Spring Lake, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Spring Lake Neighborhoods Since 2000




Spring Lake, NC 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

Spring Lake Housing Market Information

With a population of 13,234, 4,575 total housing units (homes and apartments), and a median house value of $89,657, house prices in Spring Lake are some of the most affordable in North Carolina as well as the nation.

Single-family detached homes are the single most common housing type in Spring Lake, accounting for 35.91% of the town's housing units. Other types of housing that are prevalent in Spring Lake include large apartment complexes or high rise apartments ( 27.92%), row houses and other attached homes ( 16.38%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 13.18%).

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 ( 31.74%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.99%). There's also some housing in Spring Lake built before 1939 ( 1.96%).

Vacant housing appears to be an issue in Spring Lake. Fully 14.74% 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

Spring Lake's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Spring Lake during the period has been just -1.23%, which is lower than 70% of US communities.

Over the last year, Spring Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Spring Lake's appreciation rate has been -0.83%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Spring Lake were at -2.05%, which equates to an annual appreciation rate of -7.94%.

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

Relative to North Carolina, our data show that Spring Lake's latest annual appreciation rate is lower than 80% 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:
$89,657

Spring Lake, NC HOME PRICES

Value Range
> $967,000 0.0
$725,001 - $967,000 0.0
$484,001 - $725,000 0.0
$387,001 - $484,000 0.0
$290,001 - $387,000 1.0
$194,001 - $290,000 3.8
$97,001 - $194,000 27.2
$48,001 - $97,000 57.3
$0 - $48,000 10.7

Very Low for NC
Very Low for Nation

Value Relative to Nation Value Relative to State
84.2493847415915 86.3883847549909

Number Of Homes And Apartments:
4,575

Spring Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
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
9.95% 0.55% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,114 / per month

Homeownership Rate

Homeownership
Owners 18.86
Renters 81.14
Vacant 14.74

Housing Market Details

 

Age of Homes

AGE OF Spring Lake HOMES
2000 or Newer 31.7
1970 - 1999 47.3
1940 - 1969 19.0
1939 or Older 2.0

Types of Homes

TYPE OF Spring Lake HOMES
Single-Family 35.9
Townhomes 16.4
Small Apt. Buildings 13.2
Apt. Complexes 27.9
Mobile Homes 6.6
Other 0.0

Home Size

SIZE OF Spring Lake HOMES
No Bedroom 0.26
1 Bedroom 9.47
2 Bedrooms 37.74
3 Bedrooms 42.21
4 Bedrooms 9.30
5 or more bedrooms 1.02