Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 2,466 people, 1,079 houses or apartments, and a median cost of homes of $212,920, house prices in Spencer are solidly below the national average.
Single-family detached homes are the single most common housing type in Spencer, accounting for 59.39% of the town's housing units. Other types of housing that are prevalent in Spencer include mobile homes or trailers ( 12.49%), large apartment complexes or high rise apartments ( 12.17%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 10.48%).
People in Spencer primarily live in small (one, two or no bedroom) single-family detached homes. Spencer has a mixture of owner-occupied and renter-occupied housing.
The housing in Spencer was primarily built before 1939 ( 40.85%), making the housing stock in Spencer some of the oldest overall in America, although there is a range of ages of homes in Spencer. The next most important housing age is between 1970-1999 ( 28.36%), followed by between 1940-1969 ( 25.79%). There's also some housing in Spencer built between 2000 and later ( 5.00%).
Vacant housing appears to be an issue in Spencer. Fully 13.05% of the housing stock is classified as vacant. Left unchecked, vacant Spencer homes and apartments can be a drag on the real estate market, holding Spencer real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Spencer's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.39% during the period.
NeighborhoodScout's data show that during the latest twelve months, Spencer's appreciation rate, at 5.88%, has been at or slightly above the national average. In the latest quarter, Spencer's appreciation rate has been 0.23%, which annualizes to a rate of 0.91%.
Notably, Spencer's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Indiana, our data show that Spencer's latest annual appreciation rate is lower than 50% of the other cities and towns in Indiana.
$212,920
for Indiana
for nation
1,079
$1,028 / per month