Spartanburg appreciation rates and housing market information
Spartanburg housing market information
With a population of 37,334, 15,184 total housing units (homes and apartments), and a median house value of $106,645, 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 61.78% of the city's housing units. Other types of housing that are prevalent in Spartanburg include large apartment complexes or high rise apartments (19.77%), duplexes, homes converted to apartments or other small apartment buildings (14.51%), and a few row houses and other attached homes (2.11%).
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 53.15% owning and 46.85% 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 40.62% of the city's housing hails from this era. Other housing ages represented in Spartanburg include homes built between 1970-1999 (40.08%) and housing constructed before 1939 (13.78%). There's also some housing in Spartanburg built between 2000 and later (5.53%).
Vacant housing appears to be an issue in Spartanburg. Fully 12.42% 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
Real estate appreciation rates in Spartanburg's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.88% during the period.
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 -2.78%, 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 0.53%, which equates to an annual appreciation rate of 2.15%.
Relative to South Carolina, our data show that Spartanburg's latest annual appreciation rate is higher than 80% 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 1990, to assist you in making the best Spartanburg real estate investment or home purchase decisions.