Spencer, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Spencer, TN Real Estate Data


Spencer Housing Market Information

With 1,634 people, 632 houses or apartments, and a median cost of homes of $84,738, house prices in Spencer are some of the most affordable in Tennessee as well as the nation.

Single-family detached homes are the single most common housing type in Spencer, accounting for 71.08% of the town's housing units. Other types of housing that are prevalent in Spencer include mobile homes or trailers ( 16.51%), large apartment complexes or high rise apartments ( 7.09%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.77%).

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 75.42% of Spencer's homes, and 65.35% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Spencer 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 Spencer built between 1940-1969 ( 30.29%). A lesser amount of the housing stock also hails from before 1939 ( 8.46%). There's also some housing in Spencer built between 2000 and later ( 4.37%).

Vacant housing appears to be an issue in Spencer. Fully 13.78% 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

Appreciation rates for homes in Spencer have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 9.51%, which ranks in the top 40% nationwide. This equates to an annual average Spencer house appreciation rate of 0.91%.

NeighborhoodScout's data show that during the latest twelve months, Spencer's appreciation rate, at 4.76%, has been at or slightly above the national average. In the latest quarter, Spencer's appreciation rate has been 1.80%, which annualizes to a rate of 7.39%.

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

Average Home Values

 

Median Home Value:
$84,738

Spencer, TN HOME PRICES

Value Range
> $1,103,000 0.9
$827,001 - $1,103,000 0.8
$551,001 - $827,000 0.6
$441,001 - $551,000 1.1
$331,001 - $441,000 2.6
$220,001 - $331,000 11.3
$110,001 - $220,000 16.8
$55,001 - $110,000 43.8
$0 - $55,000 22.1

Very Low for TN
Very Low for Nation

Value Relative to Nation Value Relative to State
88.5459975405516 91.8367346938775

Number Of Homes And Apartments:
632

Rent & Ownership

 

Average Market Rent:
$621 / per month

Homeownership Rate

Homeownership
Owners 75.42
Renters 24.58
Vacant 13.78

Housing Market Details

 

Age of Homes

AGE OF Spencer HOMES
2000 or Newer 4.4
1970 - 1999 56.9
1940 - 1969 30.3
1939 or Older 8.5

Types of Homes

TYPE OF Spencer HOMES
Single-Family 71.1
Townhomes 0.5
Small Apt. Buildings 4.8
Apt. Complexes 7.1
Mobile Homes 16.5
Other 0.0

Home Size

SIZE OF Spencer HOMES
No Bedroom 0.41
1 Bedroom 4.91
2 Bedrooms 29.33
3 Bedrooms 57.71
4 Bedrooms 7.64
5 or more bedrooms 0.00

Spencer Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
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
40.39% 2.02% 7 5
* 10 is highest

Popular Neighborhoods in Spencer

Zip Codes in Spencer, TN