Commercial Real Estate Market in Spencer, IN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
23 active listings and 410 off-market properties in Spencer, IN.
Market Trends
Spencer, IN spans 150.5 square miles in Owen County, Indiana. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Spencer, IN 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, IN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Spencer, IN 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, IN 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 38.1%
- Commercial 21.7%
- Civic 17.8%
- Planned_development 11.4%
- Industrial 10.5%
Largest Zones share of zoned land by district
Residential 1
Institutional Public
Commercial Arterial
Planned Unit Development
Light Industrial
Spencer, IN zones 1,022 acres across 11 districts. Commercial zoning covers 21.7% of zoned land, residential 38.1% and industrial 10.5%. The largest single district is Residential 1 at 27%. For commercial buyers the practical constraint is that only 32.2% of land carries a commercial or industrial designation.
Institutional Public (IP)
Public related operations and uses. Permitted uses may include, but are not limited to, schools, recreational facilities, libraries, religious facilities, clubs, lodges, meeting halls, cemeteries, and community centers.
Market overview
Demographics & Economy
Spencer, IN has 11,560 residents in 5,045 households. Density runs 77 people per square mile. Median household income here is $67,688 and median gross rent $888 a month.
11,560
Population
5,045
Households
2.3
Avg Household Size
45
Median Age
22%
College-Educated
88%
High-School Grad
150.5 sq mi
ZIP Area
77
Density / Sq Mi
$67,688
Median Household Income
$42,113
Median Earnings
$888
Median Rent
$177,600
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Vilas | — | — |
| Romona | — | — |
| Pottersville | — | — |
| Vandalia | — | — |
Commercial property in Spencer, IN asks $327/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Spencer?
Commercial property in Spencer, IN asks an average of $327 per square foot.
What zoning applies to commercial property in Spencer?
Spencer, IN zones 1,022 acres across 11 districts, of which 21.7% is commercial and 10.5% industrial. The largest single district is Residential 1 at 27% of zoned land. Residential zoning covers 38.1% and open space 0%.
Where does Realmo's Spencer market data come from?
Realmo compiles Spencer, IN figures from 23 active sale listings, 410 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 23 active for-sale and 0 active for-lease listings in Spencer, IN. 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: 1,022 zoned acres across 11 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 and industrial vacancy is reported at Midwest region level.
- 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
