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 1,520 people, 555 houses or apartments, and a median cost of homes of $225,711, 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 69.33% of the town's housing units. Other types of housing that are prevalent in Spencer include duplexes, homes converted to apartments or other small apartment buildings ( 15.26%), mobile homes or trailers ( 12.94%), and a few large apartment complexes or high rise apartments ( 1.45%).
The most prevalent building size and type in Spencer are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 59.73% owning and 40.27% renting.
There is a lot of housing in Spencer built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Spencer built between 1940-1969 ( 19.91%). A lesser amount of the housing stock also hails from between 2000 and later ( 5.52%). There's also some housing in Spencer built before 1939 ( 4.07%).
Vacant housing appears to be an issue in Spencer. Fully 19.33% 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.
In the last 10 years, Spencer has experienced some of the highest home appreciation rates of any community in the nation. Spencer real estate appreciated 156.43% over the last ten years, which is an average annual home appreciation rate of 9.87%, putting Spencer in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Spencer definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Spencer's appreciation rate, at 6.18%, has been at or slightly above the national average. In the latest quarter, Spencer's appreciation rate has been 2.75%, which annualizes to a rate of 11.45%.
Relative to Tennessee, our data show that Spencer's latest annual appreciation rate is higher than 50% of the other cities and towns in Tennessee.
$225,711
for Tennessee
for nation
555
$1,097 / per month