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7373 Locust Lake Road, Spencer, IN
YOUR HOMESTEAD AWAITS!! Spanning 10 incredible acres, this property offers the perfect mix of 5 wooded acres for exploring and 5 cleared acres for open space and recreation. With two stocked ponds, you'll spend evenings fishing, mornings watching wildlife, and weekends enjoying everything nature has to offer right in your own backyard. The 4 bedroom, 3 full bath home provides plenty of space to gather, while offering the option of an attached in-law quarters make hosting guests effortless.The walk-out deck overlooks your stunning land and ponds, creating the perfect place for coffee at sunrise or unwinding at sunset. Recent updates bring peace of mind including a new roof, Rheem packaged HVAC system, and a 23kW Generac backup generator so you're prepared for anything. Whether you're fishing, riding trails, hosting friends, or simply soaking in the quiet beauty of the land, this property is truly the ultimate escape for outdoor lovers.

Fizbo Market Record — April 8, 2026 Compared against 182,059 active listings nationwide, 28 in Spencer, IN, and none in the state of Indiana, here is where this property stands. This property is a 4-bedroom, 3-bath ranch-style traditional home built in 1998 on 10 acres with two stocked ponds. The listing notes recent updates including a new roof, Rheem packaged HVAC system, and a 23kW Generac backup generator for added peace of mind. With its walk-out deck overlooking the land and ponds, this property offers an mix of outdoor recreation and relaxation. Priced at $425,000, this listing ranks in the 93rd percentile for price in Spencer, IN, with only 7% of listings more expensive. However, it falls short in terms of square footage, ranking in the 46th percentile among city listings. Despite its age, the property's lot size is a significant differentiator, ranking in the 79th percentile statewide. A closer look at the specs reveals that this listing is priced above the median for houses in Spencer, IN, with a price-to-median ratio of 1.5x. However, when considering price per square foot, it ranks in the 75th percentile among city listings, suggesting a relatively aggressive pricing strategy. The property's bedroom and bathroom count also exceed the city average by 12% and 29%, respectively. One notable gap is the absence of an attached garage, which is present in 62% of competing listings in Spencer, IN. This may be a point of discussion for potential buyers who prioritize this feature. On the other hand, the property's in-law quarters are a significant differentiator, with only 12% of competing listings offering this amenity. With 28 active listings in Spencer, IN, and an average days-on-market of 65, this market is considered cool, indicating a relatively stable and balanced market with no pressing urgency to sell.
Take an interactive 3D walkthrough of this property
Property Type
Single Family
Style
Ranch", "Traditional
Year Built
1998
Lot Size
10 acres
Price / Sqft
$181
Days on Market
27 days
Full Baths
3
Subdivision
No Subdivision
MLS #
MBR22087349
Listing Type
Residential
Market
MIBOR
Elementary
Gosport Elementary School
Middle
Owen Valley Middle School
High School
Owen Valley Community High School
7373 Locust Lake Road, Spencer, IN 47460 — Owen County
Jordan Wirth
Highgarden Real Estate

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How this home compares across city, state, and national benchmarks
Listed at $425,000, this 4-bed house in Spencer is 190% above the Census median home value of $146,300 for Spencer. Compared to 9 other 4-bed homes in Spencer (averaging $328,644), this property is 29% above average. Indiana's median home value is $139,802, putting this listing 204% above the state benchmark. The U.S. national median home value is $334,900.
Where this listing falls among 28 homes for sale
Spencer has a population of 2,308 with a median household income of $47,994 and a homeownership rate of 65.6%. The median home value is $146,300 and the median rent is $860/mo.
Sources: U.S. Census Bureau ACS 2023, Fizbo listing data