Market Overview
Home Prices in Spencer, TN
The median home value in Spencer, TN is $221,601 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 1.3% compared to a year ago and up 0.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Spencer are priced46% below average.
Over the past five years, Spencer home values have risen by approximately35.0%, reflecting strong long-term appreciation in this market.
Price History
Spencer Home Price Trend
2020
$137,220
$137K
—
2021
$164,191
$164K
+19.7%
2022
$194,919
$195K
+18.7%
2023
$208,792
$209K
+7.1%
2024
$223,012
$223K
+6.8%
2025
$224,533
$225K
+0.7%
2026
$221,601
$222K
-1.3%
City Comparison
Spencer vs. National Median
🏠 Spencer
$221,601
National Median
$410,000
At $221,601, homes in Spencer cost 46% 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
$44,320
on $221,601
Monthly P&I
$1,156/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,468/mo
incl. taxes & insurance
Income Needed
$58,720
gross annual (30% rule)
10% Down Option
$22,160
+ PMI applies
Loan Amount (20% dn)
$177,281
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, TN?
The median home value in Spencer is $221,601 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 1.3% year-over-year.
How much have home prices changed in Spencer?
Over the past year, home values in Spencer have decreased by 1.3%. Over five years, prices have risen approximately 35.0%.
How much do I need to earn to buy a home in Spencer?
To comfortably afford the median home price of $221,601 with a 20% down payment ($44,320) at today's rates (6.8%), you'd need a gross annual income of approximately $58,720. 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 $221,601, homes in Spencer are 46% below the national average.