Spencer, IA—51301
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Spencer, IA
As of Oct '25, the median home price in Spencer, IA is $193,000, with a year-over-year change of 4.8%. This indicates that home prices in Spencer, IA are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $193,000 | 4.8% |
| Single Family | $194,000 | 4.9% |
| Condos | $171,000 | 9.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $80,000 | 6.7% |
2 Bed | $142,000 | 6.8% |
3 Bed | $199,000 | 5.3% |
4 Bed | $249,000 | 5.5% |
| 5 Bed | $350,000 | 4.8% |
% of Housing Stock
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.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $895 | $843 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $625 | $790 |
| 2 Bed Rent | $800 | $832 |
| 3 Bed Rent | $900 | $912 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Spencer, IA
As of Oct '25, Realtor.com reports that the median days on market for a home in Spencer, IA is 40. This is a increase of 12.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $186,000 | -12.0% |
Listing Count | 61 | -12.0% |
| Listings as % of Homes | 0.7% | -12.0% |
Days on Market | 40 | 12.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 12,400 | 0.0% |
% Under 18 | 22.9% | -0.4% |
% Seniors | 21.9% | 5.3% |
% WFH | 6.4% | -9.9% |
% w/ College Degree | 27.5% | 21.7% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $95 | $625 | $720 |
| 2 Bedroom | $140 | $800 | $940 |
| 3 Bedroom | $260 | $900 | $1,160 |
| 4 Bedroom | N/A | N/A | $1,260 |
Affordability — Spencer, IA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $193,000 |
| Median Household Income | $61,200 |