Spencer, IA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Spencer, IA Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Spencer Housing Market Information

With a population of 11,212, 4,853 total housing units (homes and apartments), and a median house value of $149,230, Spencer 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 Spencer, accounting for 72.07% of the city's housing units. Other types of housing that are prevalent in Spencer include large apartment complexes or high rise apartments ( 16.11%), duplexes, homes converted to apartments or other small apartment buildings ( 5.74%), and a few row houses and other attached homes ( 4.57%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Spencer. Owner-occupied housing accounts for 69.00% of Spencer's homes, and 50.84% have either three or four bedrooms, which is average sized relative to America.

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. Spencer's housing was primarily built during this period, from the '40s through the '60s. A full 37.06% of the city's housing hails from this era. Other housing ages represented in Spencer include homes built between 1970-1999 ( 36.12%) and housing constructed before 1939 ( 17.33%). There's also some housing in Spencer built between 2000 and later ( 9.49%).

Vacant housing appears to be an issue in Spencer. Fully 11.28% of the housing stock is classified as vacant. Left unchecked, vacant Spencer homes and apartments can be a drag on the real estate market, holding Spencer 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.

Spencer Home Appreciation Rates

Appreciation rates for homes in Spencer have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 11.52%, which ranks in the top 30% nationwide. This equates to an annual average Spencer house appreciation rate of 1.10%.

Over the last year, Spencer appreciation rates have trailed the rest of the nation. In the last twelve months, Spencer's appreciation rate has been 2.28%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Spencer were at 0.99%, which equates to an annual appreciation rate of 4.00%.

Relative to Iowa, our data show that Spencer's latest annual appreciation rate is lower than 80% of the other cities and towns in Iowa.

Average Home Values

 

Median Home Value:
$149,230

Spencer, IA HOME PRICES

Value Range
> $1,087,000 0.0
$816,001 - $1,087,000 0.0
$544,001 - $816,000 0.3
$435,001 - $544,000 0.8
$326,001 - $435,000 4.2
$217,001 - $326,000 10.4
$109,001 - $217,000 42.4
$54,001 - $109,000 34.9
$0 - $54,000 7.0

High for IA
Average for Nation

Value Relative to Nation Value Relative to State
50.3632954412282 32.3456790123457

Number Of Homes And Apartments:
4,853

Spencer Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IA*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
37.10% 1.85% 4 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$791 / per month

Homeownership Rate

Homeownership
Owners 69.00
Renters 31.00
Vacant 11.28

Housing Market Details

 

Age of Homes

AGE OF Spencer HOMES
2000 or Newer 9.5
1970 - 1999 36.1
1940 - 1969 37.1
1939 or Older 17.3

Types of Homes

TYPE OF Spencer HOMES
Single-Family 72.1
Townhomes 4.6
Small Apt. Buildings 5.7
Apt. Complexes 16.1
Mobile Homes 1.5
Other 0.0

Home Size

SIZE OF Spencer HOMES
No Bedroom 2.30
1 Bedroom 11.46
2 Bedrooms 31.44
3 Bedrooms 35.36
4 Bedrooms 15.48
5 or more bedrooms 3.95

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Zip Codes in Spencer, IA