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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 38,401 people, 15,330 houses or apartments, and a median cost of homes of $192,664, 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 63.60% of the city's housing units. Other types of housing that are prevalent in Spartanburg include large apartment complexes or high rise apartments ( 20.57%), duplexes, homes converted to apartments or other small apartment buildings ( 11.86%), and a few row houses and other attached homes ( 2.88%).
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 49.48% owning and 50.52% 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 39.63% of the city's housing hails from this era. Other housing ages represented in Spartanburg include homes built between 1970-1999 ( 34.73%) and housing constructed between 2000 and later ( 13.15%). There's also some housing in Spartanburg built before 1939 ( 12.49%).
Vacant housing appears to be an issue in Spartanburg. Fully 11.98% 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.
In the last 10 years, Spartanburg has experienced some of the highest home appreciation rates of any community in the nation. Spartanburg real estate appreciated 114.15% over the last ten years, which is an average annual home appreciation rate of 7.91%, putting Spartanburg in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Spartanburg definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Spartanburg that despite a nationwide downturn in the housing market, Spartanburg real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spartanburg appreciation rates continue to be some of the highest in America, at 19.09%, which is higher than appreciation rates in 96.20% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Spartanburg. Spartanburg appreciation rates in the latest quarter were at 2.73%, which equates to an annual appreciation rate of 11.39%.
Importantly, this makes Spartanburg one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to South Carolina, our data show that Spartanburg's latest annual appreciation rate is higher than 90% 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.
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