Gaffney, SC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Gaffney, SC Real Estate Data

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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Gaffney Housing Market Information

With 12,566 people, 4,779 houses or apartments, and a median cost of homes of $113,958, house prices in Gaffney are solidly below the national average.

Single-family detached homes are the single most common housing type in Gaffney, accounting for 67.34% of the city's housing units. Other types of housing that are prevalent in Gaffney include large apartment complexes or high rise apartments ( 14.43%), duplexes, homes converted to apartments or other small apartment buildings ( 13.68%), and a few mobile homes or trailers ( 2.91%).

The most prevalent building size and type in Gaffney are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.72% owning and 47.28% 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. Gaffney's housing was primarily built during this period, from the '40s through the '60s. A full 42.64% of the city's housing hails from this era. Other housing ages represented in Gaffney include homes built between 1970-1999 ( 38.99%) and housing constructed before 1939 ( 12.45%). There's also some housing in Gaffney built between 2000 and later ( 5.92%).

Vacant housing appears to be an issue in Gaffney. Fully 17.23% of the housing stock is classified as vacant. Left unchecked, vacant Gaffney homes and apartments can be a drag on the real estate market, holding Gaffney 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.

Gaffney Home Appreciation Rates

Appreciation rates for homes in Gaffney have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 3.57%, which ranks in the top 50% nationwide. This equates to an annual average Gaffney house appreciation rate of 0.35%.

Over the last year, Gaffney appreciation rates have trailed the rest of the nation. In the last twelve months, Gaffney's appreciation rate has been 0.37%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Gaffney were at 1.10%, which equates to an annual appreciation rate of 4.47%.

Relative to South Carolina, our data show that Gaffney's latest annual appreciation rate is lower than 70% 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 Gaffney differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Gaffney - 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 Gaffney real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$113,958

Gaffney, SC HOME PRICES

Value Range
> $1,061,000 0.3
$796,001 - $1,061,000 0.0
$531,001 - $796,000 0.2
$424,001 - $531,000 0.0
$318,001 - $424,000 0.6
$212,001 - $318,000 7.6
$106,001 - $212,000 36.5
$53,001 - $106,000 34.1
$0 - $53,000 20.8

Average for SC
Low for Nation

Value Relative to Nation Value Relative to State
68.9558185866635 49.0706319702602

Number Of Homes And Apartments:
4,779

Gaffney Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SC*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
21.97% 1.16% 3 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$816 / per month

Homeownership Rate

Homeownership
Owners 52.72
Renters 47.28
Vacant 17.23

Housing Market Details

 

Age of Homes

AGE OF Gaffney HOMES
2000 or Newer 5.9
1970 - 1999 39.0
1940 - 1969 42.6
1939 or Older 12.5

Types of Homes

TYPE OF Gaffney HOMES
Single-Family 67.3
Townhomes 1.6
Small Apt. Buildings 13.7
Apt. Complexes 14.4
Mobile Homes 2.9
Other 0.0

Home Size

SIZE OF Gaffney HOMES
No Bedroom 3.12
1 Bedroom 14.17
2 Bedrooms 30.90
3 Bedrooms 38.60
4 Bedrooms 11.01
5 or more bedrooms 2.20