Spirit Lake, IA—51360
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Spirit Lake, IA
As of Aug '25, the median home price in Spirit Lake, IA is $390,000, with a year-over-year change of 2.2%. This indicates that home prices in Spirit Lake, IA are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $168,000 | -1.8% |
2 Bed | $290,000 | 0.7% |
3 Bed | $394,000 | 2.1% |
4 Bed | $541,000 | 2.7% |
| 5 Bed | $761,000 | 3.3% |
Rental Trends — Spirit Lake, IA
As of Jul '25, the average rent in Spirit Lake, IA is $2,760, with a year-over-year rent change of -11.3%. 1-bedroom units average $1,090 (NA); 2-bedroom units average $1,120 (-39.5%); 3-bedroom units average $1,100 (-50.0%); 4-bedroom units average $6,050 (-24.4%)
| 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 |
Property Listings — Spirit Lake, IA
As of Aug '25 and according to Realtor.com, the median days on market for a home in Spirit Lake, IA is 79. This is an increase of 2.0% 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 42.0%. 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 | $895,000 | 110.0% |
Listing Count | 94 | N/A |
| Listings as % of Homes | 1.5% | N/A |
Days on Market | 79 | 2.0% |
Demographics — Spirit Lake, IA
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,560 | 4.7% |
% Under 18 | 17.0% | -1.2% |
| % Under 5 | N/A | N/A |
% Seniors | 28.2% | 8.5% |
% WFH | 11.3% | 197.4% |
% w/ College Degree | 34.8% | -2.2% |
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 the latest data from the U.S. Department of Housing and Urban Development (HUD) as of 2023, the number of mortgages originated in Spirit Lake, IA in that year was 242. 89.0% 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 57.0%. Of those, 16.0% were >90% loan to value. This is considered elevated, suggesting that mortgage risk is medium in Spirit Lake, IA. Investor activity in Spirit Lake, IA is low, as 3.0% of all loans are originated by investors. In 2023, 4.0% of all loans were cash-out refinances, suggesting few homeowners are actively tapping their home's equity.
Mortgages
| Metric | Zip Code Average | Metro Average | State Average |
|---|---|---|---|
Total Loan Originations | 242 | N/A | N/A |
% Conventional Loans | 89.0% | N/A | N/A |
% Government Loans | 11.0% | N/A | N/A |
% Investor Loans | 3.0% | N/A | N/A |
% Second Loans | 27.0% | N/A | N/A |
% Cash Out Refinance | 4.0% | N/A | N/A |
Rentals and Section 8 — Spirit Lake, IA
As of 2024, the percent of homes in Spirit Lake, IA under the Section 8 program is NA. This is considered unknown, suggesting that the neighborhood is unknown 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 | 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 | Metro Average | State Average |
|---|---|---|---|
| Home Price to Income Ratio | 4.6 | N/A | N/A |
| Median Home Price | $390,000 | N/A | N/A |
| Median Household Income | $77,500 | N/A | N/A |