Spartanburg, SC Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Spartanburg, SC Housing Market Trends

With 37,399 people, 15,154 houses or apartments, and a median cost of homes of $140,389, house prices in Spartanburg are solidly below the national average.

Single-family detached homes are the single most common housing type in Spartanburg, accounting for 61.40% of the city's housing units. Other types of housing that are prevalent in Spartanburg include large apartment complexes or high rise apartments ( 23.13%), duplexes, homes converted to apartments or other small apartment buildings ( 12.25%), and a few row houses and other attached homes ( 2.42%).

The most prevalent building size and type in Spartanburg are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 43.47% owning and 56.53% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Spartanburg's housing was primarily built during this period, from the '40s through the '60s. A full 40.51% of the city's housing hails from this era. Other housing ages represented in Spartanburg include homes built between 1970-1999 ( 36.70%) and housing constructed before 1939 ( 13.75%). There's also some housing in Spartanburg built between 2000 and later ( 9.03%).

Vacant housing appears to be an issue in Spartanburg. Fully 14.22% of the housing stock is classified as vacant. Left unchecked, vacant Spartanburg homes and apartments can be a drag on the real estate market, holding Spartanburg 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.

Spartanburg Home Appreciation Rates

Appreciation rates for homes in Spartanburg have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 45.36%, which ranks in the top 40% nationwide. This equates to an annual average Spartanburg house appreciation rate of 3.81%.

Over the last year, Spartanburg appreciation rates have trailed the rest of the nation. In the last twelve months, Spartanburg's appreciation rate has been 5.54%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Spartanburg were at 1.54%, which equates to an annual appreciation rate of 6.30%.

Relative to South Carolina, our data show that Spartanburg's latest annual appreciation rate is lower than 60% of the other cities and towns in South Carolina.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Spartanburg differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Spartanburg - 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 Spartanburg real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$140,389

Spartanburg, SC HOME PRICES

> $1,263,000
0.6%
0.6%
$948,001 - $1,263,000
0.7%
0.7%
$632,001 - $948,000
2.5%
2.5%
$505,001 - $632,000
1.4%
1.4%
$379,001 - $505,000
3.4%
3.4%
$253,001 - $379,000
9.7%
9.7%
$127,001 - $253,000
36.2%
36.2%
$63,001 - $127,000
35.6%
35.6%
$0 - $63,000
9.9%
9.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Average for SC

Value Relative To Nation

Number Of Homes And Apartments:
15,154

Spartanburg Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SC*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
56.61% 2.13%
4
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,057 / per month

Homeownership Rate

Owners
43.5%
43.5%
Renters
56.5%
56.5%
Vacant
14.2%
14.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
9.0%
9.0%
1970 - 1999
36.7%
36.7%
1940 - 1969
40.5%
40.5%
1939 or Older
13.8%
13.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
61.4%
61.4%
Townhomes
2.4%
2.4%
Small Apt. Buildings
12.3%
12.3%
Apt. Complexes
23.1%
23.1%
Mobile Homes
0.8%
0.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.0%
3.0%
1 Bedroom
13.0%
13.0%
2 Bedrooms
29.0%
29.0%
3 Bedrooms
41.7%
41.7%
4 Bedrooms
11.1%
11.1%
5 or more bedrooms
2.2%
2.2%
0.0% 100.0%
% OF HOMES