Commercial Real Estate Market in Shelby, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
45 active listings and 311 off-market properties in Shelby, MI.
Market Trends
Shelby, MI spans 84.8 square miles in Oceana County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Shelby, MI runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail space in Shelby, MI asks $53/SF to buy. Vacancy runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Shelby, MI runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Shelby, MI runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 76.6%
- Industrial 16.7%
- Commercial 6.7%
Largest Zones share of zoned land by district
Medium Density Residential
Low Density Residential
Industrial
General Business
Central Business
Shelby, MI zones 1,076 acres across 7 districts. Commercial zoning covers 6.7% of zoned land, residential 76.6% and industrial 16.7%. The largest single district is Medium Density Residential at 41.9%. For commercial buyers the practical constraint is that only 23.4% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Shelby, MI has 5,197 residents in 2,733 households. Density runs 61 people per square mile. Median household income here is $65,640 and median gross rent $697 a month.
5,197
Population
2,733
Households
1.9
Avg Household Size
39
Median Age
21%
College-Educated
87%
High-School Grad
84.8 sq mi
ZIP Area
61
Density / Sq Mi
$65,640
Median Household Income
$35,884
Median Earnings
$697
Median Rent
$144,900
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Hart | — | — |
| Silver Lake | — | — |
| Pentwater | — | — |
| Montague | — | — |
Frequently Asked Questions
What zoning applies to commercial property in Shelby?
Shelby, MI zones 1,076 acres across 7 districts, of which 6.7% is commercial and 16.7% industrial. The largest single district is Medium Density Residential at 41.9% of zoned land. Residential zoning covers 76.6% and open space 0%.
Where does Realmo's Shelby market data come from?
Realmo compiles Shelby, MI figures from 4 recent recorded sales, 44 active sale listings, 1 active lease listings, 311 tracked off-market properties, the current Shelby zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 44 active for-sale and 1 active for-lease listings in Shelby, MI. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 1,076 zoned acres across 7 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
