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
With 3,268 people, 1,185 houses or apartments, and a median cost of homes of $161,547, Shelby real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Shelby, accounting for 61.87% of the city's housing units. Other types of housing that are prevalent in Shelby include large apartment complexes or high rise apartments ( 18.43%), mobile homes or trailers ( 12.88%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.77%).
People in Shelby primarily live in small (one, two or no bedroom) single-family detached homes. Shelby has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Shelby's housing was primarily built during this period, from the '40s through the '60s. A full 46.59% of the city's housing hails from this era. Other housing ages represented in Shelby include homes built between 1970-1999 ( 35.43%) and housing constructed before 1939 ( 13.63%). There's also some housing in Shelby built between 2000 and later ( 4.34%).
Vacant housing appears to be an issue in Shelby. Fully 11.24% of the housing stock is classified as vacant. Left unchecked, vacant Shelby homes and apartments can be a drag on the real estate market, holding Shelby 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, Shelby has experienced some of the highest home appreciation rates of any community in the nation. Shelby real estate appreciated 25.22% over the last ten years, which is an average annual home appreciation rate of 2.27%, putting Shelby in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Shelby definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Shelby appreciation rates have trailed the rest of the nation. In the last twelve months, Shelby's appreciation rate has been 1.12%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Shelby were at 2.06%, which equates to an annual appreciation rate of 8.49%.
Importantly, this makes Shelby one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Montana, our data show that Shelby's latest annual appreciation rate is lower than 90% of the other cities and towns in Montana.
|$815,001 - $1,086,000||0.0|
|$543,001 - $815,000||1.0|
|$434,001 - $543,000||1.9|
|$326,001 - $434,000||4.6|
|$217,001 - $326,000||20.3|
|$108,001 - $217,000||39.2|
|$55,001 - $108,000||19.6|
|$0 - $55,000||13.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Shelby HOMES|
|2000 or Newer||4.3|
|1970 - 1999||35.4|
|1940 - 1969||46.6|
|1939 or Older||13.6|
|TYPE OF Shelby HOMES|
|Small Apt. Buildings||5.8|
|SIZE OF Shelby HOMES|
|5 or more bedrooms||8.69|