Spartanburg Real Estate Market: House Prices, Trends & Stats

The crazy Spartanburg SC real estate is predicted to keep going into 2022 as local agents take note that the inventory of homes for sale in the city remains tight and low. The inventory is decreasing by around 26 percent compared to 2021. The factor that drives the increasing demand for homes in Spartanburg is people moving to the region from out of South Carolina.

The National Association of Realtors ranks Spartanburg as one of the top 10 hidden gem real estate markets in 2022, with a stronger appreciation in home prices relative to other housing markets in the United States. The all time high in the Spartanburg home price index was 187.9 in the 3rd quarter of 2018.

The home price index indicates that the Spartanburg SC real estate market is rising 20 percent over the past decade. Spartanburg’s home prices have gone up 8.51 percent over the past 12 months. Over the past 30 years, it has been increasing 150 percent. The city’s highest growth in home values over a 3-year period was 20 percent in the 3 years ended with the 3rd quarter of 2018.

A Glimpse of Spartanburg, South Carolina

Located in upstate South Carolina, Spartanburg is famous for its Southern charm, safe and appealing neighbourhoods, leisure and cultural opportunities, as well as highly skilled workforce. Leaders of local businesses believe that this city is thriving with opportunities and has set its position as a leader in economic development and attracting foreign direct investment.

As it is rich in history as old as any in the state, Spartanburg is home to a broad range of cultural, ancient, and attractive attractions. This city is named after a local militia in the American Revolutionary War. So, you will be able to explore historical buildings and museums at the Walnut Grove Plantation. Or you can opt for enjoying nature at Glendale Shoals and Hatcher Garden.

The most popular tourist spots in Spartanburg include the Barnet Park, Glendale Shoals Preserve, Hollywild Animal Park, Croft State Park, and Spartanburg Historic District. If you are a beer lover, you can visit RJ Rockers Brewing Company. For automotive admirers, visiting the BMW Zentrum is a must.

Spartanburg Real Estate Market Overview

As it is said before, the National Association of Realtors lists Spartanburg as among the top 10 hidden gem real estate markets in 2022. Based on the report, a real estate market that is under the radar like Spartanburg is predicted to see stronger price appreciation relative to other markets in 2022. South Carolina Realtors recently reported that Spartanburg’s median home sales prices were up by 19.1 percent year over year, with homebuyers receiving the full listing price.

Homes for sale in Spartanburg SC are going under contract 10 days on average after being listed on the market, selling 37.5 percent faster compared to a year ago.

  • ZHVI or Zillow Home Value Index for Spartanburg is $202,232 through May 31st, 2022.
  • Home values in Spartanburg have gone up by 25.4 percent over the previous year and by almost 72 percent over the last 5 years.
  • According to the most recent report from South Carolina Realtors, the median sales price for a home in the city is $260,000.
  • The median price per square foot for a home in Spartanburg is $135.
  • Home sales prices in Spartanburg have grown by 19.1 percent year over year.
  • Homes for sale in Spartanburg averagely spend 10 days on the market from being listed to going under contract.
  • Redfin rates the housing market in Spartanburg as extremely competitive with some homes getting several offers and hot homes going from listing to pending within around 2 days.
  • Of the 14 neighbourhoods in Spartanburg, the most affordable one is Northside-Saxon with a median listing price of $75,000. While the most expensive neighbourhood in the city to buy a home is Converse Heights where the median listing price is $425,000.

Rental Markets in Spartanburg

Local real estate market agents describe the real estate market in Spartanburg as insane. Moreover, they do not predict that demands or prices will decrease any time soon. According to a recent report from WYFF, there are more homebuyers than ever before and there are only a few listings. When potential homebuyers are not able to find one to buy, they switch to rent a place instead. This boosts the demand for good rental properties.

Over the last 12 months, rents for a 3-bedroom home in Spartanburg have jumped by 20 percent. More than 40 percent of household units in the Spartanburg metropolitan area are renter occupied. Below are some key market stats.

  • Based on the most recent research from Zumper, the median rent for a 3-bedroom house in Spartanburg is $1,595 per month as of June 2022.
  • Rents in the city have soared up by 28 percent year over year.
  • Rents for a 3-bedroom house have risen by around 38 percent over the last 3 years.
  • 44 percent of the total housing units in the Spartanburg metropolitan area are renter occupied.
  • The most affordable neighbourhoods in Spartanburg to rent a home include North Converse Heights, Fernwood, and Converse Heights with average rents are less than $980 per month.
  • While the most expensive neighbourhoods to rent a home in Spartanburg include East Pearl-Wofford College, Beaumont Mill Village, and Spartan Mills where average rents ranging from $1,110 to $1,210 per month

Spartanburg Real Estate Market Trends

The median home price in Spartanburg, South Carolina, is $254,990, increasing 13.8 percent since July 2021. The city’s median home price has gone up by 9.6 percent compared to June 2022. While the median days to close in Spartanburg declined to 41 days, which is 4 days fewer compared to the median days in July 2021.

However, days to close rose by 0.0 percent month over month, indicating that homes in the city are not selling as quickly as they had been. While the current sales-to-list ratio in Spartanburg is 1, showing that available homes are selling at relatively the same price that they have been listed. Currently, Spartanburg has 519 active home listings and 70 new homes for sale.

As of July 2022, homes in the city were selling for a median price of $275,995. And there were 480 homes sold in Spartanburg for July 2022, compared to 357 in 2021. With a low inventory, Spartanburg is a seller’s market, meaning that there are more people looking to purchase than there are available homes on the market.

Spartanburg Real Estate Market Forecast

For those searching for a good flipping profit, Spartanburg can be a profitable property investment option. The median price of an average home in the city is $126,605. Real estate experts predict the price of an average home in Spartanburg will be $137,489 by 2027. For a 5-year investment, the profit is expected to be about 8.6 percent, meaning that if you invest $100,000 in the Spartanburg housing market today, you may generate a profit of $108,600 by 2027.

The market environment in Spartanburg has been in the bullish cycle over the last 36 months. Moreover, a positive trend is forecasted in the foreseeable future. As you know, flipping houses for profits in a bullish market is always easier. If you are new in property investment, it is always a good idea to find a reputable Spartanburg property management to help you navigate the market, get the best deal, as well as the best-selling strategy.

Population Growth in Spartanburg, South Carolina

Spartanburg County is the 5th most populated county in the state of South Carolina as its population grew by more than 15 percent between 2010 and 2020. Spartanburg’s rapidest growing areas are outside of the city proper, including the suburban regions of Reidville, Lake Bowen, Holly Springs, and Duncan. Here are some stats about the population of Spartanburg SC.

  • Nearly 1.5 million people in the Greenville Spartanburg Anderson combined statistical area call Spartanburg home, as well as almost 328,000 residents in the city of Spartanburg.
  • The annual population growth rate in Spartanburg County is 1.71 percent year over year.
  • Based on the US Census Bureau, the county gained 43,690 new residents between 2010 and 2020.
  • Spartanburg County is predicted to gain more than 60,000 new residents by 2040. And the area is proactively planning for its future.
  • The city of Spartanburg is the 2nd largest in the Combined Statistical Area (CSA) and the county is part of the 10-county region known as The Upstate.

Job Market in Spartanburg

Jobs in Spartanburg, South Carolina, is one of the reasons why the city’s population growth has been strong and steady at the same time. According to an article from GoUpstate, Spartanburg is alive and thriving. The growth in the Spartanburg metropolitan area brings opportunity and hope. The sectors that drive the job market in Spartanburg are transportation, trade, and manufacturing. These sectors push the city’s unemployment rate down to 3.3 percent.

  • The GDP or Gross Domestic Product of Spartanburg is almost $16.5 billion, as reported by the Federal Reserve Bank of St. Louis. Moreover, the GPD has risen by almost 53 percent over the past decade.
  • According to the most recent data from the Bureau of Labour Statistics, the unemployment rate in Spartanburg, South Carolina is 2.6 percent as of April 2022.
  • From a period of 2010 to 2019, almost 22 new or expanding corporations have created more than 14,800 new jobs with $6.9 billion in capital investment in Spartanburg County.
  • The recent, current projects in Spartanburg County include a BMW’s plant expansion, Amazon fulfilment centre, and Adidas and Dollar Tree distribution facilities.
  • The city’s target industries are aerospace, biosciences, energy, distribution, advanced materials, and automotive.
  • The biggest employers in and around the city include Spartanburg Medical Group, AMB Onsite Services, and BMW of North America.
  • Spartanburg was originally an automotive centre. It has used its economic strength to develop into a diversified manufacturing centre and boasts the highest per capita foreign investment in South Carolina.
  • Some of the Fortune 500 companies are headquartered in Spartanburg, including Advance America, Toray Carbon, Fibers, Michelin, and BMW Manufacturing Company.
  • Spartanburg Community College, Wofford College, Spartanburg Methodist College, and University of South Carolina Upstate are some of the major universities and colleges located in Spartanburg.

Life Quality in Spartanburg

Spartanburg is a pet-friendly city ranked as one of the best places to live in the state, thanks to a lot of restaurants and breweries, outdoor activities, and world-class colleges and universities. Below are other reasons why Spartanburg has a good life quality.

  • Spartanburg is ranked the best place to live in the state, ahead of Columbia, Charleston, and Greenville.
  • US News & World Report rates the city as one of the best, cheapest, and fastest-growing places to live.
  • The living cost in Spartanburg is 12.3 percent below the national average. Moreover, the city is also more than 90 percent more affordable than living in a major urban region, such as New York City and San Francisco.
  • Spartanburg offers an abundance of fun things to do, including romantic getaways, outdoor adventures, and arts and culture.
  • Spartanburg earned its place in the nation’s car culture, thanks to the BMW’s Performance Driving School.
  • The climate in the city is humid subtropical, with long, hot summers and cool, mild winters.
  • Spartanburg Medical Centre, which is one of the best hospitals in the state according to US News & World Report is located in Spartanburg.
  • The city is home to the NFL’s Carolina Panthers training camp on the Wofford College Campus.

FAQs About Spartanburg Real Estate Market

  • Is Spartanburg a Good Place to Invest in Real Estate?

As the National Association of Realtors lists Spartanburg as one of the hidden gem housing markets in 2022, it is clear that the city is a good place for investing in the real estate market. The median price of an average home in the city is $126,605 and expected to reach $137,489 by 2027.

  • Is Spartanburg a Good City to Live?

US News & World Report rates the city as one of the best, cheapest, and fastest-growing places to live ahead of Columbia, Charleston, and Greenville.

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