Shelbyville, MI—49344
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Shelbyville, MI
As of Oct '25, the median home price in Shelbyville, MI is $329,000, with a year-over-year change of 2.8%. This indicates that home prices in Shelbyville, MI are increasing. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $329,000 | 2.8% |
| Single Family | $331,000 | 2.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $267,000 | -0.7% |
2 Bed | $314,000 | 1.0% |
3 Bed | $351,000 | 2.3% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Shelbyville, MI
As of July '25, Rentcast reports the average rent in Shelbyville, MI is $1,620, with a year-over-year rent change of -11.0%. Per bedroom, the median rent as of July '25 in Shelbyville, MI is 2-bedrooms: $1,260, 3-bedrooms: $1,400, 4-bedrooms: $2,200. The most common rental property sizes in Shelbyville, MI are 3-bedroom and 4-bedroom, accounting for 42.5% and 36.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,620 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,260 | $1,260 |
| 3 Bed Rent | $1,400 | $1,400 |
| 4 Bed Rent | $2,200 | $2,200 |
% of Rental Stock
Property Listings — Shelbyville, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Shelbyville, MI is 72. This is a increase of 79.0% 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 60.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $292,000 | 9.0% |
Listing Count | 10 | -14.0% |
| Listings as % of Homes | 0.8% | -14.0% |
Days on Market | 72 | 79.0% |
Demographics — Shelbyville, MI
As of the latest ACS Survey released in 2023, Shelbyville, MI has a population of 4,140, which has increased by 21.0% over the past 5 years. Shelbyville, MI is a moderately popular place for families, as children make up 17.7% of the population. The area has a poorly educated workforce, with 13.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 4,140 | 21.0% |
% Under 18 | 17.7% | -27.5% |
% Seniors | 26.1% | 65.2% |
% WFH | 8.8% | 340.0% |
% w/ College Degree | 13.6% | -40.1% |
As of the latest ACS Survey released in 2023, Shelbyville, MI is a predominantly white area, with 85.2% of the population identifying as white. The white population has shrunk by 3.9% in the last 5 years. The second most common race or ethnicity in Shelbyville, MI is hispanic, making up 10.6% of the population. Foreign-born residents account for 3.8% of the population in Shelbyville, MI, and this percentage has increased by 11.8% 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 | 85.2% | -3.9% |
% Black | 1.7% | 30.8% |
% Hispanic | 10.6% | 103.8% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 3.8% | 11.8% |
Mortgage and Risk — Shelbyville, MI
According to HUD data as of 2023, there were 79 mortgage originations in Shelbyville, MI, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Shelbyville, MI. Investor activity is low, as 6.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 79 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 6.0% |
% Second Loans | 10.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Shelbyville, MI
Shelbyville, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $880 |
| 2 Bedroom | -$100 | $1,260 | $1,160 |
| 3 Bedroom | $110 | $1,400 | $1,510 |
| 4 Bedroom | -$590 | $2,200 | $1,610 |
Affordability — Shelbyville, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.7 |
| Median Home Price | $329,000 |
| Median Household Income | $76,400 |