Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 11,762, 4,457 total housing units (homes and apartments), and a median house value of $193,363, house prices in Spring Lake are solidly below the national average.
Single-family detached homes are the single most common housing type in Spring Lake, accounting for 38.38% of the town's housing units. Other types of housing that are prevalent in Spring Lake include large apartment complexes or high rise apartments ( 31.66%), duplexes, homes converted to apartments or other small apartment buildings ( 13.54%), and a few row houses and other attached homes ( 11.14%).
Renters dominate Spring Lake's housing market, and most live in three of four bedroom dwellings, chiefly found in single-family detached homes.
There is a lot of housing in Spring Lake built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Spring Lake built between 2000 and later ( 32.89%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.91%).
Vacant housing appears to be an issue in Spring Lake. Fully 15.81% of the housing stock is classified as vacant. Left unchecked, vacant Spring Lake homes and apartments can be a drag on the real estate market, holding Spring Lake real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Spring Lake's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.28% during the period.
Appreciation rates are so strong in Spring Lake that despite a nationwide downturn in the housing market, Spring Lake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spring Lake appreciation rates continue to be some of the highest in America, at 9.01%, which is higher than appreciation rates in 80.86% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Spring Lake. Spring Lake appreciation rates in the latest quarter were at 1.65%, which equates to an annual appreciation rate of 6.77%.
Relative to North Carolina, our data show that Spring Lake's latest annual appreciation rate is higher than 80% of the other cities and towns in North Carolina.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Spring Lake differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Spring Lake - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Spring Lake real estate investment or home purchase decisions.
$193,363
for North carolina
for nation
4,457
$2,184 / per month