space, neutral colors, beautiful back deck with an amazing water view of a pond from behind a premium private lot. I bet a few of you are sitting there thinking this home checks all the boxes and more. Listed just five days ago, I can’t assume this home would last very long on the market since it has so much to offer, not only within its location, but the home and property itself.
Listed at $549,900, which comes out to be around $226 per square foot. This home has nothing short of great potential, with a great entertainment space outside to an unfinished basement for storage. This home is one you’ll want to have on your radar if you’re looking in the Novi area.
Now stepping to the home at the top of the price point in Novi. This home is exciting to share because it’s not your typical luxurious home that you would find in Novi, Michigan and I think that’s what drew me in to create awareness about the different lifestyles Novi can offer you. Typically, you’d see a home that I referenced in one of the luxury neighborhoods I mentioned in a video a little while back, but I believe this one will blow you away.
Located between Dunhill Park and Maybury park estates, we have this 5 bedroom, 4 bathroom equestrian estate that has a 3 car garage, with a basement, built on almost 10 acres. This 2,800 square foot estate was built in 1973 and is truly unlike any other. I apologize in advance for the lack of images, a lot of agents will use this strategy to draw up curiosity so you head over for a showing, or simply because there’s too much wrong with the home to look presentable in the interior.
For those of you that are Novi residents or are familiar with Novi, getting a home on even 5 acres seems impossible, let alone 10. This home includes pristine woodlands, a private pond, a beautiful nature walk full of trails, a ½ ace enclosed dog park, and a recently updated inground pool with pool house. A new jacuzzi was put in 2020, along with windows and an HVAC system. This property also includes a single wide trailer converted for storage, a pole barn with one large garage door entrance, a brick 2 story building with a roof that was done in 2020, along with a 5-stall horse barn that sits on s large fenced in pastures.
This home has been on the market for almost 2 months as of recording this video and it’s safe to say it’s going to take a very unique buyer. Listed at $2.395 million. This equestrian estate has so much potential, but as you can see from the limited images provided, it’s going to take quite a bit of capital to bring that dream of yours to a reality, but with Novi’s economy in mind, I don’t think an investment of this magnitude would have a huge worry attached to it.
That sums up the list for the 3 homes in 3 different price ranges in Novi, Michigan. After taking a look at these few homes based on the pictures alone, what were your thoughts? Drop them in the comments below.
If you have any questions or are curious about what homes go for in the low, medium, and high price points around southeast Michigan, please don’t hesitate to reach out and I would be more than happy to lay that out for you.
→Top Novi Neighborhoods: https://youtu.be/hvPgl7Ek1Cs
→Living In Novi Michigan: https://youtu.be/E7C_TEAVab8
→Farmington Hills Vs. Novi Michigan: https://youtu.be/OhrataSP0-U
Andrew McManamon is a Michigan REALTOR® with Signature Sotheby’s International Realty and provides real estate services to Buyers, Sellers and Investors throughout SE Michigan including Livingston County, Oakland County, Washtenaw County, Genesee County & beyond. Andrew has become one of the rising stars of Michigan real estate agents. Prior to his real estate career Andrew was responsible for managing a senior living facility in Brighton, Michigan as a dining supervisor and an activities assistant. Andrew’s passion to help people is unlike any other, and he continues to strive to be best resource he can be. Andrew graduated from Cleary University in Howell, Michigan with a double major and currently resides in White Lake, Michigan.