Spirit Lake, IA—51360
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Spirit Lake, IA
As of Oct '25, the median home price in Spirit Lake, IA is $391,000, with a year-over-year change of 0.8%. This indicates that home prices in Spirit Lake, IA are flat. According to Zillow, the 1-year price projection is 0.7%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $391,000 | 0.8% |
| Single Family | $388,000 | -0.3% |
| Condos | $417,000 | 1.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $166,000 | -2.4% |
2 Bed | $290,000 | -1.0% |
3 Bed | $395,000 | 1.0% |
4 Bed | $545,000 | 1.3% |
| 5 Bed | $764,000 | 1.9% |
% of Housing Stock
Rental Trends — Spirit Lake, IA
As of July '25, Rentcast reports the average rent in Spirit Lake, IA is $2,760, with a year-over-year rent change of -11.3%. Per bedroom, the median rent as of July '25 in Spirit Lake, IA is 1-bedrooms: $1,090, 2-bedrooms: $1,120, 3-bedrooms: $1,100, 4-bedrooms: $6,050. The most common rental property sizes in Spirit Lake, IA are 2-bedroom and 1-bedroom, accounting for 39.6% and 27.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $2,760 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,090 | $1,090 |
| 2 Bed Rent | $1,050 | $1,120 |
| 3 Bed Rent | $1,100 | $1,100 |
| 4 Bed Rent | $2,100 | $6,050 |
% of Rental Stock
Property Listings — Spirit Lake, IA
As of Oct '25, Realtor.com reports that the median days on market for a home in Spirit Lake, IA is 80. This is a increase of 9.0% 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 13.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $589,000 | 42.0% |
Listing Count | 79 | -22.0% |
| Listings as % of Homes | 1.5% | -22.0% |
Days on Market | 80 | 9.0% |
Demographics — Spirit Lake, IA
As of the latest ACS Survey released in 2023, Spirit Lake, IA has a population of 8,560, which has increased by 4.7% over the past 5 years. Spirit Lake, IA is a moderately popular place for families, as children make up 17.0% of the population. The area has a moderately educated workforce, with 34.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,560 | 4.7% |
% Under 18 | 17.0% | -1.2% |
% Seniors | 28.2% | 8.5% |
% WFH | 11.3% | 197.4% |
% w/ College Degree | 34.8% | -2.2% |
As of the latest ACS Survey released in 2023, Spirit Lake, IA is a predominantly white area, with 92.2% of the population identifying as white. The white population has shrunk by 5.3% in the last 5 years. The second most common race or ethnicity in Spirit Lake, IA is hispanic, making up 2.5% of the population. Foreign-born residents account for 2.0% of the population in Spirit Lake, IA, and this percentage has increased by 66.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 92.2% | -5.3% |
% Black | 0.1% | -66.7% |
% Hispanic | 2.5% | 66.7% |
% Asian | 1.1% | 175.0% |
% Foreign Born | 2.0% | 66.7% |
Mortgage and Risk — Spirit Lake, IA
According to HUD data as of 2023, there were 242 mortgage originations in Spirit Lake, IA, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 16.0% above 90% LTV (elevated). This implies medium mortgage risk in Spirit Lake, IA. Investor activity is low, as 3.0% of loans were by investors. 4.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 242 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 3.0% |
% Second Loans | 27.0% |
% Cash Out Refinance | 4.0% |
Loan Activity
Rentals and Section 8 — Spirit Lake, IA
Spirit Lake, IA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 106 |
Total Units Section 8 | 106 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 98.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$270 | $1,090 | $820 |
| 2 Bedroom | $30 | $1,050 | $1,080 |
| 3 Bedroom | $200 | $1,100 | $1,300 |
| 4 Bedroom | -$670 | $2,100 | $1,430 |
Affordability — Spirit Lake, IA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.6 |
| Median Home Price | $391,000 |
| Median Household Income | $77,500 |