Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 6,686 people, 2,651 houses or apartments, and a median cost of homes of $377,761, Shelbyville real estate is some of the most expensive in Michigan, although Shelbyville home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Shelbyville, accounting for 90.27% of the town's housing units. Other types of housing that are prevalent in Shelbyville include mobile homes or trailers ( 8.70%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Shelbyville. Owner-occupied housing accounts for 85.94% of Shelbyville's homes, and 76.61% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Shelbyville built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Shelbyville built between 2000 and later ( 24.35%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.97%). There's also some housing in Shelbyville built before 1939 ( 13.72%).
Vacant housing appears to be an issue in Shelbyville. Fully 14.90% of the housing stock is classified as vacant. Left unchecked, vacant Shelbyville homes and apartments can be a drag on the real estate market, holding Shelbyville real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Shelbyville has experienced some of the highest home appreciation rates of any community in the nation. Shelbyville real estate appreciated 136.37% over the last ten years, which is an average annual home appreciation rate of 8.98%, putting Shelbyville in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Shelbyville definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Shelbyville that despite a nationwide downturn in the housing market, Shelbyville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Shelbyville appreciation rates continue to be some of the highest in America, at 9.96%, which is higher than appreciation rates in 87.12% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Shelbyville. Shelbyville appreciation rates in the latest quarter were at 0.88%, which equates to an annual appreciation rate of 3.56%.
Relative to Michigan, our data show that Shelbyville's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.
$377,761
for Michigan
for nation
2,651
$1,472 / per month