Spencer, NC—28159
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Spencer, NC
As of Oct '25, the median home price in Spencer, NC is $203,000, with a year-over-year change of -4.2%. This indicates that home prices in Spencer, NC are decreasing. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $203,000 | -4.2% |
| Single Family | $203,000 | -5.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $229,000 | -0.4% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Spencer, NC
As of July '25, Rentcast reports the average rent in Spencer, NC is $1,330, with a year-over-year rent change of -3.6%. Per bedroom, the median rent as of July '25 in Spencer, NC is 2-bedrooms: $1,170, 3-bedrooms: $1,480. The most common rental property sizes in Spencer, NC are 2-bedroom and 4-bedroom, accounting for 72.8% and 14.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,250 | $1,330 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,100 | $1,170 |
| 3 Bed Rent | $1,400 | $1,480 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Spencer, NC
As of Oct '25, Realtor.com reports that the median days on market for a home in Spencer, NC is 85. This is a decrease of -14.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 39.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $227,000 | -5.0% |
Listing Count | 31 | -20.0% |
| Listings as % of Homes | 1.9% | -20.0% |
Days on Market | 85 | -14.0% |
Demographics — Spencer, NC
As of the latest ACS Survey released in 2023, Spencer, NC has a population of 3,180, which has increased by 9.4% over the past 5 years. Spencer, NC is a moderately popular place for families, as children make up 19.5% of the population. The area has a poorly educated workforce, with 22.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,180 | 9.4% |
% Under 18 | 19.5% | -22.9% |
% Seniors | 20.3% | 78.1% |
% WFH | 17.8% | 368.4% |
% w/ College Degree | 22.5% | 16.6% |
As of the latest ACS Survey released in 2023, Spencer, NC is a predominantly white area, with 61.6% of the population identifying as white. The white population has grown by 38.4% in the last 5 years. The second most common race or ethnicity in Spencer, NC is black, making up 32.9% of the population. Foreign-born residents account for 1.5% of the population in Spencer, NC, and this percentage has decreased by 72.2% 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 | 61.6% | 38.4% |
% Black | 32.9% | -19.2% |
% Hispanic | 4.5% | -57.9% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 1.5% | -72.2% |
Mortgage and Risk — Spencer, NC
According to HUD data as of 2023, there were 85 mortgage originations in Spencer, NC, of which 60.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 46.0% above 90% LTV (very high). This implies large mortgage risk in Spencer, NC. Investor activity is low, as 5.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 85 |
% Conventional Loans | 60.0% |
% Government Loans | 40.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Spencer, NC
Spencer, NC lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 52 |
Total Units Section 8 | 42 |
% Rentals under Section 8 | 10.2% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,160 |
| 2 Bedroom | $320 | $1,100 | $1,420 |
| 3 Bedroom | $470 | $1,400 | $1,870 |
| 4 Bedroom | N/A | N/A | $2,380 |
Affordability — Spencer, NC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $203,000 |
| Median Household Income | $63,400 |