Is Spencer, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Spencer has remained a Neutral Market.
Key Takeaway
Spencer is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Spencer, NC
How much do homes in Spencer, NC cost?
Median Sold Price
$239,000
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Spencer have sold for 13.8% more than they did a year ago.
Summary: The median home sold price in Spencer was $239,000 in May 2024, up 13.8% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $154.5K | $167.2K | +8.3% |
| 3 Bedrooms | $225.7K | $237.4K | +5.2% |
| 4 Bedrooms | $195.5K | $315K | +61.1% |
| 5+ Bedrooms | $202.5K | $343.7K | +69.8% |
Summary: Spencer housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 8.3%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 61.1%, and 5+ bedroom homes increased by 69.8%.
Median Sold Price Compared To Nearby Cities
| Linwood | $221.8K | $265K | +19.5% |
| Franklin Township | $259K | $302K | +16.6% |
| Spencer | $210K | $239K | +13.8% |
| Salisbury Township | $245K | $270.8K | +10.5% |
Housing Supply in Spencer, NC
How many homes are available in Spencer, NC?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 63 | 62 | -1.6% |
Summary: The Spencer real estate market had 62 homes for sale in May 2024, a 1.6% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 4 | 0.0% |
| 3 Bedrooms | 44 | 46 | +4.5% |
| 4 Bedrooms | 10 | 8 | -20.0% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Spencer housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 4.5%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 10 | -41.2% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Spencer, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Spencer in May 2024, down by 41.2% month-over-month. Of the 10 sold homes, 50% were sold under asking, 30% were sold at asking, and 20% were sold over asking.
Days on Market for Spencer, NC
How long does it take to sell a home in Spencer, NC?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 69 Days | +223.7% |
Summary: Homes in Spencer had an average of 69 days on market in May 2024, up by 223.7% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Spencer are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 10 homes were sold in Spencer; 40% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
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