51301, Spencer, IA

The Spencer, IA 51301 zip code has a population of around 8,000 people. The median household income in the zip code is $60,000. Home prices in the zip code have increased by an average of 11% over the past year. This increase in home prices has led to a rise in home equity values in the area. As of September 2017, the median home equity value in the 51301 zip code was $161,200. This represents a growth of approximately $14,800 over the past year.

One factor that has contributed to this increase in home values is that there are relatively few homes for sale within the 51301 zip code. This limited availability of homes has led to an increase in demand for properties within the area. Additionally, many homeowners within the 51301 zip code have taken advantage of low interest rates and have refinanced their mortgages to take advantage of these low rates. As a result, homeownership rates within this area are high compared to other areas of Iowa. This high level of homeownership has helped to drive up home values within the 51301 zip code.

Despite these positive factors, there are some potential risks associated with rising home values within the 51301 zip code. One potential risk is that if interest rates rise above historic levels or if there are more available homes for sale than expected, then home prices could decline significantly. Another potential risk is that if economic conditions deteriorate significantly (for example if there is a recession), then demand for properties may decrease and could lead to lower home values within the 51301 zip code