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Featured local agent — Spencer, SD
Sarah Mitchell
Compass Real Estate · Spencer, SD
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Spencer, SD Housing Market
The typical home in Spencer, SD is worth $266,643, rose 7.3% over the past year (Zillow Home Value Index, August 2026). The last median sale price Redfin published was $246,500 (through May 2026). With 0.5 months of supply and homes going under contract in about 109 days, Spencer is a seller's market. At today's 7.03% 30-year fixed rate, 20% down on a $266,643 home is about $1,423/mo in principal and interest.
Key numbers for Spencer, SD
Typical home value
$266,643
+7.3% in 12 months
Zillow, August 2026
Median sale price
$246,500
Last published period
Redfin, through March 2026
Days on market
109
Slow-moving
Redfin, through March 2026
Active listings
1
0.5 months of supply
Redfin, through March 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$57,917
Home costs 4.6x income
U.S. Census ACS, 2023
Sale-to-list ratio
100.7%
Selling above asking
Redfin, through March 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, SD is a seller's market, based on 0.5 months of supply and homes selling in about 109 days. Under 2 months of supply is a severe shortage: expect competition on almost anything priced correctly, and little room to negotiate below asking.
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, SD. Redfin, through March 2026
| Metric | Value |
|---|---|
| Median sale price | $246,500 |
| Median price per sq ft | $138/sq ft |
| Median days on market | 109 days |
| Active inventory | 1 listings |
| Months of supply | 0.5 months |
| Sale-to-list price ratio | 100.7% |
| Homes sold (that month) | 2 |
| 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 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?
Across the 12 months we hold for Spencer, SD, the median sale price rose 67.7%, from $147,000 in April 2021 to $246,500. The live Zillow value series has rose 7.3% in the last 12 months, which is the more current read now that Redfin's series has stopped. For prices to fall meaningfully from here, supply would have to keep building past 0.5 months while the sale-to-list ratio slips below its current 100.7%. Watch those two together — they move before the median does.
Redfin, through March 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 $266,643 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% | $53,329 | $213,314 | $1,423/mo |
| 5% | $13,332 | $253,311 | $1,690/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 $1,423, that implies roughly $61,007 a year before you add taxes and insurance. The median household in Spencer earns $57,917, about $3,090 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the typical home value to fit the 28% rule. That puts the price-to-income ratio at 4.6x — 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, SD, 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, SD went from 1 in May 2022 to 1 in March 2026, a +0.0% change. Inventory has been roughly flat, which usually keeps prices moving with rates rather than with local supply.
| Month | Active listings | New listings |
|---|---|---|
| May 2022 | 1 | not published |
| June 2022 | 1 | 1 |
| June 2024 | 1 | 2 |
| August 2024 | 1 | 1 |
| December 2025 | 1 | not published |
| March 2026 | 1 | not published |
Redfin, through March 2026
How does Spencer compare to South Dakota and the U.S.?
Spencer homes sell for $246,500 — 29% below the South Dakota median of $346,600. Against the national median of $410,700, Spencer runs 40% lower.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Spencer, SD | $246,500 | not published | 109 days |
| South Dakota statewide | $346,600 | +4.3% | 49 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through March 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 0.5. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The gap between 5% and 20% down here is $267 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 $266,643 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 109 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 100.7% of asking. Price at the number you want and let competition do the rest.
- Your equity moved +7.3% 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 1 homes listed for sale in Spencer, South Dakota.
Active listings
1
Homes on market
Avg. days on market
109
Days until sale
How much do homes cost in Spencer by property type?
How the Spencer, SD market breaks down across single-family homes, condos and townhouses. Redfin, through March 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $246,500 | $138/sq ft | 2 | 109 days |
Who lives in Spencer?
American Community Survey estimates for Spencer. U.S. Census ACS, 2023
Population
126
Households
59
Median income
$57,917/yr
Median age
42.5 years
Owner-occupied
78.0%
Median home value
$137,500
Median gross rent
$425/mo
Mean commute
25.5 min
78.0% 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 $137,500 against Zillow's $266,643 typical value; the gap is normal — ACS asks owners what they think their home is worth, Zillow models transactions.
Which cities are near Spencer, SD?
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, SD is currently a seller's market. That read comes from 0.5 months of supply, homes going under contract in about 109 days, and sellers getting 100.7% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Spencer?
The typical home in Spencer, SD is worth $266,643 (Zillow Home Value Index, August 2026). The median sale price in the last month Redfin published was $246,500, about $138 per square foot.
Is Spencer cheaper than the rest of South Dakota?
Spencer's median sale price of $246,500 is 29% lower than the South Dakota statewide median of $346,600, and 40% 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, SD spent a median of 109 days on market before going under contract, versus 49 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 $266,643 home is about $1,423 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $61,007 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $57,917.
Are home prices rising in Spencer?
The typical home value in Spencer, SD rose 7.3% over the last 12 months, from $248,609 to $266,643 (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, SD is a seller's market with 0.5 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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One email: what homes are actually clearing at around $266,643, how long they sit, which ZIPs run cheaper, and what to fix on your credit before you apply.