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Featured local agent — Spencerville, NM
Sarah Mitchell
Compass Real Estate · Spencerville, NM
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Spencerville, NM Housing Market
The last median sale price Redfin published was $599,000 (through May 2026). With 2.0 months of supply and homes going under contract in about 37 days, Spencerville is a seller's market. At today's 7.03% 30-year fixed rate, 20% down on a $599,000 home is about $3,198/mo in principal and interest.
Key numbers for Spencerville, NM
Median sale price
$599,000
Last published period
Redfin, through April 2026
Days on market
37
Average pace
Redfin, through April 2026
Active listings
2
2.0 months of supply
Redfin, through April 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$60,708
Home costs 9.9x income
U.S. Census ACS, 2023
Zillow figures 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 Spencerville a buyer's or seller's market?
Spencerville, NM is a seller's market, based on 2.0 months of supply and homes selling in about 37 days. Under 4 months of supply tilts the market toward sellers: homes clear faster than they are replaced, so concessions are scarce.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Spencerville housing market data show?
Every row below is Redfin's final published month for Spencerville, NM. Redfin, through April 2026
| Metric | Value |
|---|---|
| Median sale price | $599,000 |
| Median list price | $399,000 |
| Median price per sq ft | $268/sq ft |
| Median days on market | 37 days |
| Active inventory | 2 listings |
| Months of supply | 2.0 months |
| Homes sold (that month) | 1 |
| New listings (that month) | 1 |
| Listings with a price cut | 50.0% |
| Market condition | Seller'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 Spencerville is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Spencerville 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 Spencerville home prices moved?
Across the 18 months we hold for Spencerville, NM, the median sale price rose 142.5%, from $247,000 in May 2021 to $599,000. 50.0% of Spencerville listings cut their asking price in the final Redfin month — a high share, and the clearest sign that list prices were running ahead of what buyers would pay.
Redfin, through April 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Spencerville?
Priced off the median sale price of $599,000 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% | $119,800 | $479,200 | $3,198/mo |
| 5% | $29,950 | $569,050 | $3,797/mo |
Redfin, through April 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 $3,198, that implies roughly $137,048 a year before you add taxes and insurance. The median household in Spencerville earns $60,708, about $76,340 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the median sale price to fit the 28% rule. That puts the price-to-income ratio at 9.9x — well above the 3x that was historically considered affordable, which is why down payment size drives who can buy here.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Spencerville in the next 12 months?
Tell us your timeline. We send the Spencerville 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 Spencerville?
Zillow does not publish a rent index (ZORI) for Spencerville, NM, 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 Spencerville?
Active listings in Spencerville, NM went from 1 in August 2021 to 2 in April 2026, a +100.0% 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 |
|---|---|---|
| September 2021 | 1 | 1 |
| October 2021 | 1 | 1 |
| June 2022 | 1 | 1 |
| March 2023 | 1 | 1 |
| April 2023 | 1 | not published |
| August 2023 | 2 | not published |
| November 2023 | 2 | not published |
| June 2025 | 2 | 1 |
| September 2025 | 3 | not published |
| October 2025 | 2 | not published |
| March 2026 | 3 | 3 |
| April 2026 | 2 | 1 |
Redfin, through April 2026
How does Spencerville compare to New Mexico and the U.S.?
Spencerville homes sell for $599,000 — 51% above the New Mexico median of $395,500. Against the national median of $410,700, Spencerville runs 46% higher.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Spencerville, NM | $599,000 | not published | 37 days |
| New Mexico statewide | $395,500 | +10.8% | 53 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through April 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Spencerville
What buyers should watch
- Months of supply, currently 2.0. 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 50.0%. 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 $600 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 $599,000 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 Spencerville listing goes under contract in 37 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- In the last published month Spencerville added 1 new listings against 1 sales — more clearing than arriving, which is the better window to list.
- Comparable ZIP-level pricing inside Spencerville varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Spencerville
There are currently 2 homes listed for sale in Spencerville, New Mexico. The median listing price is $399K.
Active listings
2
Homes on market
Median list price
$399K
Avg. days on market
37
Days until sale
New this week
1
Newly listed
How much do homes cost in Spencerville by property type?
How the Spencerville, NM market breaks down across single-family homes, condos and townhouses. Redfin, through April 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $599,000 | $268/sq ft | 1 | 37 days |
Who lives in Spencerville?
American Community Survey estimates for Spencerville. U.S. Census ACS, 2023
Population
1,100
Households
443
Median income
$60,708/yr
Median age
54.4 years
Owner-occupied
80.4%
Median home value
$255,400
Median gross rent
$1,169/mo
Mean commute
19 min
80.4% of occupied homes in Spencerville 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.
Which cities are near Spencerville, NM?
Ordered by distance from Spencerville, not by size. Compare Spencerville side by side with any of them.
Spencerville housing market FAQ
Is Spencerville a buyer's or seller's market?
Spencerville, NM is currently a seller's market. That read comes from 2.0 months of supply, homes going under contract in about 37 days in the last month Redfin published (May 2026).
How much do homes cost in Spencerville?
The median sale price in the last month Redfin published was $599,000, about $268 per square foot.
Is Spencerville cheaper than the rest of New Mexico?
Spencerville's median sale price of $599,000 is 51% higher than the New Mexico statewide median of $395,500, and 46% above the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Spencerville?
Homes in Spencerville, NM spent a median of 37 days on market before going under contract, versus 53 days statewide. That is a normal pace: enough time to see a home twice, not enough to wait a month. (Redfin, through May 2026.)
What income do you need to buy a home in Spencerville?
At the current 30-year fixed rate of 7.03%, 20% down on a $599,000 home is about $3,198 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $137,048 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $60,708.
Are home prices rising in Spencerville?
We do not hold a complete 12-month value series for Spencerville, NM yet, so we are not going to call a direction. The price chart above shows every period we do have.
What are the cheapest ZIP codes in Spencerville?
Spencerville 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 Spencerville?
That depends on your timeline, not on a headline. What the data says today: Spencerville, NM is a seller's market with 2.0 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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