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Shepherd, MI—48883

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$224,000
7.5% YoY Growth
Household Income
$66,400
20.8% YoY Growth
Days on Market
43
81.0% Longer YoY
Home Price Forecast
0.0%
Median Rent
$697
30.3% YoY Growth
1-Bed Rent
$697
N/A
2-Bed Rent
N/A
N/A
3-Bed Rent
N/A
N/A
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Shepherd, MI

As of May '26, the median home price in Shepherd, MI is $224,000, with a year-over-year change of 7.5%. This indicates that home prices in Shepherd, 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 TypeMedian Home ValueYoY % Change
All Homes
$224,0007.5%
Single Family $225,0007.7%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$156,0004.0%
    3 Bed
    		$220,0005.8%
    4 Bed
    		$275,0006.2%
    5 Bed N/AN/A
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    % of Housing Stock

    Studio
    0.7%
    1 Bedroom
    2.1%
    2 Bedrooms
    17.9%
    3 Bedrooms
    61.9%
    4 Bedrooms
    13.8%
    5+ Bedrooms
    3.6%

    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.

    TypeMedian RentAverage Rent
    Average Rent$697$697
    Studio Rent N/AN/A
    1 Bed Rent $697$697
    2 Bed Rent N/AN/A
    3 Bed Rent N/AN/A
    4 Bed Rent N/AN/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 May '26, Realtor.com reports that the median days on market for a home in Shepherd, MI is 43. This is a increase of 81.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$280,000120.0%
    Listing Count
    		113.0%
    Listings as % of Homes0.1%3.0%
    Days on Market
    		4381.0%
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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.

    MetricLatest CensusYoY % 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

    MetricLatest Census5-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

    MetricZip 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 SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$93$697$790
    2 BedroomN/AN/A$970
    3 BedroomN/AN/A$1,270
    4 BedroomN/AN/A$1,380

    Affordability — Shepherd, MI

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio2.9
    Median Home Price$224,000
    Median Household Income$66,400

    Shepherd, MI — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    48859

    Saint Louis, MI

    48880

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    Frequently Asked Questions