Shelbyville, MI 49344 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Shelbyville, MI—49344

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$326,000

2.3% YoY Growth

Household Income

$76,400

23.0% YoY Growth

Days on Market

63.0% Longer YoY

Home Price Forecast

2.9%

Median Rent

$1,400

11.0% YoY Growth

1-Bed Rent

N/A

2-Bed Rent

$1,260

0.8% YoY Growth

3-Bed Rent

$1,400

N/A

Home Price Trends — Shelbyville, MI

As of Dec '25, the median home price in Shelbyville, MI is $326,000, with a year-over-year change of 2.3%. This indicates that home prices in Shelbyville, MI are increasing. According to Zillow, the 1-year price projection is 2.9%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$326,000	2.3%
Single Family	$327,000	1.9%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

1 Bedroom

4.1%

2 Bedrooms

17.3%

3 Bedrooms

42.5%

4 Bedrooms

36.1%

Property Listings — Shelbyville, MI

As of Dec '25, Realtor.com reports that the median days on market for a home in Shelbyville, MI is 77. This is a increase of 87.0% 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 44.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$297,000	-13.0%
Listing Count	8	-41.0%
Listings as % of Homes	0.8%	-41.0%
Days on Market	94	63.0%

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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%

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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%

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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%

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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

Shelbyville, MI—49344

Key Metrics at a Glance

Home Price Trends — Shelbyville, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Shelbyville, MI

% of Rental Stock

Property Listings — Shelbyville, MI

Demographics — Shelbyville, MI

Race and Ethnicity

Mortgage and Risk — Shelbyville, MI

Mortgages

Rentals and Section 8 — Shelbyville, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Shelbyville, MI

Home Price to Income Ratio

Shelbyville, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Martin, MI

Wayland, MI

Gunplain, MI

Middleville, MI

Allegan, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.6
Median Home Price	$326,000
Median Household Income	$76,400

Shelbyville, MI—49344

Key Metrics at a Glance

Home Price Trends — Shelbyville, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Shelbyville, MI

% of Rental Stock

Property Listings — Shelbyville, MI

Demographics — Shelbyville, MI

Race and Ethnicity

Mortgage and Risk — Shelbyville, MI

Mortgages

Rentals and Section 8 — Shelbyville, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Shelbyville, MI

Home Price to Income Ratio

Shelbyville, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Martin, MI

Wayland, MI

Gunplain, MI

Middleville, MI

Allegan, MI

Frequently Asked Questions

What is the average home price in Shelbyville, MI 49344?

How have home prices in Shelbyville, MI 49344 changed over the past year?

What is the home price projection for Shelbyville, MI 49344?

What are the demographics of Shelbyville, MI 49344?

How long does it take homes to sell in Shelbyville, MI 49344?

What is the average rent price in Shelbyville, MI 49344?