Commercial Real Estate Market in Spencer, IA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
26 active listings and 1,125 off-market properties in Spencer, IA.
Market Trends
Spencer, IA spans 157.7 square miles in Clay County, Iowa. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Spencer, IA runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Spencer, IA runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Spencer, IA runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Spencer, IA runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 50.3%
- Industrial 25.3%
- Commercial 23%
- Civic 1.4%
Largest Zones share of zoned land by district
Residential
Heavy Industrial
Highway Commercial
Multiple Residential
Light Industrial
Spencer, IA zones 7,106 acres across 14 districts. Commercial zoning covers 23% of zoned land, residential 50.3% and industrial 25.3%. The largest single district is Residential at 41.2%. For commercial buyers the practical constraint is that only 48.2% of land carries a commercial or industrial designation.
Heavy Industrial (E)
Within the E Heavy Industrial District, unless otherwise provided in this chapter, no building or land shall be used for other than one or more of the following purposes: (A) Commercial uses. (1) Administrative and business offices; (2) Agricultural sales and services; (3) Automotive repair service; (4) Automotive washing; (5) Brewery, winery or distillery;…
Market overview
Demographics & Economy
Spencer, IA has 12,606 residents in 6,096 households. Density runs 80 people per square mile. Median household income here is $61,175 and median gross rent $796 a month.
12,606
Population
6,096
Households
2.1
Avg Household Size
43
Median Age
28%
College-Educated
95%
High-School Grad
157.7 sq mi
ZIP Area
80
Density / Sq Mi
$61,175
Median Household Income
$38,961
Median Earnings
$796
Median Rent
$180,400
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Dickens | — | — |
| Fostoria | — | — |
| Everly | — | — |
| Greenville | — | — |
Commercial property in Spencer, IA asks $244/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Spencer?
Commercial property in Spencer, IA asks an average of $244 per square foot. The 6 most recent recorded sales traded at a median of $52/SF, so asking sits 372% above the achieved median.
What zoning applies to commercial property in Spencer?
Spencer, IA zones 7,106 acres across 14 districts, of which 23% is commercial and 25.3% industrial. The largest single district is Residential at 41.2% of zoned land. Residential zoning covers 50.3% and open space 0%.
Where does Realmo's Spencer market data come from?
Realmo compiles Spencer, IA figures from 6 recent recorded sales, 25 active sale listings, 1 active lease listings, 1,125 tracked off-market properties, the current Spencer zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 25 active for-sale and 1 active for-lease listings in Spencer, IA. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 7,106 zoned acres across 14 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level, industrial vacancy is reported at Midwest region level and asking prices run materially above recent closed pricing.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
