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 a population of 1,510, 506 total housing units (homes and apartments), and a median house value of $230,336, house prices in Shepherd are solidly below the national average.
Single-family detached homes are the single most common housing type in Shepherd, accounting for 76.29% of the village's housing units. Other types of housing that are prevalent in Shepherd include duplexes, homes converted to apartments or other small apartment buildings ( 16.93%), row houses and other attached homes ( 3.57%), and a few large apartment complexes or high rise apartments ( 3.03%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Shepherd. Owner-occupied housing accounts for 71.04% of Shepherd's homes, and 61.68% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Shepherd 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 Shepherd built between 1940-1969 ( 27.63%). A lesser amount of the housing stock also hails from before 1939 ( 27.45%). There's also some housing in Shepherd built between 2000 and later ( 7.31%).
Appreciation rates for homes in Shepherd have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 92.49%, which ranks in the top 40% nationwide. This equates to an annual average Shepherd house appreciation rate of 6.77%.
Appreciation rates are so strong in Shepherd that despite a nationwide downturn in the housing market, Shepherd real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Shepherd appreciation rates continue to be some of the highest in America, at 7.90%, which is higher than appreciation rates in 86.19% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Shepherd. Shepherd appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.51%.
Importantly, this makes Shepherd one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.
Relative to Michigan, our data show that Shepherd's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.
$230,336
for Michigan
for nation
506
$1,329 / per month