Is Spencer, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Spencer is a seller's market

Buyer's
Market

Difference Since April 2023

At the same time last year, Spencer was a Buyer's Market.

Key Takeaway

Spencer is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Spencer, TN

How much do homes in Spencer, TN cost?

Median Sold Price

$325,000

$184/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$91,600(+39.2%)

Key Takeaway

Homes in Spencer have sold for 39.2% more than they did a year ago.

Summary: The median home sold price in Spencer was $325,000 in April 2024, up 39.2% from last year, and the median price per square foot was $184.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 --
N/A
2 $205K$286.2K
+39.6%
3 $205K$324.5K
+58.3%
4 $465K$644.5K
+38.6%
5+ $430K-
N/A

Summary: Spencer housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 39.6%, 3 bedroom homes increased by 58.3%, 4 bedroom homes increased by 38.6%, 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

Mar 2024Apr 2024CHANGE
2833+17.9%

Summary: The Spencer real estate market had 33 homes for sale in April 2024, a 17.9% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 79
+28.6%
3 1415
+7.1%
4 56
+20.0%
5+ 23
+50.0%

Summary: The Spencer housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
27+250.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Spencer, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Spencer in April 2024, up by 250.0% month-over-month. Of the 7 sold homes, 57% were sold under asking, 29% were sold at asking, and 14% 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

Apr 2023Apr 2024CHANGE
123 Days35 Days-71.0%

Summary: Homes in Spencer had an average of 35 days on market in Apr 2024, down by 71% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Spencer are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 7 homes were sold in Spencer; 57% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 10 Days Ago

Newest Listings in Spencer, TN

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