Spring Lake, NC 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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Spring Lake, NC Housing Market Trends

With 12,005 people, 4,369 houses or apartments, and a median cost of homes of $143,436, house prices in Spring Lake are solidly below the national average.

Single-family detached homes are the single most common housing type in Spring Lake, accounting for 33.71% of the town's housing units. Other types of housing that are prevalent in Spring Lake include large apartment complexes or high rise apartments ( 32.58%), row houses and other attached homes ( 17.23%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 10.67%).

Renters dominate Spring Lake's housing market, and most live in three of four bedroom dwellings, chiefly found in single-family detached homes.

There is a lot of housing in Spring 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 Spring Lake built between 2000 and later ( 32.75%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.07%).

Vacant housing appears to be an issue in Spring Lake. Fully 14.77% of the housing stock is classified as vacant. Left unchecked, vacant Spring Lake homes and apartments can be a drag on the real estate market, holding Spring 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.

Spring Lake Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Spring Lake, where house values have increased just 15.72%, which is annualized rate of 1.47%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Spring Lake's appreciation rate, at 9.72%, has been at or slightly above the national average. In the latest quarter, Spring Lake's appreciation rate has been 1.99%, which annualizes to a rate of 8.20%.

Relative to North Carolina, our data show that Spring Lake's latest annual appreciation rate is lower than 60% of the other cities and towns in North Carolina.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Spring Lake differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Spring Lake - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Spring Lake real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$143,436

Spring Lake, NC HOME PRICES

> $1,248,000
0.0%
0.0%
$936,001 - $1,248,000
0.3%
0.3%
$624,001 - $936,000
0.0%
0.0%
$499,001 - $624,000
0.0%
0.0%
$375,001 - $499,000
0.8%
0.8%
$250,001 - $375,000
0.4%
0.4%
$125,001 - $250,000
61.8%
61.8%
$62,001 - $125,000
31.0%
31.0%
$0 - $62,000
5.6%
5.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for NC

Value Relative To Nation

Number Of Homes And Apartments:
4,369

Spring Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
51.15% 1.94%
4
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,301 / per month

Homeownership Rate

Owners
18.7%
18.7%
Renters
81.3%
81.3%
Vacant
14.8%
14.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
32.8%
32.8%
1970 - 1999
49.2%
49.2%
1940 - 1969
17.1%
17.1%
1939 or Older
1.0%
1.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
33.7%
33.7%
Townhomes
17.2%
17.2%
Small Apt. Buildings
10.7%
10.7%
Apt. Complexes
32.6%
32.6%
Mobile Homes
5.8%
5.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.8%
1.8%
1 Bedroom
9.2%
9.2%
2 Bedrooms
38.5%
38.5%
3 Bedrooms
36.8%
36.8%
4 Bedrooms
12.9%
12.9%
5 or more bedrooms
0.9%
0.9%
0.0% 100.0%
% OF HOMES