Spencer, NC—28159
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Spencer, NC
As of Aug '25, the median home price in Spencer, NC is $204,000, with a year-over-year change of -3.3%. This indicates that home prices in Spencer, NC are decreasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
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 | $230,000 | -0.4% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
Rental Trends — Spencer, NC
As of Jul '25, the average rent in Spencer, NC is $1,330, with a year-over-year rent change of -3.6%. 2-bedroom units average $1,170 (-2.5%); 3-bedroom units average $1,480 (-2.6%)
| 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 |
Property Listings — Spencer, NC
As of Aug '25 and according to Realtor.com, the median days on market for a home in Spencer, NC is 65. This is an increase of 18.0% from last year. This indicates that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 55.0%. This is a large percentage of inventory, suggesting a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $230,000 | -5.0% |
Listing Count | 29 | N/A |
| Listings as % of Homes | 1.9% | N/A |
Days on Market | 65 | 18.0% |
Demographics — Spencer, NC
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,180 | 9.4% |
% Under 18 | 19.5% | -22.9% |
| % Under 5 | N/A | N/A |
% Seniors | 20.3% | 78.1% |
% WFH | 17.8% | 368.4% |
% w/ College Degree | 22.5% | 16.6% |
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 the latest data from the U.S. Department of Housing and Urban Development (HUD) as of 2023, the number of mortgages originated in Spencer, NC in that year was 85. 60.0% of all primary home loans were conventional, the remainder were government-backed loans, such as FHA loans. The average loan-to-value for all loans was 73.0%. Of those, 46.0% were >90% loan to value. This is considered very high, suggesting that mortgage risk is large in Spencer, NC. Investor activity in Spencer, NC is low, as 5.0% of all loans are originated by investors. In 2023, 12.0% of all loans were cash-out refinances, suggesting many homeowners are actively tapping their home's equity.
Mortgages
| Metric | Zip Code Average | Metro Average | State Average |
|---|---|---|---|
Total Loan Originations | 85 | N/A | N/A |
% Conventional Loans | 60.0% | N/A | N/A |
% Government Loans | 40.0% | N/A | N/A |
% Investor Loans | 5.0% | N/A | N/A |
% Second Loans | 1.0% | N/A | N/A |
% Cash Out Refinance | 12.0% | N/A | N/A |
Rentals and Section 8 — Spencer, NC
As of 2024, the percent of homes in Spencer, NC under the Section 8 program is 10.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays homeowners more than the average rental market rate for various home sizes. For each bedroom size, the average difference between HUD payments and market rents is shown in the table below.
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 | Metro Average | State Average |
|---|---|---|---|
| Home Price to Income Ratio | 2.9 | N/A | N/A |
| Median Home Price | $204,000 | N/A | N/A |
| Median Household Income | $63,400 | N/A | N/A |