Spartanburg's Housing Market Finds New Balance, Offering Hope for Buyers

A palpable shift is underway in the Spartanburg housing market.

 

For years, sellers held all the cards in a market defined by fierce competition and rapid price hikes.

 

But now, the tide is turning.

 

A fresh wave of housing inventory is creating a more level playing field, giving beleaguered buyers newfound leverage and a reason for optimism.

 

"The market has become a much more balanced market," confirms Michelle Gleed, a prominent real estate agent and president of the Spartanburg Association of Realtors.

 

This change marks a significant departure from the frenetic pace of the recent past.

 

Buyers now have the breathing room to negotiate for closing costs and request repairs—concessions that were almost unimaginable just a short time ago.

 

The driving force behind this transformation is a substantial increase in available homes.

 

Fueled by Spartanburg County's reputation as one of the nation's fastest-growing metro areas, new construction is booming.

 

Housing inventory in the county has climbed dramatically from a low point of around 300 listings in early 2022 to nearly 1,800 recently, a level not seen in almost a decade.

 

This influx of new homes provides much-needed relief for buyers facing a competitive landscape.

 

National homebuilders like Century Communities are making significant investments in the area, recognizing the robust demand.

 

Two of their new developments are set to open this fall, featuring single-family homes with attainable price points starting around the mid-$200,000s.

 

One of these, Frey Creek, located just west of the city near Interstate 26, will introduce more than 140 new single-family homesites in late October.

 

"These new communities are an amazing opportunity for area homebuyers," noted Cliff Niederpruem, a regional president for the builder, highlighting the prime locations and accessible pricing.

 

This building boom directly benefits buyers, as builders often offer attractive rate incentives and closing cost contributions to secure sales.

 

Despite the market's rebalancing, home values in Spartanburg continue to appreciate, buoyed by a strong local economy.

 

The region's job market remains resilient, with unemployment rates holding steady and aligning with national averages.

 

The Upstate SC region's allure is undeniable, with low taxes, a temperate four-season climate, and a high quality of life continuing to draw new residents from across the country.

 

Even as the market stabilizes, with the median days on market hovering around 50, the fundamental strengths of the region persist.

 

The median home price in Spartanburg County sits around $275,000 to $295,000, offering relative affordability compared to other booming markets.

 

Looking ahead, many experts anticipate that as interest rates potentially decrease, competition among buyers could intensify once again.

 

Michelle Gleed advises prospective buyers to act now rather than wait.

 

"Now is a great time to see people take the step to purchase their home," she encourages, suggesting that buyers can secure a property now and refinance later if rates drop further.

 

The message is clear: the window of opportunity for buyers in the Spartanburg housing market is open, but it may not stay that way forever.

 

For those who have been waiting on the sidelines, this is a moment of strategic advantage in one of South Carolina's most dynamic communities.

 

Local realtor Casey Breitenbach offered a nuanced view of the shifting market landscape:.   "While the increase in new construction has certainly given buyers more choices, it’s also made it harder for local sellers of existing homes to compete. The national builders have the ability to offer incentives that smaller builders and individual sellers simply can’t match. I do believe the market has leveled out, but we need to be mindful of whether our county’s infrastructure can sustain this rapid pace of growth."

 

Frequently Asked Questions

 

Is now a good time to buy a house in Spartanburg?

 

With increased housing inventory and more negotiating power for buyers, many local real estate experts believe it is an excellent time to buy. The market is more balanced than it has been in years, allowing buyers to ask for concessions like closing costs and repairs.

 

Are home prices dropping in Spartanburg?

 

While the rapid price acceleration has cooled, overall home values in Spartanburg County are still appreciating due to strong economic fundamentals and population growth. The market has stabilized, but a significant drop in prices is not widely expected.

 

What is driving the growth in the Spartanburg housing market?

 

Spartanburg's growth is fueled by a strong job market, its status as a fast-growing metro area, a desirable quality of life with a moderate climate, and relatively low taxes. This continues to attract new residents and businesses to the Upstate region.

 

 

Editor’s Note: Realtor Casey Breitenbach raises an important question about whether Spartanburg’s infrastructure can keep pace with its rapid growth. In our next issue, The Spartan Signal will take a closer look at how roads, utilities, and community planning are evolving to meet the region’s booming demand.