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Spartanburg, SC housing market
Housing market indicators
| Indicator | 2022 | 2023 | 2024 | 2025* | Change | 2022 | 2023 | 2024 | YTD |
|---|---|---|---|---|---|---|---|---|---|
| Median Listing Price per Square Feet | $158 | $162 | $167 | $166 | 9.7% | 2.5% | 3.1% | -0.6% | |
| Active Listing Count | 1,064 | 1,163 | 1,388 | 1,862 | 119.8% | 9.3% | 19.3% | 34.1% | |
| Median Days on Market | 66 | 55 | 65 | 58 | 53.5% | -16.7% | 18.2% | -10.8% | |
| Share of listings with price increase | 3.5% | 3.1% | 2.6% | 2.1% | |||||
| Share of listings with price decrease | 13.1% | 16.6% | 18.7% | 20.8% | |||||
* last available value
Home prices
Short term housing supply drivers
Long term housing demand drivers
Long term housing supply drivers
Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED
Housing market overview
Spartanburg, SC MSA Overview
- The Spartanburg, SC Metropolitan Statistical Area (MSA) includes Spartanburg County and Union County in South Carolina, with a total population of approximately 395,934 as of 2024 estimates.
- Area spans 3,424 km², featuring urban centers around Spartanburg city and rural outskirts.
- Key geographic regions: Central urban core (Spartanburg city), northern suburbs (Duncan, Lyman), eastern industrial zones (Wellford, Reidville), southern rural areas, and western Union County towns.
- Population growth at 2.7% recently, ranking among the 10 fastest-growing U.S. metros for two consecutive years.
Cities/Towns in the MSA
| Area | City/Town | Population | Density | Income | Quality of Schools | Crime Level | Property Tax (%) | Comments |
|---|---|---|---|---|---|---|---|---|
| Central | Spartanburg | 39,606 (2025 est.) | 2,066/sq mi | Median household $51,193; per capita $40,891 | GreatSchools 3-8/10 | High urban crime | 0.5-1% | County seat, diverse population 48% White, 42% Black |
| North | Duncan | ~4,000 | Medium | Medium-high | GreatSchools 6-9/10 | Low-medium | 0.4-0.8% | Suburban growth near BMW |
| North | Lyman | ~4,500 | Medium | Medium | GreatSchools 5-8/10 | Low | 0.4-0.8% | Family-oriented, I-85 corridor |
| East | Wellford | ~3,000 | Low-medium | Low-medium | GreatSchools 4-7/10 | Medium | 0.5% | Industrial, logistics hub |
| West | Union (Union Co.) | ~8,000 | Low | Low | GreatSchools 2-6/10 | High | 0.6-1% | Rural, declining population |
| South | Chesnee | ~3,500 | Low | Low | GreatSchools 3-7/10 | Medium-high | 0.5% | Small town, manufacturing |
To view all table columns, please open this table on a laptop or desktop screen.
- Density figures based on urban cores; rural areas lower at 100-300/sq mi.
- Income levels relative: high >$70k median household, medium $50-70k, low <$50k.
- No local personal income tax beyond state 7%; column omitted.
- Property taxes millage-based, effective rates shown.
- Crime: FBI data shows Spartanburg city elevated; suburbs lower.
Citizens: Income and Education
- MSA median household income around $55,000-$60,000; per capita $40,891 in Spartanburg city.
- Poverty rate 24% in city, lower in suburbs at 10-15%.
- Education: 25-30% bachelor's degree or higher MSA-wide; city lower at 20% due to urban demographics.
- Age distribution: 24% under 18, 62% 18-64, 14% 65+; median age 37.
- Racial: 60% White, 18% Black, 7% Hispanic MSA; city more diverse at 48% White, 42% Black.
- Workforce: 60% high school graduates, growing associate degrees from technical colleges.
Key Economic Sectors
- Manufacturing dominates: automotive (BMW plant in Greer vicinity), textiles legacy, advanced materials.
- Logistics/distribution: I-85/I-26 hubs, warehouses for Amazon, FedEx.
- Healthcare: Spartanburg Regional, BMJ Health system employs thousands.
- Education: Wofford College, USC Upstate, Spartanburg Community College.
- Retail/services: Growing in suburbs, call centers.
- Employment growth 2-3% annually, unemployment ~3.5%.
Housing Buying Market: Supply Drivers
- Zoning: Moderately open in suburbs; Spartanburg city restrictive on density.
- Regulatory strictness: SC low barriers; permitting 4-6 months, impact fees minimal.
- Construction workforce: Available, costs 10-15% below national average due to local labor.
- Land availability: Abundant rural parcels, 60% undeveloped in Union County.
- New builds: 2,000+ units/year, single-family focus; multifamily rising in north.
- Challenges: Skilled labor shortages for high-end, material costs up 5% YoY.
Housing Buying Market: Demand Drivers
- Migration: Net in-migration 5,000+/year from Northeast, Midwest; retirees, young professionals.
- Growing industries: Automotive/electric vehicles (BMW expansion), logistics (e-commerce boom).
- Declining: Traditional textiles contracting 2-3%/year.
- Population surge 2.7%, household formation up 1.5%.
- Affordability draws: Median home $280,000 vs. national $420,000.
- Remote workers: Fiber internet expansion boosts suburbs.
Key Challenges on the Housing Market
- Inventory shortage: 2.5 months supply, favors sellers.
- Affordability strain: Prices up 8% YoY to $280k median; rates 6-7% limit buyers.
- Urban decay: Central Spartanburg blight, high crime deters investment.
- Infrastructure lag: Schools, roads strained in growth areas.
- Flood risk: Southern zones prone, insurance up 20%.
- Labor mobility: Low wages cap upward mobility, rental demand high at 35% occupancy.
Investment Potential Differences
| Area | Appreciation Potential | Risk | Key Drivers |
|---|---|---|---|
| North (Duncan/Lyman) | High | Low | BMW proximity, suburban migration, new builds |
| Central (Spartanburg) | Medium | Medium-high | Revitalization projects, urban renewal vs. crime |
| East (Wellford) | High | Medium | Industrial parks, logistics jobs, I-85 access |
| Union County | Low | High | Population decline, rural poverty, weak schools |
| South (Chesnee) | Low-medium | Medium | Affordable land, but flood risks, slow growth |
- Overall MSA appreciation 6-8% annualized past 3 years; north/east lead at 10%+.
- Risk factors: Economic downturn hits manufacturing; interest rates key.
- Long-term: 5-7% annual growth projected with metro expansion.
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