Spartanburg Investment Property for Sale - 2024 Rental Home Appreciation

The Spartanburg, South Carolina, real estate market is booming and keeping real estate agents busy. The reason? Spartanburg’s high demand for housing and very low inventory. Inventory is down 26% compared to last year.

Like Huntsville and Fayetteville, Spartanburg is a National Association of Realtors 2022 Hidden Gem for real estate investment opportunities.

Spartanburg is a “hidden gem” because of its population growth and affordability.

The mass migration to Upstate South Carolina from higher tax states is driving up demand for homes and rentals in the Greenville-Spartanburg-Anderson MSA.

According to Realtor.com, the median listing price in Spartanburg is $136 per square foot, with a median sale price of $240,000. The median rent is $1,070 per month. Homes for sale in Spartanburg stay on the market for an average of just 44 days.

Spartanburg’s growth, affordability, and demand should be on any real estate investor’s list.

Spartanburg's Attractive Housing Market

Look at a map of Upstate South Carolina and you will find three major cities. They are Spartanburg, Greenville, and Anderson. Each of these cities offers something unique for residents and real estate investors.

• The Spartanburg real estate market, in particular, is booming. The city’s population growth is driving demand for every rental property type – from single-family homes to multi-family homes to commercial real estate. They all present opportunities for real estate investors to earn rental income and increase their cash flow.
• The Spartanburg metro area includes several attractive neighborhoods and suburbs for real estate investing. These include Boiling Springs, Converse Heights, and Inman.
• Boiling Springs - Boiling Springs is a census-designated area located north of Spartanburg between I-26 and I-85 in Spartanburg County. Its parks, lake, arboretum, and new homes attract families who like suburban living near the city. The median listing price in Boiling Springs is $145/sqft, and the median sales price is $282,370. Median rent is $1,680/month.
• Converse Heights - Converse Heights is located east of Downtown Spartanburg along Highway 9 and Highway 29. It’s an all-American neighborhood with parks, schools, and tree-lined streets. Real estate investors can find everything from renovated bungalows to luxury single-family homes in Converse Heights. The median listing price in Converse Heights is $174/sqft, and the median sales price is $425,000.
• Inman - Inman is located in the foothills of Upstate South Carolina northwest of Spartanburg along Highway 176. It’s known for its small-town charm, new construction, and large lot sizes that attract families. The median listing price in Inman is $160/sqft, and the median sales price is $275,000.

Anderson is another city in Upstate South Carolina for real estate investors to consider. It’s located 58 miles southwest of Spartanburg along I-85. Its historic downtown neighborhood is full of trendy restaurants, shops, and breweries. The median listing price in Anderson is $148/sqft, and the median sales price is $250,000. Median rent is $1,130/month.

Greenville sits along I-85 between Spartanburg and Anderson. It’s known as the culture and entertainment center of Upstate South Carolina. The median listing price in Greenville is $174/sqft, and the median sales price is $349,900. Median rent is $1,800.

Rental Home Appreciation in Spartanburg

Spartanburg’s population is growing and creating a robust rental market. 42% of Spartanburg households are renter-occupied, which is projected to increase.

According to Zillow’s Home Value Index, home values in Spartanburg have increased 22.8% in the last year.

Population growth, appreciation, and demand for rentals make a Spartanburg property an excellent prospect for homeowners, real estate investors, and property management companies.

Economic Growth in Spartanburg

Spartanburg County’s population has increased by over 15% since the 2010 census. Its diverse, international business community is the main driver for this growth.

Spartanburg’s primary industries are manufacturing, distribution, energy, and biosciences. Its largest employers include BMW Manufacturing Company, Michelin, Auriga Polymers, and Denny’s.

Job opportunities within these markets have contributed to an unemployment rate of just 4.1%, which is lower than the national average.

Spartanburg’s job market, affordable housing, and low cost of living will continue to attract residents and reinforce its strong economy for years to come.