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 2,220 people, 1,141 houses or apartments, and a median cost of homes of $279,017, Spruce Pine real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Spruce Pine, accounting for 65.84% of the town's housing units. Other types of housing that are prevalent in Spruce Pine include duplexes, homes converted to apartments or other small apartment buildings ( 14.14%), mobile homes or trailers ( 9.97%), and a few large apartment complexes or high rise apartments ( 6.57%).
Dwellings in Spruce Pine tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 49.54% of the homes in Spruce Pine have two or fewer bedrooms.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Spruce Pine's housing was primarily built during this period, from the '40s through the '60s. A full 48.45% of the town's housing hails from this era. Other housing ages represented in Spruce Pine include homes built between 1970-1999 ( 33.54%) and housing constructed before 1939 ( 11.51%). There's also some housing in Spruce Pine built between 2000 and later ( 6.49%).
Vacant housing appears to be an issue in Spruce Pine. Fully 11.82% of the housing stock is classified as vacant. Left unchecked, vacant Spruce Pine homes and apartments can be a drag on the real estate market, holding Spruce Pine 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.
Appreciation rates for homes in Spruce Pine have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 109.49%, which ranks in the top 30% nationwide. This equates to an annual average Spruce Pine house appreciation rate of 7.68%.
Appreciation rates are so strong in Spruce Pine that despite a nationwide downturn in the housing market, Spruce Pine real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spruce Pine appreciation rates continue to be some of the highest in America, at 13.74%, which is higher than appreciation rates in 96.41% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Spruce Pine. Spruce Pine appreciation rates in the latest quarter were at 1.46%, which equates to an annual appreciation rate of 5.95%.
Relative to North Carolina, our data show that Spruce Pine's latest annual appreciation rate is higher than 90% of the other cities and towns in North Carolina.
$279,017
for North carolina
for nation
1,141
$1,338 / per month