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.
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
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
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
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.