Shepherd, MI—48883
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Shepherd, MI
As of Oct '25, the median home price in Shepherd, MI is $202,000, with a year-over-year change of -0.2%. This indicates that home prices in Shepherd, MI are flat. According to Zillow, the 1-year price projection is 0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $202,000 | -0.2% |
| Single Family | $201,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $147,000 | 0.0% |
3 Bed | $206,000 | 2.0% |
4 Bed | $264,000 | 3.9% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Shepherd, MI
As of July '25, Rentcast reports the average rent in Shepherd, MI is $697, with a year-over-year rent change of -30.3%. Per bedroom, the median rent as of July '25 in Shepherd, MI is 1-bedrooms: $697. The most common rental property sizes in Shepherd, MI are 2-bedroom and 3-bedroom, accounting for 47.5% and 22.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $697 | $697 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $697 | $697 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Shepherd, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Shepherd, MI is 49. This is a increase of 7.0% 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 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $265,000 | 19.0% |
Listing Count | 16 | 44.0% |
| Listings as % of Homes | 0.1% | 44.0% |
Days on Market | 49 | 7.0% |
Demographics — Shepherd, MI
As of the latest ACS Survey released in 2023, Shepherd, MI has a population of 6,760, which has decreased by -2.3% over the past 5 years. Shepherd, MI is a moderately popular place for families, as children make up 21.7% of the population. The area has a poorly educated workforce, with 21.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 6,760 | -2.3% |
% Under 18 | 21.7% | -4.4% |
% Seniors | 15.9% | -0.6% |
% WFH | 5.2% | 92.6% |
% w/ College Degree | 21.6% | 9.6% |
As of the latest ACS Survey released in 2023, Shepherd, MI is a predominantly white area, with 92.3% of the population identifying as white. The white population has shrunk by 0.2% in the last 5 years. The second most common race or ethnicity in Shepherd, MI is hispanic, making up 3.3% of the population. Foreign-born residents account for 1.1% of the population in Shepherd, MI, and this percentage has increased by 37.5% 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 | 92.3% | -0.2% |
% Black | 0.5% | 0.0% |
% Hispanic | 3.3% | -25.0% |
% Asian | 0.1% | 0.0% |
% Foreign Born | 1.1% | 37.5% |
Mortgage and Risk — Shepherd, MI
According to HUD data as of 2023, there were 115 mortgage originations in Shepherd, MI, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 37.0% above 90% LTV (very high). This implies large mortgage risk in Shepherd, MI. Investor activity is low, as 2.0% 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 | 115 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Shepherd, MI
Shepherd, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 5 |
Total Units Section 8 | 5 |
% Rentals under Section 8 | 1.9% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $93 | $697 | $790 |
| 2 Bedroom | N/A | N/A | $970 |
| 3 Bedroom | N/A | N/A | $1,270 |
| 4 Bedroom | N/A | N/A | $1,380 |
Affordability — Shepherd, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $202,000 |
| Median Household Income | $66,400 |