Spartanburg, SC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Spartanburg, 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 Q2 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

Spartanburg Housing Market Information

With a population of 37,867, 15,363 total housing units (homes and apartments), and a median house value of $109,880, 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 61.03% of the city's housing units. Other types of housing that are prevalent in Spartanburg include large apartment complexes or high rise apartments ( 22.08%), duplexes, homes converted to apartments or other small apartment buildings ( 13.64%), and a few row houses and other attached homes ( 2.49%).

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 45.82% owning and 54.18% 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 42.58% of the city's housing hails from this era. Other housing ages represented in Spartanburg include homes built between 1970-1999 ( 36.35%) and housing constructed before 1939 ( 13.47%). There's also some housing in Spartanburg built between 2000 and later ( 7.60%).

Vacant housing appears to be an issue in Spartanburg. Fully 15.60% 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 3.40%, which ranks in the top 50% nationwide. This equates to an annual average Spartanburg house appreciation rate of 0.33%.

NeighborhoodScout's data show that during the latest twelve months, Spartanburg's appreciation rate, at 5.54%, has been at or slightly above the national average. In the latest quarter, Spartanburg's appreciation rate has been 4.34%, which annualizes to a rate of 18.52%.

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 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:
$109,880

Spartanburg, SC HOME PRICES

Value Range
> $1,124,000 0.7
$843,001 - $1,124,000 0.5
$562,001 - $843,000 1.5
$450,001 - $562,000 1.5
$337,001 - $450,000 3.7
$225,001 - $337,000 7.7
$112,001 - $225,000 34.5
$56,001 - $112,000 37.0
$0 - $56,000 12.9

Average for SC
Low for Nation

Value Relative to Nation Value Relative to State
72.5745067041396 52.4163568773234

Number Of Homes And Apartments:
15,363

Spartanburg Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SC*
Compared To
America*
Latest Quarter:
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
Since 2000:
2000 Q1 - 2017 Q2
19.48% 1.02% 2 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$879 / per month

Homeownership Rate

Homeownership
Owners 45.82
Renters 54.18
Vacant 15.60

Housing Market Details

 

Age of Homes

AGE OF Spartanburg HOMES
2000 or Newer 7.6
1970 - 1999 36.4
1940 - 1969 42.6
1939 or Older 13.5

Types of Homes

TYPE OF Spartanburg HOMES
Single-Family 61.0
Townhomes 2.5
Small Apt. Buildings 13.6
Apt. Complexes 22.1
Mobile Homes 0.8
Other 0.0

Home Size

SIZE OF Spartanburg HOMES
No Bedroom 3.30
1 Bedroom 11.65
2 Bedrooms 30.63
3 Bedrooms 41.04
4 Bedrooms 11.28
5 or more bedrooms 2.10