We have performed shell-model calculations for the nucleus $^{137}$Xe, which was recently studied experimentally using the $^{136}$Xe($d,p$) reaction in inverse kinematics. The main aim of our study has been to investigate the single-neutron properties of the observed states, focusing attention on the spectroscopic factors. We have employed a realistic low-momentum two-body effective interaction derived from the CD-Bonn nucleon-nucleon potential that has already proved quite successful in describing the spectroscopic properties of nuclei in the $^{132}$Sn region. Comparison shows that our calculations reproduce very well the experimental excitation energies and yield spectroscopic factors that come close to those extracted from the data.