Spartanburg, SC—29307
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Spartanburg, SC
As of Oct '25, the median home price in Spartanburg, SC is $255,000, with a year-over-year change of 2.1%. This indicates that home prices in Spartanburg, SC are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $255,000 | 2.1% |
| Single Family | $259,000 | 2.0% |
| Condos | $155,000 | 1.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $164,000 | 0.0% |
3 Bed | $241,000 | 2.1% |
4 Bed | $336,000 | 3.4% |
| 5 Bed | $397,000 | 3.4% |
% of Housing Stock
Rental Trends — Spartanburg, SC
As of July '25, Rentcast reports the average rent in Spartanburg, SC is $1,350, with a year-over-year rent change of 0.7%. Per bedroom, the median rent as of July '25 in Spartanburg, SC is studios: $991, 1-bedrooms: $921, 2-bedrooms: $1,000, 3-bedrooms: $1,800, 4-bedrooms: $2,300. The most common rental property sizes in Spartanburg, SC are 2-bedroom and 3-bedroom, accounting for 50.5% and 24.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,050 | $1,350 |
| Studio Rent | $995 | $991 |
| 1 Bed Rent | $850 | $921 |
| 2 Bed Rent | $965 | $1,000 |
| 3 Bed Rent | $1,700 | $1,800 |
| 4 Bed Rent | $1,980 | $2,300 |
% of Rental Stock
Property Listings — Spartanburg, SC
As of Oct '25, Realtor.com reports that the median days on market for a home in Spartanburg, SC is 58. This is a decrease of -17.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $284,000 | -8.0% |
Listing Count | 154 | 20.0% |
| Listings as % of Homes | 0.8% | 20.0% |
Days on Market | 58 | -17.0% |
Demographics — Spartanburg, SC
As of the latest ACS Survey released in 2023, Spartanburg, SC has a population of 18,500, which has increased by 2.1% over the past 5 years. Spartanburg, SC is a moderately popular place for families, as children make up 18.9% of the population. The area has a moderately educated workforce, with 35.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,500 | 2.1% |
% Under 18 | 18.9% | -10.8% |
% Seniors | 24.2% | 5.7% |
% WFH | 5.7% | 58.3% |
% w/ College Degree | 35.4% | 7.6% |
As of the latest ACS Survey released in 2023, Spartanburg, SC is a predominantly white area, with 73.7% of the population identifying as white. The white population has grown by 3.7% in the last 5 years. The second most common race or ethnicity in Spartanburg, SC is black, making up 20.2% of the population. Foreign-born residents account for 4.1% of the population in Spartanburg, SC, and this percentage has increased by 17.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 73.7% | 3.7% |
% Black | 20.2% | -4.3% |
% Hispanic | 2.8% | -26.3% |
% Asian | 0.4% | -55.6% |
% Foreign Born | 4.1% | 17.1% |
Mortgage and Risk — Spartanburg, SC
According to HUD data as of 2023, there were 373 mortgage originations in Spartanburg, SC, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Spartanburg, SC. Investor activity is low, as 2.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 373 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Spartanburg, SC
As of 2024, the percent of homes in Spartanburg, SC under the Section 8 program is 7.9%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Spartanburg, SC, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 235 |
Total Units Section 8 | 188 |
% Rentals under Section 8 | 7.9% |
% Occupied Section 8 | 78.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $220 | $850 | $1,070 |
| 2 Bedroom | $225 | $965 | $1,190 |
| 3 Bedroom | -$240 | $1,700 | $1,460 |
| 4 Bedroom | -$380 | $1,980 | $1,600 |
Affordability — Spartanburg, SC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $255,000 |
| Median Household Income | $61,300 |