Is Shelby, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Shelby is a buyer's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Shelby was a Seller's Market.

Key Takeaway

Shelby is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Shelby, MI

How much do homes in Shelby, MI cost?

Median Sold Price

$216,250

$154/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$6,250(-2.8%)

Key Takeaway

Homes in Shelby have sold for 2.8% less than they did a year ago.

Summary: The median home sold price in Shelby was $216,250 in November 2024, down 2.8% from last year, and the median price per square foot was $154.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 -$102.5K
N/A
2 $225.5K$212.5K
-5.8%
3 $220K$270K
+22.7%
4 $358K$185K
-48.3%
5+ $225K$239.9K
+6.6%

Summary: Shelby housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 5.8%, 3 bedroom homes increased by 22.7%, 4 bedroom homes decreased by 48.3%, and 5+ bedroom homes increased by 6.6%.

Median Sold Price Compared To Nearby Cities

Shelby Township
+3.2%
Shelby
-2.8%

Housing Supply in Shelby, MI

How many homes are available in Shelby, MI?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
2126+23.8%

Summary: The Shelby real estate market had 26 homes for sale in November 2024, a 23.8% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 45
+25.0%
3 1114
+27.3%
4 56
+20.0%
5+ 11
0.0%

Summary: The Shelby housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 27.3%, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
13+200.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Shelby, you may be able to get a good deal. 33.3% of homes here sold below asking price last month.

Summary: A total of 3 homes were sold or pending in Shelby in November 2024, up by 200.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.

Days on Market for Shelby, MI

How long does it take to sell a home in Shelby, MI?

Average Sale Time

Nov 2023Nov 2024CHANGE
26 Days49 Days+85.5%

Summary: Homes in Shelby had an average of 49 days on market in Nov 2024, up by 85.5% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Shelby are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 3 homes were sold in Shelby; 67% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 17 Days Ago

Newest Listings in Shelby, MI

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