Is Novi, MI a good place to invest in rental property?

Novi, MI has a median modeled monthly cash flow of $-1,355 and a median cap rate of 2.9%, on a median sold price of $471,500. Prices changed +3.1% year over year.

What is the average cap rate in Novi, MI?

The median cap rate across recently sold homes in Novi, MI is 2.9%, based on CashFlowRE's rent and expense modeling.

What is the median home price in Novi, MI?

The median sold price in Novi, MI is $471,500 (about $201 per square foot).

Investing in Novi, MI Real Estate

A data-driven snapshot of the Novi, MI rental-property market, built from recently sold homes and CashFlowRE's per-listing investment modeling — median price, cap rate, monthly cash flow, appreciation and inventory — so you can judge the market before you ever open a listing.

$471,500Median sold price

$201Median $/sqft

2.9%Median cap rate

$-1,355Modeled cash flow / mo

+3.1%Appreciation YoY

7.3Months of supply

451Active listings

740Sold (last 12 mo)

What the Novi numbers say

In Novi, MI, the median home sold for $471,500 (about $201 per square foot), and the typical deal models out to a 2.9% cap rate with a median $-1,355 of monthly cash flow. Sold prices moved +3.1% over the past year. Inventory sits at about 7.3 months of supply — a looser, buyer-friendly market. These are medians across recorded sales; individual properties vary widely, which is exactly what CashFlowRE scores listing by listing.

Other Michigan markets to compare

See Novi cash-flowing listings

CashFlowRE ranks every for-sale home in Novi, MI by cap rate, cash-on-cash return, DSCR and monthly cash flow — so the best rental deals rise to the top. Create a free account to screen Novi deals, or browse the national market data.