Spencer, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Spencer, MA 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 11,810 people, 4,656 houses or apartments, and a median cost of homes of $287,346, Spencer real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Spencer, accounting for 63.66% of the town's housing units. Other types of housing that are prevalent in Spencer include duplexes, homes converted to apartments or other small apartment buildings ( 21.66%), large apartment complexes or high rise apartments ( 12.25%), and a few row houses and other attached homes ( 1.55%).

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 66.85% of Spencer's homes, and 51.64% have either three or four bedrooms, which is average sized relative to America.

The housing in Spencer was primarily built before 1939 ( 36.87%), making the housing stock in Spencer some of the oldest overall in America, although there is a range of ages of homes in Spencer. The next most important housing age is between 1970-1999 ( 29.29%), followed by between 1940-1969 ( 22.74%). There's also some housing in Spencer built between 2000 and later ( 11.10%).

Vacant housing appears to be an issue in Spencer. Fully 11.83% 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

Spencer's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Spencer during the period has been just -2.07%, which is lower than 80% of US communities.

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 1.84%, 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 0.33%, which equates to an annual appreciation rate of 1.33%.

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

Average Home Values

 

Median Home Value:
$287,346

Spencer, MA HOME PRICES

Value Range
> $1,066,000 0.0
$800,001 - $1,066,000 0.2
$533,001 - $800,000 1.2
$427,001 - $533,000 4.9
$320,001 - $427,000 13.6
$213,001 - $320,000 41.7
$107,001 - $213,000 34.2
$53,001 - $107,000 1.8
$0 - $53,000 2.5

Low for MA
Very High for Nation

Value Relative to Nation Value Relative to State
17.6491269190203 71.7948717948718

Number Of Homes And Apartments:
4,656

Spencer Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
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
28.00% 1.44% 1 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,293 / per month

Homeownership Rate

Homeownership
Owners 66.85
Renters 33.15
Vacant 11.83

Housing Market Details

 

Age of Homes

AGE OF Spencer HOMES
2000 or Newer 11.1
1970 - 1999 29.3
1940 - 1969 22.7
1939 or Older 36.9

Types of Homes

TYPE OF Spencer HOMES
Single-Family 63.7
Townhomes 1.6
Small Apt. Buildings 21.7
Apt. Complexes 12.3
Mobile Homes 0.6
Other 0.3

Home Size

SIZE OF Spencer HOMES
No Bedroom 0.74
1 Bedroom 14.20
2 Bedrooms 31.36
3 Bedrooms 35.66
4 Bedrooms 15.98
5 or more bedrooms 2.06

Popular Neighborhoods in Spencer

Zip Codes in Spencer, MA