Is Spencer, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Spencer was a Seller's 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, TN
How much do homes in Spencer, TN cost?
Median Sold Price
$324,500
$184/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Spencer have sold for 48% more than they did a year ago.
Summary: The median home sold price in Spencer was $324,500 in May 2024, up 48% from last year, and the median price per square foot was $184.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $240K | $260K | +8.3% |
| 3 Bedrooms | $188.5K | $324.5K | +72.1% |
| 4 Bedrooms | $415K | $644.5K | +55.3% |
| 5+ Bedrooms | $430K | - | N/A |
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 72.1%, 4 bedroom homes increased by 55.3%, and 5+ bedroom homes did not change.
Housing Supply in Spencer, TN
How many homes are available in Spencer, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 32 | 30 | -6.3% |
Summary: The Spencer real estate market had 30 homes for sale in May 2024, a 6.3% 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 | 9 | 9 | 0.0% |
| 3 Bedrooms | 15 | 15 | 0.0% |
| 4 Bedrooms | 6 | 1 | -83.3% |
| 5+ Bedrooms | 2 | 5 | +150.0% |
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 remained the same, 4 bedroom homes decreased by 83.3%, and 5+ bedroom homes increased by 150%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 5 | -28.6% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Spencer, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 5 homes were sold or pending in Spencer in May 2024, down by 28.6% month-over-month. Of the 5 sold homes, 40% were sold under asking, 0% were sold at asking, and 60% were sold over asking.
Days on Market for Spencer, TN
How long does it take to sell a home in Spencer, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 35 Days | 60 Days | +70.1% |
Summary: Homes in Spencer had an average of 60 days on market in May 2024, up by 70.1% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Spencer are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 5 homes were sold in Spencer; 40% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved. 
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms.