Shelby Township, MI—48317
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Shelby Township, MI
As of Oct '25, the median home price in Shelby Township, MI is $290,000, with a year-over-year change of 2.8%. This indicates that home prices in Shelby Township, MI are increasing. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $290,000 | 2.8% |
| Single Family | $291,000 | 2.8% |
| Condos | $281,000 | 2.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $235,000 | 4.0% |
3 Bed | $289,000 | 2.5% |
4 Bed | $443,000 | 3.7% |
| 5 Bed | $385,000 | 2.1% |
% of Housing Stock
Rental Trends — Shelby Township, MI
As of July '25, Rentcast reports the average rent in Shelby Township, MI is $1,650, with a year-over-year rent change of -11.3%. Per bedroom, the median rent as of July '25 in Shelby Township, MI is 1-bedrooms: $1,140, 2-bedrooms: $1,710, 3-bedrooms: $1,950, 4-bedrooms: $2,800. The most common rental property sizes in Shelby Township, MI are 2-bedroom and 1-bedroom, accounting for 55.9% and 24.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,650 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,100 | $1,140 |
| 2 Bed Rent | $1,700 | $1,710 |
| 3 Bed Rent | $1,750 | $1,950 |
| 4 Bed Rent | $2,300 | $2,800 |
% of Rental Stock
Property Listings — Shelby Township, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Shelby Township, MI is 34. This is a increase of 20.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $307,000 | -5.0% |
Listing Count | 67 | 31.0% |
| Listings as % of Homes | 0.2% | 31.0% |
Days on Market | 34 | 20.0% |
Demographics — Shelby Township, MI
As of the latest ACS Survey released in 2023, Shelby Township, MI has a population of 28,000, which has decreased by -2.5% 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 31.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,000 | -2.5% |
% Under 18 | 20.2% | -3.8% |
% Seniors | 15.7% | 19.8% |
% WFH | 10.1% | 206.1% |
% w/ College Degree | 31.9% | 6.3% |
As of the latest ACS Survey released in 2023, Shelby Township, MI is a predominantly white area, with 78.7% of the population identifying as white. The white population has shrunk by 5.5% in the last 5 years. The second most common race or ethnicity in Shelby Township, MI is asian, making up 6.0% of the population. Foreign-born residents account for 17.6% of the population in Shelby Township, MI, and this percentage has increased by 19.7% 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 | 78.7% | -5.5% |
% Black | 4.9% | 22.5% |
% Hispanic | 3.9% | 2.6% |
% Asian | 6.0% | -10.4% |
% Foreign Born | 17.6% | 19.7% |
Mortgage and Risk — Shelby Township, MI
According to HUD data as of 2023, there were 471 mortgage originations in Shelby Township, MI, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Shelby Township, MI. Investor activity is low, as 1.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 471 |
% Conventional Loans | 88.0% |
% Government Loans | 12.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Shelby Township, MI
As of 2024, the percent of homes in Shelby Township, MI under the Section 8 program is 1.3%. 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. 1-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Shelby Township, MI, because HUD payments exceed market rent, while 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 68 |
Total Units Section 8 | 68 |
% Rentals under Section 8 | 1.3% |
% Occupied Section 8 | 88.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $80 | $1,100 | $1,180 |
| 2 Bedroom | -$210 | $1,700 | $1,490 |
| 3 Bedroom | $80 | $1,750 | $1,830 |
| 4 Bedroom | -$320 | $2,300 | $1,980 |
Affordability — Shelby Township, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.7 |
| Median Home Price | $290,000 |
| Median Household Income | $72,500 |