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Spencer, IA—51301

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$199,000
6.7% YoY Growth
Household Income
$61,200
31.4% YoY Growth
Days on Market
37
3.0% Shorter YoY
Home Price Forecast
0.6%
Median Rent
$895
11.2% YoY Growth
1-Bed Rent
$625
21.5% YoY Growth
2-Bed Rent
$800
N/A
3-Bed Rent
$900
6.5% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Spencer, IA

As of May '26, the median home price in Spencer, IA is $199,000, with a year-over-year change of 6.7%. This indicates that home prices in Spencer, IA are increasing. According to Zillow, the 1-year price projection is 0.6%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$199,0006.7%
Single Family $200,0005.8%
Condos $178,0009.9%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • $83,000
    10.7%
    2 Bed
    		$146,0007.4%
    3 Bed
    		$205,0006.2%
    4 Bed
    		$256,0006.2%
    5 Bed $353,4505.4%
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    % of Housing Stock

    Studio
    0.6%
    1 Bedroom
    11.3%
    2 Bedrooms
    29.2%
    3 Bedrooms
    38.6%
    4 Bedrooms
    16.4%
    5+ Bedrooms
    3.9%

    Rental Trends — Spencer, IA

    As of July '25, Rentcast reports the average rent in Spencer, IA is $843, with a year-over-year rent change of 11.2%. Per bedroom, the median rent as of July '25 in Spencer, IA is 1-bedrooms: $790, 2-bedrooms: $832, 3-bedrooms: $912. The most common rental property sizes in Spencer, IA are 2-bedroom and 1-bedroom, accounting for 46.3% and 32.2% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$895$843
    Studio Rent N/AN/A
    1 Bed Rent $625$790
    2 Bed Rent $800$832
    3 Bed Rent $900$912
    4 Bed Rent N/AN/A
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    % of Rental Stock

    Studio
    0.7%
    1 Bedroom
    32.2%
    2 Bedrooms
    46.3%
    3 Bedrooms
    14.9%
    4 Bedrooms
    5.9%

    Property Listings — Spencer, IA

    As of May '26, Realtor.com reports that the median days on market for a home in Spencer, IA is 37. This is a decrease of -3.0% 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 19.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$237,000-14.0%
    Listing Count
    		631.0%
    Listings as % of Homes0.7%1.0%
    Days on Market
    		37-3.0%
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    Demographics — Spencer, IA

    As of the latest ACS Survey released in 2023, Spencer, IA has a population of 12,400, which has remained stable by 0.0% over the past 5 years. Spencer, IA is a moderately popular place for families, as children make up 22.9% 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 few residents working remotely, with 6.4% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		12,4000.0%
    % Under 18
    		22.9%-0.4%
    % Seniors
    		21.9%5.3%
    % WFH
    		6.4%-9.9%
    % w/ College Degree
    		27.5%21.7%
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    As of the latest ACS Survey released in 2023, Spencer, IA is a predominantly white area, with 90.7% of the population identifying as white. The white population has shrunk by 1.7% in the last 5 years. The second most common race or ethnicity in Spencer, IA is hispanic, making up 5.1% of the population. Foreign-born residents account for 1.2% of the population in Spencer, IA, and this percentage has decreased by 55.6% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		90.7%-1.7%
    % Black
    		0.6%-25.0%
    % Hispanic
    		5.1%24.4%
    % Asian
    		0.4%-42.9%
    % Foreign Born
    		1.2%-55.6%
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    Mortgage and Risk — Spencer, IA

    According to HUD data as of 2023, there were 242 mortgage originations in Spencer, IA, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Spencer, IA. Investor activity is low, as 2.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		242
    % Conventional Loans
    		81.0%
    % Government Loans
    		19.0%
    % Investor Loans
    		2.0%
    % Second Loans
    		2.0%
    % Cash Out Refinance
    		7.0%
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    Rentals and Section 8 — Spencer, IA

    Spencer, IA lacks sufficient Section 8 program data for analysis.

    Section 8 Market Size

    Total Units under HUD
    		377
    Total Units Section 8
    		365
    % Rentals under Section 8
    		N/A
    % Occupied Section 8
    		84.2%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$95$625$720
    2 Bedroom$140$800$940
    3 Bedroom$260$900$1,160
    4 BedroomN/AN/A$1,260

    Affordability — Spencer, IA

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio2.9
    Median Home Price$199,000
    Median Household Income$61,200

    Spencer, IA — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    Frequently Asked Questions