Market Overview
Home Prices in Spencer, OH
The median home value in Spencer, OH is $327,473 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3.7% compared to a year ago and up 1.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Spencer are priced20% below average. Spencer is part of the Cleveland-Elyria, OH metro area.
Over the past five years, Spencer home values have risen by approximately27.8%, reflecting strong long-term appreciation in this market.
Price History
Spencer Home Price Trend
City Comparison
Spencer vs. National Median
At $327,473, homes in Spencer cost 20% below the national median of $410,000. This makes Spencer a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Spencer?
20% Down Payment
$65,495
on $327,473
Monthly P&I
$1,708/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,169/mo
incl. taxes & insurance
Income Needed
$86,760
gross annual (30% rule)
10% Down Option
$32,747
+ PMI applies
Loan Amount (20% dn)
$261,978
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Spencer, OH?
The median home value in Spencer is $327,473 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3.7% year-over-year.
How much have home prices changed in Spencer?
Over the past year, home values in Spencer have increased by 3.7%. Over five years, prices have risen approximately 27.8%.
How much do I need to earn to buy a home in Spencer?
To comfortably afford the median home price of $327,473 with a 20% down payment ($65,495) at today's rates (6.8%), you'd need a gross annual income of approximately $86,760. This assumes keeping total housing costs at or below 30% of gross income.
How does Spencer compare to the national average home price?
The national median home value is approximately $410,000. At $327,473, homes in Spencer are 20% below the national average.
What metro area is Spencer part of?
Spencer is part of the Cleveland-Elyria, OH metropolitan area. Home prices and market conditions can vary across the broader metro region.