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Featured local agent — Spencer, IA
Sarah Mitchell
Compass Real Estate · Spencer, IA
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Spencer, IA Housing Market
The typical home in Spencer, IA is worth $199,945, rose 4.6% over the past year (Zillow Home Value Index, August 2026). The last median sale price Redfin published was $210,000, +2.4% year over year (through May 2026). With 5.4 months of supply and homes going under contract in about 64 days, Spencer is a buyer's market. At today's 7.03% 30-year fixed rate, 20% down on a $199,945 home is about $1,067/mo in principal and interest.
Key numbers for Spencer, IA
Typical home value
$199,945
+4.6% in 12 months
Zillow, August 2026
Median sale price
$210,000
+2.4% year over year
Redfin, through May 2026
Days on market
64
Slow-moving
Redfin, through May 2026
Active listings
54
5.4 months of supply
Redfin, through May 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$57,068
Home costs 3.5x income
U.S. Census ACS, 2023
Sale-to-list ratio
99.3%
Selling below asking
Redfin, through May 2026
Zillow figures are as of August 2026 and refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Spencer a buyer's or seller's market?
Spencer, IA is a buyer's market, based on 5.4 months of supply and homes selling in about 64 days. Above 5 months of supply, homes start accumulating faster than they clear, which is where buyers gain leverage on price, repairs, and closing costs.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Spencer housing market data show?
Every row below is Redfin's final published month for Spencer, IA. Redfin, through May 2026
| Metric | Value |
|---|---|
| Median sale price | $210,000 |
| Median list price | $234,950 |
| Year-over-year price change | +2.4% |
| Median price per sq ft | $126/sq ft |
| Median days on market | 64 days |
| Active inventory | 54 listings |
| Months of supply | 5.4 months |
| Sale-to-list price ratio | 99.3% |
| Homes sold (that month) | 10 |
| New listings (that month) | 16 |
| Listings with a price cut | 14.8% |
| Market condition | Buyer's market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Spencer is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Spencer is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Spencer home prices moved?
Over the last three years the median sale price in Spencer, IA rose 23.0%, from $170,750 to $210,000. The live Zillow value series has rose 4.6% in the last 12 months, which is the more current read now that Redfin's series has stopped. 14.8% of Spencer listings cut their asking price in the final Redfin month — a modest share, which is what a market looks like when sellers are pricing close to where homes actually clear. For prices to fall meaningfully from here, supply would have to keep building past 5.4 months while the sale-to-list ratio slips below its current 99.3%. Watch those two together — they move before the median does.
Redfin, through May 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Spencer?
Priced off the typical home value of $199,945 at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $39,989 | $159,956 | $1,067/mo |
| 5% | $9,997 | $189,948 | $1,268/mo |
Zillow, August 2026 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $1,067, that implies roughly $45,746 a year before you add taxes and insurance. The median household in Spencer earns $57,068, about $11,322 more than that threshold — the typical local household clears the payment on a typical local home with 20% down. That puts the price-to-income ratio at 3.5x — above the historical 3x norm but in line with much of the country in 2026.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Spencer in the next 12 months?
Tell us your timeline. We send the Spencer market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Spencer?
Zillow does not publish a rent index (ZORI) for Spencer, IA, so we cannot compute a price-to-rent ratio here without borrowing a nearby market's rents and calling them local — which we will not do. The rent vs. buy calculator works with a rent figure you supply.
Is inventory rising or falling in Spencer?
Active listings in Spencer, IA went from 41 in May 2025 to 54 in May 2026, a +31.7% change. Rising inventory is the single most useful leading indicator for buyers: more choice, longer marketing times, and more sellers willing to negotiate before price cuts show up in the median.
| Month | Active listings | New listings |
|---|---|---|
| June 2025 | 49 | 20 |
| July 2025 | 48 | 12 |
| August 2025 | 42 | 12 |
| September 2025 | 54 | 28 |
| October 2025 | 68 | 24 |
| November 2025 | 58 | 10 |
| December 2025 | 55 | 11 |
| January 2026 | 47 | 9 |
| February 2026 | 49 | 14 |
| March 2026 | 47 | 15 |
| April 2026 | 48 | 20 |
| May 2026 | 54 | 16 |
Redfin, through May 2026
How does Spencer compare to Iowa and the U.S.?
Spencer homes sell for $210,000 — 19% below the Iowa median of $258,700. Against the national median of $410,700, Spencer runs 49% lower. Year-over-year, Spencer moved +2.4% against Iowa's +2.3% — a bigger swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Spencer, IA | $210,000 | +2.4% | 64 days |
| Iowa statewide | $258,700 | +2.3% | 37 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through May 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Spencer
What buyers should watch
- Months of supply, currently 5.4. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The share of listings cutting price, currently 14.8%. A listing that has already cut once is the one most likely to accept below asking.
- The gap between 5% and 20% down here is $200 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $199,945 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Spencer listing goes under contract in 64 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 99.3% of asking. Price to that ratio from day one rather than chasing the market down in cuts.
- In the last published month Spencer added 16 new listings against 10 sales — more competition arriving than clearing, so early timing matters.
- Your equity moved +4.6% in the last 12 months on the Zillow value series. That, not the price you paid, is what sets your net proceeds.
- Comparable ZIP-level pricing inside Spencer varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Spencer
There are currently 54 homes listed for sale in Spencer, Iowa. The median listing price is $235K.
Active listings
54
Homes on market
Median list price
$235K
Avg. days on market
64
Days until sale
New this week
16
Newly listed
How much do homes cost in Spencer by property type?
How the Spencer, IA market breaks down across single-family homes, condos and townhouses. Redfin, through May 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $137,900 | $121/sq ft | 7 | 62 days |
| Condo / co-op | $191,500 | $171/sq ft | 2 | 36 days |
| Townhouse | $340,000 | $198/sq ft | 1 | 437 days |
Who lives in Spencer?
American Community Survey estimates for Spencer. U.S. Census ACS, 2023
Population
11,393
Households
5,145
Median income
$57,068/yr
Median age
41.3 years
Owner-occupied
67.7%
Median home value
$178,300
Median gross rent
$795/mo
Mean commute
17.4 min
67.7% of occupied homes in Spencer are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market. The Census self-reported median home value is $178,300 against Zillow's $199,945 typical value; the gap is normal — ACS asks owners what they think their home is worth, Zillow models transactions.
Which public schools serve Spencer?
5 schools tracked · 2,161 students
The largest public schools serving Spencer, IA by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Spencer High School
Grades 9-12 · 718 students
Spencer Middle School
Grades 6-8 · 502 students
Lincoln Elementary School
Grades 3-5 · 462 students
Fairview Park Elementary
Grades 1-2 · 262 students
Johnson Elementary
Grades PK-K · 217 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Spencer, IA?
Ordered by distance from Spencer, not by size. Compare Spencer side by side with any of them.
Spencer housing market FAQ
Is Spencer a buyer's or seller's market?
Spencer, IA is currently a buyer's market. That read comes from 5.4 months of supply, homes going under contract in about 64 days, and sellers getting 99.3% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Spencer?
The typical home in Spencer, IA is worth $199,945 (Zillow Home Value Index, August 2026). The median sale price in the last month Redfin published was $210,000, about $126 per square foot.
Is Spencer cheaper than the rest of Iowa?
Spencer's median sale price of $210,000 is 19% lower than the Iowa statewide median of $258,700, and 49% below the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Spencer?
Homes in Spencer, IA spent a median of 64 days on market before going under contract, versus 37 days statewide. Over two months means buyers have time to inspect, compare and negotiate. (Redfin, through May 2026.)
What income do you need to buy a home in Spencer?
At the current 30-year fixed rate of 7.03%, 20% down on a $199,945 home is about $1,067 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $45,746 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $57,068.
Are home prices rising in Spencer?
The typical home value in Spencer, IA rose 4.6% over the last 12 months, from $191,130 to $199,945 (Zillow, August 2026). This is the live series — it refreshes monthly.
What are the cheapest ZIP codes in Spencer?
Spencer ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Spencer?
That depends on your timeline, not on a headline. What the data says today: Spencer, IA is a buyer's market with 5.4 months of supply, the 30-year fixed rate is 7.03%. Properties Incorporated publishes the data; it does not give financial advice.
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