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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Spruce Pine, 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Spruce Pine, NC Housing Market Trends

With 2,220 people, 1,141 houses or apartments, and a median cost of homes of $241,173, Spruce Pine 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 Spruce Pine, accounting for 65.84% of the town's housing units. Other types of housing that are prevalent in Spruce Pine include duplexes, homes converted to apartments or other small apartment buildings ( 14.14%), mobile homes or trailers ( 9.97%), and a few large apartment complexes or high rise apartments ( 6.57%).

Dwellings in Spruce Pine tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 49.54% of the homes in Spruce Pine have two or fewer bedrooms.

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. Spruce Pine's housing was primarily built during this period, from the '40s through the '60s. A full 48.45% of the town's housing hails from this era. Other housing ages represented in Spruce Pine include homes built between 1970-1999 ( 33.54%) and housing constructed before 1939 ( 11.51%). There's also some housing in Spruce Pine built between 2000 and later ( 6.49%).

Vacant housing appears to be an issue in Spruce Pine. Fully 11.82% of the housing stock is classified as vacant. Left unchecked, vacant Spruce Pine homes and apartments can be a drag on the real estate market, holding Spruce Pine 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.

Spruce Pine Home Appreciation Rates

Appreciation rates for homes in Spruce Pine have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 85.57%, which ranks in the top 50% nationwide. This equates to an annual average Spruce Pine house appreciation rate of 6.38%.

Appreciation rates are so strong in Spruce Pine that despite a nationwide downturn in the housing market, Spruce Pine real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spruce Pine appreciation rates continue to be some of the highest in America, at 7.33%, which is higher than appreciation rates in 76.98% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Spruce Pine. Spruce Pine appreciation rates in the latest quarter were at 1.41%, which equates to an annual appreciation rate of 5.77%.

Relative to North Carolina, our data show that Spruce Pine's latest annual appreciation rate is lower than 50% of the other cities and towns in North Carolina.

Average Home Values

Median Home Value

$241,173

Spruce Pine, NC Home Prices
> $1,463,000
$1,098,001 - $1,463,000
$732,001 - $1,098,000
$585,001 - $732,000
$439,001 - $585,000
$293,001 - $439,000
$146,001 - $293,000
$73,001 - $146,000
$0 - $73,000
1.9%
1.9%
1.1%
1.1%
3.0%
3.0%
3.1%
3.1%
9.9%
9.9%
23.6%
23.6%
39.3%
39.3%
13.6%
13.6%
4.6%
4.6%
0% 100.0%
% of Homes
Average

for North carolina

Average

for nation

Number of Homes And Apartments:

1,141

Spruce Pine Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,297 / per month

Homeownership Rate

Owners
Renters
65.5%
65.5%
34.5%
34.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
11.8%
11.8%
88.2%
88.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.5%
6.5%
33.5%
33.5%
48.5%
48.5%
11.5%
11.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
65.8%
65.8%
3.5%
3.5%
14.1%
14.1%
6.6%
6.6%
10.0%
10.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
13.0%
13.0%
36.6%
36.6%
41.3%
41.3%
7.3%
7.3%
1.9%
1.9%
0% 100.0%
% of Homes

Popular Neighborhoods in Spruce Pine

Zip Codes in Spruce Pine, NC