Spirit Lake, IA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Spirit Lake, IA Real Estate Data


Spirit Lake Housing Market Information

With 5,018 people, 2,354 houses or apartments, and a median cost of homes of $216,616, Spirit Lake real estate is some of the most expensive in Iowa, although Spirit Lake home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Spirit Lake, accounting for 65.55% of the city's housing units. Other types of housing that are prevalent in Spirit Lake include large apartment complexes or high rise apartments ( 18.04%), duplexes, homes converted to apartments or other small apartment buildings ( 8.08%), and a few mobile homes or trailers ( 4.26%).

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 62.41% owning and 37.59% renting.

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. Spirit Lake's housing was primarily built during this period, from the '40s through the '60s. A full 33.83% of the city's housing hails from this era. Other housing ages represented in Spirit Lake include homes built between 1970-1999 ( 31.83%) and housing constructed between 2000 and later ( 19.13%). There's also some housing in Spirit Lake built before 1939 ( 15.21%).

Vacant housing appears to be an issue in Spirit Lake. Fully 14.37% 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

Appreciation rates for homes in Spirit Lake have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 13.72%, which ranks in the top 30% nationwide. This equates to an annual average Spirit Lake house appreciation rate of 1.29%.

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 2.27%, 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 -0.32%, which equates to an annual appreciation rate of -1.26%.

Notably, Spirit Lake's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Iowa, our data show that Spirit Lake's latest annual appreciation rate is lower than 90% of the other cities and towns in Iowa.

Average Home Values

 

Median Home Value:
$216,616

Spirit Lake, IA HOME PRICES

Value Range
> $1,455,000 0.1
$1,092,001 - $1,455,000 0.1
$728,001 - $1,092,000 1.8
$582,001 - $728,000 2.5
$437,001 - $582,000 10.2
$291,001 - $437,000 10.3
$146,001 - $291,000 51.9
$72,001 - $146,000 12.4
$0 - $72,000 10.8

Very High for IA
High for Nation

Value Relative to Nation Value Relative to State
29.2908590501845 8.39506172839506

Number Of Homes And Apartments:
2,354

Rent & Ownership

 

Average Market Rent:
$734 / per month

Homeownership Rate

Homeownership
Owners 62.41
Renters 37.59
Vacant 14.37

Housing Market Details

 

Age of Homes

AGE OF Spirit Lake HOMES
2000 or Newer 19.1
1970 - 1999 31.8
1940 - 1969 33.8
1939 or Older 15.2

Types of Homes

TYPE OF Spirit Lake HOMES
Single-Family 65.6
Townhomes 4.1
Small Apt. Buildings 8.1
Apt. Complexes 18.0
Mobile Homes 4.3
Other 0.0

Home Size

SIZE OF Spirit Lake HOMES
No Bedroom 1.78
1 Bedroom 14.81
2 Bedrooms 27.28
3 Bedrooms 38.49
4 Bedrooms 14.04
5 or more bedrooms 3.60

Spirit Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
60.37% 2.82% 9 7
* 10 is highest

Popular Neighborhoods in Spirit Lake

Zip Codes in Spirit Lake, IA