Spencer, IN—47460
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Spencer, IN
Home Price Trends — Spencer, IN
As of Oct '25, the median home price in Spencer, IN is $240,000, with a year-over-year change of 2.0%. This indicates that home prices in Spencer, IN are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $240,000 | 2.0% |
| Single Family | $241,000 | 1.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $151,000 | -1.9% |
2 Bed | $191,000 | 1.6% |
3 Bed | $251,000 | 2.0% |
4 Bed | $321,000 | 1.9% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Spencer, IN
Spencer, IN lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Spencer, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Spencer, IN is 55. This is a increase of 21.0% 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 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $380,000 | 13.0% |
Listing Count | 49 | 9.0% |
| Listings as % of Homes | 0.6% | 9.0% |
Days on Market | 55 | 21.0% |
Demographics — Spencer, IN
As of the latest ACS Survey released in 2023, Spencer, IN has a population of 11,400, which has increased by 4.4% over the past 5 years. Spencer, IN is a moderately popular place for families, as children make up 19.6% of the population. The area has a poorly educated workforce, with 21.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 11,400 | 4.4% |
% Under 18 | 19.6% | -3.0% |
% Seniors | 22.7% | 22.7% |
% WFH | 8.2% | 355.6% |
% w/ College Degree | 21.7% | 57.2% |
As of the latest ACS Survey released in 2023, Spencer, IN is a predominantly white area, with 94.7% of the population identifying as white. The white population has shrunk by 0.9% in the last 5 years. The second most common race or ethnicity in Spencer, IN is hispanic, making up 1.5% of the population. Foreign-born residents account for 0.9% of the population in Spencer, IN, and this percentage has decreased by 43.8% 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 | 94.7% | -0.9% |
% Black | 0.2% | -66.7% |
% Hispanic | 1.5% | -11.8% |
% Asian | 0.7% | -22.2% |
% Foreign Born | 0.9% | -43.8% |
Mortgage and Risk — Spencer, IN
According to HUD data as of 2023, there were 285 mortgage originations in Spencer, IN, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in Spencer, IN. Investor activity is low, as 2.0% of loans were by investors. 19.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 285 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 19.0% |
Loan Activity
Rentals and Section 8 — Spencer, IN
Spencer, IN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 83 |
Total Units Section 8 | 83 |
% Rentals under Section 8 | 9.6% |
% Occupied Section 8 | 92.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $890 |
| 2 Bedroom | N/A | N/A | $1,020 |
| 3 Bedroom | N/A | N/A | $1,400 |
| 4 Bedroom | N/A | N/A | $1,640 |
Affordability — Spencer, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $240,000 |
| Median Household Income | $67,700 |