Spencer, MA—01562
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Spencer, MA
As of Oct '25, the median home price in Spencer, MA is $429,000, with a year-over-year change of 1.1%. This indicates that home prices in Spencer, MA are increasing. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $429,000 | 1.1% |
| Single Family | $433,000 | 1.2% |
| Condos | $273,000 | 4.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $320,000 | -3.9% |
2 Bed | $358,000 | -0.6% |
3 Bed | $442,000 | 1.1% |
4 Bed | $505,000 | 1.8% |
| 5 Bed | $521,000 | 1.2% |
% of Housing Stock
Rental Trends — Spencer, MA
As of July '25, Rentcast reports the average rent in Spencer, MA is $1,860, with a year-over-year rent change of -4.6%. Per bedroom, the median rent as of July '25 in Spencer, MA is 1-bedrooms: $1,340, 2-bedrooms: $1,770, 3-bedrooms: $2,070, 4-bedrooms: $2,370. The most common rental property sizes in Spencer, MA are 2-bedroom and 1-bedroom, accounting for 40.7% and 32.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,800 | $1,860 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,300 | $1,340 |
| 2 Bed Rent | $1,700 | $1,770 |
| 3 Bed Rent | $1,950 | $2,070 |
| 4 Bed Rent | $2,000 | $2,370 |
% of Rental Stock
Property Listings — Spencer, MA
As of Oct '25, Realtor.com reports that the median days on market for a home in Spencer, MA is 28. This is a increase of 40.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 46.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $466,000 | -5.0% |
Listing Count | 26 | 15.0% |
| Listings as % of Homes | 0.3% | 15.0% |
Days on Market | 28 | 40.0% |
Demographics — Spencer, MA
As of the latest ACS Survey released in 2023, Spencer, MA has a population of 12,000, which has remained stable by 0.4% over the past 5 years. Spencer, MA is a moderately popular place for families, as children make up 17.6% of the population. The area has a moderately educated workforce, with 27.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 12,000 | 0.4% |
% Under 18 | 17.6% | 7.3% |
% Seniors | 25.9% | 43.1% |
% WFH | 15.0% | 284.6% |
% w/ College Degree | 27.5% | 21.7% |
As of the latest ACS Survey released in 2023, Spencer, MA is a predominantly white area, with 90.1% of the population identifying as white. The white population has shrunk by 1.1% in the last 5 years. The second most common race or ethnicity in Spencer, MA is hispanic, making up 4.4% of the population. Foreign-born residents account for 3.1% of the population in Spencer, MA, and this percentage has decreased by 41.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 90.1% | -1.1% |
% Black | 0.8% | -20.0% |
% Hispanic | 4.4% | 15.8% |
% Asian | 0.5% | -86.1% |
% Foreign Born | 3.1% | -41.5% |
Mortgage and Risk — Spencer, MA
According to HUD data as of 2023, there were 268 mortgage originations in Spencer, MA, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Spencer, MA. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 268 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Spencer, MA
As of 2024, the percent of homes in Spencer, MA under the Section 8 program is 4.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Spencer, MA, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 105 |
Total Units Section 8 | 70 |
% Rentals under Section 8 | 4.2% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$130 | $1,300 | $1,170 |
| 2 Bedroom | -$200 | $1,700 | $1,500 |
| 3 Bedroom | -$140 | $1,950 | $1,810 |
| 4 Bedroom | $0 | $2,000 | $2,000 |
Affordability — Spencer, MA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.8 |
| Median Home Price | $429,000 |
| Median Household Income | $79,100 |