Chelsea, MI—48118
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Chelsea, MI
As of Oct '25, the median home price in Chelsea, MI is $401,000, with a year-over-year change of -3.5%. This indicates that home prices in Chelsea, MI are decreasing. According to Zillow, the 1-year price projection is 0.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $401,000 | -3.5% |
| Single Family | $414,000 | -1.9% |
| Condos | $321,000 | 3.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $296,000 | 2.1% |
3 Bed | $388,000 | 2.9% |
4 Bed | $490,000 | 3.6% |
| 5 Bed | $570,000 | 3.8% |
% of Housing Stock
Rental Trends — Chelsea, MI
As of July '25, Rentcast reports the average rent in Chelsea, MI is $3,180, with a year-over-year rent change of 10.8%. Per bedroom, the median rent as of July '25 in Chelsea, MI is 1-bedrooms: $2,100, 3-bedrooms: $2,470, 4-bedrooms: $6,220. The most common rental property sizes in Chelsea, MI are 2-bedroom and 3-bedroom, accounting for 42.6% and 25.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,500 | $3,180 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,100 | $2,100 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $2,500 | $2,470 |
| 4 Bed Rent | $2,550 | $6,220 |
% of Rental Stock
Property Listings — Chelsea, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Chelsea, MI is 29. This is a decrease of -35.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $442,000 | 9.0% |
Listing Count | 44 | -14.0% |
| Listings as % of Homes | 0.5% | -14.0% |
Days on Market | 29 | -35.0% |
Demographics — Chelsea, MI
As of the latest ACS Survey released in 2023, Chelsea, MI has a population of 13,100, which has increased by 2.1% over the past 5 years. Chelsea, MI is a moderately popular place for families, as children make up 20.2% of the population. The area has a highly educated workforce, with 50.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 13,100 | 2.1% |
% Under 18 | 20.2% | -1.5% |
% Seniors | 27.4% | 20.2% |
% WFH | 19.3% | 188.1% |
% w/ College Degree | 50.7% | 10.0% |
As of the latest ACS Survey released in 2023, Chelsea, MI is a predominantly white area, with 92.5% of the population identifying as white. The white population has shrunk by 1.2% in the last 5 years. The second most common race or ethnicity in Chelsea, MI is hispanic, making up 2.0% of the population. Foreign-born residents account for 2.0% of the population in Chelsea, MI, and this percentage has decreased by 42.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 92.5% | -1.2% |
% Black | 1.3% | 18.2% |
% Hispanic | 2.0% | -28.6% |
% Asian | 0.5% | -44.4% |
% Foreign Born | 2.0% | -42.9% |
Mortgage and Risk — Chelsea, MI
According to HUD data as of 2023, there were 236 mortgage originations in Chelsea, MI, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 14.0% above 90% LTV (elevated). This implies medium mortgage risk in Chelsea, MI. Investor activity is low, as 1.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 236 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 1.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Chelsea, MI
Chelsea, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 26 |
Total Units Section 8 | 26 |
% Rentals under Section 8 | 1.9% |
% Occupied Section 8 | 80.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$470 | $2,100 | $1,630 |
| 2 Bedroom | N/A | N/A | $1,950 |
| 3 Bedroom | -$150 | $2,500 | $2,350 |
| 4 Bedroom | $40 | $2,550 | $2,590 |
Affordability — Chelsea, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.5 |
| Median Home Price | $401,000 |
| Median Household Income | $87,900 |