Shelby Township, MI 48315 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

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Shelby Township, MI—48315

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$479,000

3.3% YoY Growth

Household Income

$99,500

28.3% YoY Growth

Days on Market

42

37.0% Longer YoY

Home Price Forecast

0.0%

Median Rent

$2,000

3.3% YoY Growth

1-Bed Rent

$1,400

9.2% YoY Growth

2-Bed Rent

$1,750

3.3% YoY Growth

3-Bed Rent

$2,220

13.0% YoY Growth

Other Zip Codes in Shelby Township, MI

Home Price Trends — Shelby Township, MI

As of May '26, the median home price in Shelby Township, MI is $479,000, with a year-over-year change of 3.3%. This indicates that home prices in Shelby Township, MI are increasing. 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	$479,000	3.3%
Single Family	$532,000	2.7%
Condos	$266,000	2.7%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Shelby Township, MI

As of July '25, Rentcast reports the average rent in Shelby Township, MI is $2,180, with a year-over-year rent change of 3.3%. Per bedroom, the median rent as of July '25 in Shelby Township, MI is 1-bedrooms: $1,420, 2-bedrooms: $1,890, 3-bedrooms: $2,260, 4-bedrooms: $3,520. The most common rental property sizes in Shelby Township, MI are 2-bedroom and 1-bedroom, accounting for 40.9% and 35.8% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$2,000	$2,180
Studio Rent	N/A	N/A
1 Bed Rent	$1,400	$1,420
2 Bed Rent	$1,750	$1,890
3 Bed Rent	$2,220	$2,260
4 Bed Rent	$3,500	$3,520

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% of Rental Stock

Studio

9.3%

1 Bedroom

35.8%

2 Bedrooms

40.9%

3 Bedrooms

13.7%

4 Bedrooms

0.4%

Property Listings — Shelby Township, MI

As of May '26, Realtor.com reports that the median days on market for a home in Shelby Township, MI is 42. This is a increase of 37.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 19.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$616,000	-1.0%
Listing Count	124	25.0%
Listings as % of Homes	0.5%	25.0%
Days on Market	42	37.0%

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Demographics — Shelby Township, MI

As of the latest ACS Survey released in 2023, Shelby Township, MI has a population of 28,400, which has increased by 4.7% over the past 5 years. Shelby Township, MI is a moderately popular place for families, as children make up 20.2% of the population. The area has a moderately educated workforce, with 32.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.9% reporting working from home.

Metric	Latest Census	YoY % Change
Population	28,400	4.7%
% Under 18	20.2%	5.8%
% Seniors	25.0%	3.7%
% WFH	13.9%	504.3%
% w/ College Degree	32.7%	-4.9%

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As of the latest ACS Survey released in 2023, Shelby Township, MI is a predominantly white area, with 86.4% of the population identifying as white. The white population has shrunk by 5.0% in the last 5 years. The second most common race or ethnicity in Shelby Township, MI is asian, making up 3.8% of the population. Foreign-born residents account for 13.8% of the population in Shelby Township, MI, and this percentage has increased by 17.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	86.4%	-5.0%
% Black	2.9%	61.1%
% Hispanic	3.3%	175.0%
% Asian	3.8%	0.0%
% Foreign Born	13.8%	17.9%

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Mortgage and Risk — Shelby Township, MI

According to HUD data as of 2023, there were 551 mortgage originations in Shelby Township, MI, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Shelby Township, MI. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	551
% Conventional Loans	96.0%
% Government Loans	4.0%
% Investor Loans	1.0%
% Second Loans	0.0%
% Cash Out Refinance	12.0%

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Rentals and Section 8 — Shelby Township, MI

As of 2024, the percent of homes in Shelby Township, MI under the Section 8 program is 7.8%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Shelby Township, MI, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.

Section 8 Market Size

Total Units under HUD	104
Total Units Section 8	104
% Rentals under Section 8	7.8%
% Occupied Section 8	91.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	-$370	$1,400	$1,030
2 Bedroom	-$450	$1,750	$1,300
3 Bedroom	-$630	$2,220	$1,590
4 Bedroom	-$1,780	$3,500	$1,720