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📍 Spencer, VA · Zillow ZHVI · July 2026

Average Home Price in
Spencer, VA

Martinsville, VA metro area · Henry County County

Median Home Value
$158,185
↓ 5.1% year-over-year
vs. National Median
$410,000
Spencer is 61% below
Est. Monthly Payment
$825/mo
20% down · 6.8% rate
Income Needed
$42K
gross annual (30% rule)
Median Home Value
$158,185
↓ 5.1% year-over-year
Down Payment (20%)$31,637
Monthly P&I$825/mo
With Taxes & Ins.~$1,048/mo
Income Needed$41,920/yr
Data SourceZillow ZHVI
Market Overview

Home Prices in Spencer, VA

The median home value in Spencer, VA is $158,185 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 5.1% compared to a year ago and down 9.2% from two years prior.

Compared to the U.S. national median of $410,000, homes in Spencer are priced61% below average. Spencer is part of the Martinsville, VA metro area.

City Comparison

Spencer vs. National Median

🏠 Spencer
$158,185
National Median
$410,000

At $158,185, homes in Spencer cost 61% 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
$31,637
on $158,185
Monthly P&I
$825/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,048/mo
incl. taxes & insurance
Income Needed
$41,920
gross annual (30% rule)
10% Down Option
$15,819
+ PMI applies
Loan Amount (20% dn)
$126,548
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, VA?
The median home value in Spencer is $158,185 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 5.1% year-over-year.
How much have home prices changed in Spencer?
Over the past year, home values in Spencer have decreased by 5.1%.
How much do I need to earn to buy a home in Spencer?
To comfortably afford the median home price of $158,185 with a 20% down payment ($31,637) at today's rates (6.8%), you'd need a gross annual income of approximately $41,920. 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 $158,185, homes in Spencer are 61% below the national average.
What metro area is Spencer part of?
Spencer is part of the Martinsville, VA metropolitan area. Home prices and market conditions can vary across the broader metro region.