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 11,507 people, 4,321 houses or apartments, and a median cost of homes of $156,693, house prices in Spring Lake are some of the most affordable in North Carolina as well as the nation.
Single-family detached homes are the single most common housing type in Spring Lake, accounting for 40.96% of the town's housing units. Other types of housing that are prevalent in Spring Lake include large apartment complexes or high rise apartments ( 29.57%), duplexes, homes converted to apartments or other small apartment buildings ( 16.04%), and a few row houses and other attached homes ( 8.74%).
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 ( 31.62%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.60%). There's also some housing in Spring Lake built before 1939 ( 1.18%).
Vacant housing appears to be an issue in Spring Lake. Fully 16.28% 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 6.49% during the period.
Over the last year, Spring Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Spring Lake's appreciation rate has been 5.82%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Spring Lake were at 2.62%, which equates to an annual appreciation rate of 10.90%.
Importantly, this makes Spring Lake one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to North Carolina, our data show that Spring Lake's latest annual appreciation rate is lower than 70% 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.
$156,693
for North carolina
for nation
4,321
$1,892 / per month