Spartanburg Housing Case study
Introduction
Spartanburg, South Carolina, has experienced significant growth in its housing market, driven by economic development and strategic investments. This case study examines the factors contributing to rising home prices, the rapid sale of properties, and the impact of new industrial and retail developments on the local economy.
Housing Market Trends
As of December 2024, Spartanburg's housing market has seen an 18.6% year-over-year increase in median home prices, reaching $245,000. Homes typically remain on the market for 75 days, a notable increase from 37 days the previous year. In December 2024, 38 homes were sold, slightly down from 40 in December 2023.
In Spartanburg County, the median listing price per square foot stood at $164 in July 2024, with homes selling after an average of 47 days on the market. The median sold price was $272,500, and properties generally sold for 1.91% below the asking price.
Economic Development and Job Creation
In 2024, Spartanburg County attracted 23 economic development projects, resulting in a total capital investment of $745 million and the creation of 1,220 new jobs.
This influx of investment has been a significant driver of housing demand, as new employment opportunities attract workers seeking residences in the area.
Notably, Omron Automation established its first South Carolina operation in Spartanburg County in early 2024, investing $9.2 million and creating 162 jobs over five years.
Such developments enhance the local economy and increase the demand for housing.
Impact of Commercial Real Estate Developments
The region has also seen substantial commercial real estate activity. As of May 2024, several major projects were underway, including the Fifth Third Park at 131 W. Main St., Spartanburg, approved by the city council in April 2024.
These developments contribute to the area's appeal, offering amenities and services that attract new residents and businesses.
Case Studies of Successful Spec Builds
Our company has capitalized on these favorable market conditions by constructing high-quality, affordable homes that meet the needs of incoming residents.
A few that went on market:
Balsam Plan – 117 Balsam Ln, Woodruff, SC 29388
Construction Cost: $188,800
Build Time: 5 Months
Heated Square Footage: 1,500 sq ft
Time on Market: <30 days
Sale Price: $328,000
Liberty Plan – 789 Liberty St, Spartanburg, SC 29306
Construction Cost: $149,000
Build Time: 4 Months
Heated Square Footage: 1,298 sq ft
Time on Market: Immediate contract
Sale Price: $244,000
These projects underscore the effectiveness of our approach: offering aesthetically appealing, budget-friendly homes that align with market demands.
Rental Statistics
The short-term rental market in Spartanburg, South Carolina, offers a variety of options for properties with 1,500 square feet or less. These rentals cater to diverse needs, from single travelers to small families, and are available through various platforms and property management services.
Rental Platforms and Listings
Zillow features numerous single-family homes available for rent in Spartanburg. While not all are designated for short-term leases, some listings offer flexible rental terms. For instance, a 1,500 sq ft house may be listed at approximately $1,800 per month.
Apartments.com provides a selection of short-term rental apartments in Spartanburg. While specific square footage details may vary, the platform offers filters to help prospective tenants find units that meet their size requirements.
Zumper lists fully furnished short-term rentals in Spartanburg, including houses and apartments. While exact sizes are not always specified, many properties suitable for small families or groups fall under the 1,500 sq ft range.
Average Rental Rates
Rental rates for short-term properties in Spartanburg vary based on location, amenities, and property condition. While specific data for 1,500 sq ft homes is limited, general observations include:
Monthly Rates: Short-term rentals, especially those that are fully furnished and include utilities, often command higher monthly rates compared to long-term leases. Properties under 1,500 sq ft may range from $1,500 to $2,000 per month, depending on factors such as proximity to downtown, property amenities, and lease flexibility.
Weekly/Daily Rates: For properties available on a weekly or daily basis, rates can vary widely. Averaging these rates is challenging without specific listing data, but smaller homes or apartments may charge between $100 to $200 per day, with potential discounts for longer stays.
Considerations
Availability: The availability of short-term rentals can fluctuate based on seasonal demand, local events, and market trends.
Amenities: Properties offering additional amenities such as furnished interiors, inclusive utilities, and proximity to local attractions may command premium rates.
Lease Terms: Short-term rentals often come with flexible lease terms, but it's essential to clarify the minimum stay requirements and any associated fees or deposits.
Conclusion
While specific rental rates for short-term homes of 1,500 sq ft or less in Spartanburg vary, prospective tenants can expect monthly rates ranging from $1,500 to $2,000, with daily rates averaging between $100 to $200. For the most accurate and current information, it's advisable to consult directly with rental platforms or property managers. The combination of robust economic development, job creation, and strategic commercial investments has propelled Spartanburg's housing market. Our proven track record of delivering desirable homes positions us to continue meeting the needs of this growing community.