Is Spencer, IA 51301 a buyer’s or seller’s market?

The Spencer housing market right now

In the three months ending August 31, 2026, 16% of homes in Spencer, IA 51301 sold above their list price, the typical home went under contract in 57 days and there were 3.4 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 60 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 26%, homes sold faster (64 days then) and the median sale price fell 18% to $187,919. Overall, Spencer is less competitive than a year ago, which gives buyers more room.

Within Clay County, homes here sell more slowly than in 75% of the county’s ZIP codes, and sell more often over asking than in 50%. On our competition score, Spencer ranks #125 of 156 IA ZIP codes with enough sales (score 30 out of 100).

Nearby, buyers who want less competition could look at Peterson 51047 (0% sold over asking) or Linn Grove 51033 (0% sold over asking), while Fostoria 51340 (100% sold over asking) and Everly 51338 (20% sold over asking) are even more competitive.