Spirit Lake, IA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Spirit Lake, 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

Spirit Lake Housing Market Information

With a population of 5,018, 2,381 total housing units (homes and apartments), and a median house value of $174,269, 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 65.80% of the city's housing units. Other types of housing that are prevalent in Spirit Lake include large apartment complexes or high rise apartments ( 14.81%), duplexes, homes converted to apartments or other small apartment buildings ( 9.59%), and a few mobile homes or trailers ( 5.11%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Spirit Lake. Owner-occupied housing accounts for 66.10% of Spirit Lake's homes, and 54.15% have either three or four bedrooms, which is average sized relative to America.

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 ( 31.82%). A lesser amount of the housing stock also hails from between 2000 and later ( 21.52%). There's also some housing in Spirit Lake built before 1939 ( 14.28%).

Vacant housing appears to be an issue in Spirit Lake. Fully 15.45% 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

In the last 10 years, Spirit Lake has experienced some of the highest home appreciation rates of any community in the nation. Spirit Lake real estate appreciated 15.82% over the last ten years, which is an average annual home appreciation rate of 1.48%, putting Spirit Lake in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Spirit Lake definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Spirit Lake's appreciation rate, at 4.57%, has been at or slightly above the national average. In the latest quarter, Spirit Lake's appreciation rate has been 0.99%, which annualizes to a rate of 4.00%.

Relative to Iowa, our data show that Spirit Lake's latest annual appreciation rate is higher than 60% of the other cities and towns in Iowa.

Average Home Values

 

Median Home Value:
$174,269

Spirit Lake, IA HOME PRICES

Value Range
> $1,126,000 0.6
$844,001 - $1,126,000 1.1
$563,001 - $844,000 2.4
$451,001 - $563,000 2.8
$338,001 - $451,000 9.0
$225,001 - $338,000 10.0
$113,001 - $225,000 49.8
$56,001 - $113,000 15.0
$0 - $56,000 9.3

High for IA
Average for Nation

Value Relative to Nation Value Relative to State
40.1382866518223 21.4814814814815

Number Of Homes And Apartments:
2,381

Spirit Lake 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
63.35% 2.89% 9 8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$772 / per month

Homeownership Rate

Homeownership
Owners 66.10
Renters 33.90
Vacant 15.45

Housing Market Details

 

Age of Homes

AGE OF Spirit Lake HOMES
2000 or Newer 21.5
1970 - 1999 32.4
1940 - 1969 31.8
1939 or Older 14.3

Types of Homes

TYPE OF Spirit Lake HOMES
Single-Family 65.8
Townhomes 4.7
Small Apt. Buildings 9.6
Apt. Complexes 14.8
Mobile Homes 5.1
Other 0.0

Home Size

SIZE OF Spirit Lake HOMES
No Bedroom 1.74
1 Bedroom 14.49
2 Bedrooms 24.61
3 Bedrooms 39.81
4 Bedrooms 14.35
5 or more bedrooms 5.01

Popular Neighborhoods in Spirit Lake

Zip Codes in Spirit Lake, IA