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 688 people, 242 houses or apartments, and a median cost of homes of $328,542, Spencer real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Spencer, accounting for 77.73% of the village's housing units. Other types of housing that are prevalent in Spencer include large apartment complexes or high rise apartments ( 10.55%), duplexes, homes converted to apartments or other small apartment buildings ( 8.20%), and a few row houses and other attached homes ( 3.52%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Spencer. Owner-occupied housing accounts for 75.21% of Spencer's homes, and 66.02% have either three or four bedrooms, which is average sized relative to America.
The housing in Spencer was primarily built before 1939 ( 49.61%), 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 ( 28.91%), followed by between 1940-1969 ( 19.53%). There's also some housing in Spencer built between 2000 and later ( 1.95%).
Appreciation rates for homes in Spencer have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 111.33%, which ranks in the top 30% nationwide. This equates to an annual average Spencer house appreciation rate of 7.77%.
Appreciation rates are so strong in Spencer that despite a nationwide downturn in the housing market, Spencer real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spencer appreciation rates continue to be some of the highest in America, at 8.61%, which is higher than appreciation rates in 76.91% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Spencer. Spencer appreciation rates in the latest quarter were at 0.89%, which equates to an annual appreciation rate of 3.60%.
Relative to Ohio, our data show that Spencer's latest annual appreciation rate is higher than 60% of the other cities and towns in Ohio.
$328,542
for Ohio
for nation
242
$1,770 / per month