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Spirit Lake, IA Real Estate Market

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 Q3 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Spirit Lake, IA Housing Market Trends

With a population of 5,420, 2,645 total housing units (homes and apartments), and a median house value of $246,342, Spirit Lake 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 Spirit Lake, accounting for 68.39% of the city's housing units. Other types of housing that are prevalent in Spirit Lake include large apartment complexes or high rise apartments ( 13.16%), duplexes, homes converted to apartments or other small apartment buildings ( 7.30%), and a few mobile homes or trailers ( 5.46%).

The most prevalent building size and type in Spirit Lake are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.27% owning and 36.73% renting.

There is a lot of housing in Spirit Lake 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 Spirit Lake built between 1940-1969 ( 28.41%). A lesser amount of the housing stock also hails from between 2000 and later ( 24.58%). There's also some housing in Spirit Lake built before 1939 ( 15.39%).

Vacant housing appears to be an issue in Spirit Lake. Fully 11.89% of the housing stock is classified as vacant. Left unchecked, vacant Spirit Lake homes and apartments can be a drag on the real estate market, holding Spirit Lake 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.

Spirit Lake Home Appreciation Rates

Spirit Lake's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Spirit Lake during the period has been just 4.59%, which is lower than 70% of US communities.

Over the last year, Spirit Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Spirit Lake's appreciation rate has been 11.46%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Spirit Lake were at 3.79%, which equates to an annual appreciation rate of 16.02%.

Relative to Iowa, our data show that Spirit Lake's latest annual appreciation rate is higher than 70% of the other cities and towns in Iowa.

Average Home Values

 

Median Home Value:
$246,342

Spirit Lake, IA HOME PRICES

> $1,324,000
$994,001 - $1,324,000
$662,001 - $994,000
$529,001 - $662,000
$397,001 - $529,000
$265,001 - $397,000
$133,001 - $265,000
$66,001 - $133,000
$0 - $66,000
1.0%
1.0%
0.1%
0.1%
1.3%
1.3%
2.4%
2.4%
9.5%
9.5%
18.7%
18.7%
47.0%
47.0%
11.2%
11.2%
8.8%
8.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for IA

Value Relative To Nation

Number Of Homes And Apartments:
2,645

Spirit Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IA*
Compared To
America*
Latest Quarter:
2022 Q2 - 2022 Q3
Last 12 Months:
2021 Q3 - 2022 Q3
Last 2 Years:
2020 Q3 - 2022 Q3
Last 5 Years:
2017 Q3 - 2022 Q3
Last 10 Years:
2012 Q3 - 2022 Q3
Since 2000:
2000 Q1 - 2022 Q3
123.62% 3.60%
8
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,558 / per month

Homeownership Rate

Owners
Renters
Vacant
63.3%
63.3%
36.7%
36.7%
11.9%
11.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
24.6%
24.6%
31.6%
31.6%
28.4%
28.4%
15.4%
15.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
68.4%
68.4%
4.1%
4.1%
7.3%
7.3%
13.2%
13.2%
5.5%
5.5%
1.6%
1.6%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.5%
3.5%
13.3%
13.3%
24.2%
24.2%
33.5%
33.5%
19.8%
19.8%
5.8%
5.8%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Spirit Lake

Zip Codes in Spirit Lake, IA