State: South Carolina
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.
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.
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.
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.
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.