Shepherd, MI 48883 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Shepherd, MI—48883

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$207,000

0.3% YoY Growth

Household Income

$66,400

20.8% YoY Growth

Days on Market

54.0% Longer YoY

Home Price Forecast

1.9%

Median Rent

$697

30.3% YoY Growth

1-Bed Rent

$697

N/A

2-Bed Rent

N/A

3-Bed Rent

N/A

Home Price Trends — Shepherd, MI

As of Dec '25, the median home price in Shepherd, MI is $207,000, with a year-over-year change of 0.3%. This indicates that home prices in Shepherd, MI are flat. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$207,000	0.3%
Single Family	$207,000	1.0%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

5.7%

1 Bedroom

10.5%

2 Bedrooms

47.5%

3 Bedrooms

22.0%

4 Bedrooms

11.8%

5+ Bedrooms

2.5%

Property Listings — Shepherd, MI

As of Dec '25, Realtor.com reports that the median days on market for a home in Shepherd, MI is 49. This is a increase of 32.0% 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 22.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$253,000	-6.0%
Listing Count	15	63.0%
Listings as % of Homes	0.1%	63.0%
Days on Market	74	54.0%

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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%

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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%

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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%

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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

Shepherd, MI—48883

Key Metrics at a Glance

Home Price Trends — Shepherd, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Shepherd, MI

% of Rental Stock

Property Listings — Shepherd, MI

Demographics — Shepherd, MI

Race and Ethnicity

Mortgage and Risk — Shepherd, MI

Mortgages

Rentals and Section 8 — Shepherd, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Shepherd, MI

Home Price to Income Ratio

Shepherd, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Mount Pleasant

Saint Louis, MI

Mount Pleasant, MI

Alma, MI

Elwell, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.9
Median Home Price	$207,000
Median Household Income	$66,400

Shepherd, MI—48883

Key Metrics at a Glance

Home Price Trends — Shepherd, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Shepherd, MI

% of Rental Stock

Property Listings — Shepherd, MI

Demographics — Shepherd, MI

Race and Ethnicity

Mortgage and Risk — Shepherd, MI

Mortgages

Rentals and Section 8 — Shepherd, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Shepherd, MI

Home Price to Income Ratio

Shepherd, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Mount Pleasant

Saint Louis, MI

Mount Pleasant, MI

Alma, MI

Elwell, MI

Frequently Asked Questions

What is the average home price in Shepherd, MI 48883?

How have home prices in Shepherd, MI 48883 changed over the past year?

What is the home price projection for Shepherd, MI 48883?

What are the demographics of Shepherd, MI 48883?

How long does it take homes to sell in Shepherd, MI 48883?

What is the average rent price in Shepherd, MI 48883?