The story of this market
The typical home in ZIP 48374 sells for about $736,000, or $215 per square foot.
Prices are up +5.1% from a year ago, so sellers still have some momentum. Homes take about 8 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $2,548 a month.
ZIP 48374 — Novi
The 48374 housing market remains highly competitive, characterized by low inventory and strong buyer demand for move-in-ready single-family homes. Prices continue to appreciate, supported by the area's strong economic fundamentals and high-quality school district. Sellers are seeing quick sales, though pricing accuracy remains critical to avoiding extended market time.
This ZIP is ideal for families and professionals seeking high-quality schools, robust retail amenities, and convenient access to major regional employment hubs.
Median prices moved up 5.1% year over year.
Homes spend a median of 8 days on market with 2.1 months of supply — a fast-moving market.
49% of listings have cut prices · homes sell at 99.9% of asking — demand is holding steady.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 2.3% · poverty 3.3% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 7.5%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.7%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 48374, Oakland County MI
Novi generally reports lower crime rates compared to the broader Detroit metropolitan area, with property crime being the primary concern. Local law enforcement maintains a proactive community policing strategy.
The area is served by the highly-rated Novi Community School District, which is consistently recognized for academic excellence and strong college-readiness metrics.
The area faces standard Midwestern climate risks, including severe thunderstorms and occasional winter storm impacts; flood risk is localized to specific low-lying areas near lakes and wetlands.
Novi serves as a major commercial and retail hub in Oakland County, anchored by the Twelve Oaks Mall and significant corporate presence in the automotive and technology sectors.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Michigan) — Disabled Veterans Homestead Exemption: Provides an exemption from property taxes levied for school operating purposes and potentially other local taxes depending on eligibility. State (Michigan) — General Property Tax Act: Property is assessed at 50% of true cash value (State Equalized Value). Taxable value is capped at the lesser of the state equalized value or the previous year's taxable value adjusted by the consumer price index (up to 5%), unless a transfer of ownership occurs.
Residents benefit from proximity to I-96, I-275, and M-5, providing efficient access to Detroit and the broader Oakland County employment corridor.
The area features extensive park systems including Lakeshore Park and ITC Community Sports Park, alongside major retail and dining destinations along the Novi Road corridor.
The rental market is characterized by high demand and low vacancy rates, driven by the area's strong employment base and proximity to major corporate campuses.
The economy is heavily influenced by the automotive, technology, and retail sectors, with numerous corporate headquarters and regional offices located within the city.
The area is highly car-dependent, with major highway access serving as the primary transit mode for regional commuting.
Ongoing mixed-use development projects continue to densify the Novi Road and Ten Mile corridors.
Parcels are subject to standard municipal, county, and school district millages, with no significant MUD/PID presence reported.
Property insurance premiums are stable but reflect regional exposure to severe weather events common in Southeast Michigan.
Data retrieved from data.census.gov ZCTA-level tables.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Michigan Stadium4.818.7 mi
- Vibe Credit Union Showplace4.31.2 mi
- Topgolf4.219.4 mi
- SEA LIFE Michigan Aquarium4.319.4 mi
- Ford's Garage Dearborn4.618.4 mi
- Kensington Metropark4.77.4 mi
- Emagine Novi4.51.9 mi
- Emagine Canton4.611.6 mi
- Dave & Buster's Livonia45.8 mi
- MJR Westland Grand Cinema 164.411.9 mi
- Henry Ford Museum of American Innovation4.818.7 mi
- Greenfield Village4.818.8 mi
- Ann Arbor Hands-On Museum4.717.8 mi
- University of Michigan Museum of Natural History4.717.5 mi
- Cranbrook House & Gardens4.815.3 mi
- Kensington Metropark4.77.4 mi
- Glenlore Trails4.57.5 mi
- Maybury State Park4.83.3 mi
- Heritage Park4.76.9 mi
- Island Lake Recreation Area4.710.1 mi
- Fox Hills Golf & Banquet Center4.68.7 mi
- Western Golf & Country Club4.612.5 mi
- Novi Putting Edge4.22 mi
- Lyon Oaks County Park and Golf Course4.34.1 mi
- Tanglewood Golf Course4.43.4 mi
- Twelve Oaks Mall4.42.7 mi
- Meijer4.25 mi
- One World Market - Novi4.72.6 mi
- Cantoro's Italian Market - Plymouth4.76.8 mi
- Meijer412.1 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
A major regional shopping destination featuring high-end retail and dining.
Large municipal park offering trails, beach access, and recreational facilities.
Extensive athletic fields and community event space.
Key-figure check: median price corroborated by the prior refresh cycle (within 12.5%).