Spencer, IA housing market
The typical Spencer home is worth about $200,000, up 4.1% in a year, 17% below the Iowa typical home. Homes typically sell in 64 days, close to asking.
Home values, sales, trends and how Spencer compares with the towns next door — updated as new data is published.
Spencer at a glance
A balanced market
About 5.4 months of supply: neither buyers nor sellers have a clear edge.
Typical home value, 2016–2026
Show as a table
| January | Spencer | Iowa |
|---|---|---|
| 2017 | $128,000 | $147,000 |
| 2018 | $132,000 | $152,000 |
| 2019 | $134,000 | $159,000 |
| 2020 | $141,000 | $167,000 |
| 2021 | $149,000 | $179,000 |
| 2022 | $167,000 | $195,000 |
| 2023 | $177,000 | $211,000 |
| 2024 | $181,000 | $218,000 |
| 2025 | $186,000 | $228,000 |
| 2026 | $197,000 | $236,000 |
| August 2026 | $200,000 | $240,000 |
54 new homes permitted in 2025
Builders were permitted 54 new homes in Spencer in 2025: 7 single-family houses and 47 in buildings with two or more homes, worth about $8.4 million to build. That's 4.7 per 1,000 residents, about the pace of Iowa as a whole. Over the past 10 years, Spencer has permitted 334 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Spencer gained 92 residents while 383 new homes were permitted: about 0.2 new residents per new home. Building outpaced population growth, which usually means smaller households or homes used part of the year. Across Iowa: 1.3 new residents per new home.
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 9 | 9 | 0 | $3.3 million |
| 2025 | 54 | 7 | 47 | $8.4 million |
| 2024 | 2 | 2 | 0 | $570,000 |
| 2023 | 6 | 4 | 2 | $1.9 million |
| 2022 | 20 | 20 | 0 | $4.8 million |
| 2021 | 15 | 9 | 6 | $3.1 million |
| 2020 | 20 | 14 | 6 | $5.1 million |
| 2019 | 99 | 4 | 95 | $9.1 million |
| 2018 | 11 | 11 | 0 | $2.9 million |
| 2017 | 30 | 30 | 0 | $5.4 million |
| 2016 | 77 | 8 | 69 | $7.2 million |
| 2015 | 65 | 35 | 30 | $11.1 million |
| 2014 | 10 | 8 | 2 | $2.3 million |
| 2013 | 40 | 40 | 0 | $5.5 million |
| 2012 | 38 | 30 | 8 | $4.7 million |
| 2011 | 4 | 4 | 0 | $815,000 |
| 2010 | 9 | 9 | 0 | $2.1 million |
| 2009 | 13 | 13 | 0 | $2.6 million |
| 2008 | 15 | 11 | 4 | $3.2 million |
| 2007 | 15 | 15 | 0 | $2.7 million |
| 2006 | 26 | 24 | 2 | $4.2 million |
| 2005 | 28 | 26 | 2 | $4.1 million |
| 2004 | 60 | 32 | 28 | $7.5 million |
| 2003 | 24 | 22 | 2 | $3.4 million |
| 2002 | 36 | 30 | 6 | $3.6 million |
| 2001 | 55 | 31 | 24 | $5.3 million |
| 2000 | 32 | 32 | 0 | $3.5 million |
How Spencer ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
3.4 years of income
The typical Spencer home costs about 3.4 years of the town's median household income, about the same as across Iowa (3.2).
How Spencer ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $960
HUD's Fair Market Rent for a two-bedroom in Spencer is $960 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Spencer pay a median of $805, so moving in tends to cost more than staying put. A two-bedroom takes about 19% of the town's median household income.
Studio $720 · 4 bedrooms $1,270
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (51301; Clay County, IA), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.