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ABSTRACT While nova eruptions produce some of the most common and dramatic dust formation episodes among astrophysical transients, the demographics of dust-forming novae remain poorly understood. Here, we present a statistical study of dust formation in 40 novae with high-quality optical/IR light curves, quantitatively distinguishing dust-forming from non-dust-forming novae while exploring the properties of the dust events. We find that 50–70 per cent of novae produce dust, significantly higher than previous estimates. Dust-forming novae can be separated from those that do not show dust formation by using the largest redward ($V-K$) colour change from peak visible brightness; ($V-J$) or ($V-H$) offer useful but less sensitive constraints. This makes optical+IR photometry a powerful tool to quantify dust formation in novae. We find that novae detected in GeV $$\gamma$$-rays by Fermi-LAT appear to form dust more often than novae not detected by Fermi, implying a possible connection between $$\gamma$$-ray-producing shocks and dust production. We also find that novae that evolve very quickly ($$t_2 < 10$$ d) are much less likely to form dust, in agreement with previous findings. We confirm a correlation between $$t_2$$ and the time of the onset of dust formation (which occurs $$\sim$$1 week–3 months after maximum light), but conclude that it is primarily an observational artefact driven by dust formation determining when a nova drops 2 mag below peak. The significant fraction of novae that form dust make them ideal laboratories in our Galactic backyard to tackle the puzzle of dust formation around explosive transients.