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Spartanburg Records 8% Surge in Home Sales for 2024

A bustling residential area in Spartanburg with homes and greenery.

News Summary

Spartanburg’s real estate market is booming, showing an 8% increase in home sales for 2024, up from 5,730 in 2023 to 6,186. Only Aiken surpassed this growth with a 9.5% boost. The high-value sales of luxury properties in the area contributed significantly to this surge. The competitive Upstate market revealed mixed results, with nearby regions enjoying growth, while Cherokee County experienced a dramatic decline. Spartanburg’s strategic location and growing community further bolster its real estate appeal. Home prices also saw a rise, indicating strong investment interest in the area.

Spartanburg Shines Bright with 8% Boost in Home Sales for 2024

Hey there, Spartanburg! It looks like the real estate market in your lovely city is on fire, with an impressive 8% increase in residential sales this year. That’s right—you read it correctly! The number of home sales jumped from 5,730 in **2023** to 6,186 in **2024**, making Spartanburg the champion in residential real estate growth within the Upstate region. Only Aiken has outdone Spartanburg in sales increases, boasting an astonishing 9.5% boost!

Big Deals in the Neighborhood

One of the standout moments in this bustling market was the high-value sale of a stunning European-style villa located at 358 Twin Oaks Drive, which sold for a whopping $2.5 million back in August. This cash injection, along with the sale of another grand property at 1122 Woodburn Road for $2.6 million, really helped to push those numbers up. Talk about luxury living!

Comparative Market Insights

Just to keep your competitive spirit alive, the neighboring Greater Greenville market saw a healthy 7.5% increase this year, while the **Western Upstate**—which includes scenic Lake Keowee—enjoyed a respectable 6.1% rise. Unfortunately, not every area in the Upstate could keep pace with Spartanburg’s growth. Cherokee County faced a steep decline, suffering a staggering 48.4% drop in sales. Ouch!

A Growing Community

What’s driving all this action in Spartanburg? It seems to all boil down to the city’s strategic location as a burgeoning industrial hub. With easy access to crucial transport links like Inland Port Greer, Greenville-Spartanburg International Airport, and major interstates (I-85 and I-26), it’s no wonder companies are flocking to set up shop in Spartanburg. Moreover, the population in Spartanburg County grew by a solid 8.8% from **2020** to **2023**, according to the U.S. Census Bureau.

Home Prices on the Rise

Now, let’s talk about home prices. The median price of a home in Spartanburg reached $289,000 in 2024, which marks a 3.5% increase from last year. It seems more folks are keen to invest in this delightful city, thanks to its booming economy and vibrant community.

Exciting Developments on the Horizon

In more exciting news, Legacy Commercial Property has purchased Cedar Springs Crossing with plans for renovations and upgrades. Currently, the shopping center is running at only 15% vacancy, and the planned improvements—including better signage, new parking layouts, and landscape makeovers—are expected to breathe new life into the area.

On the real estate front, Justin Winter and Associates decided it’s time for a change and moved their mid-lake office to 270 Crowe Creek Road in Six Mile. Meanwhile, Angela Halstead has been promoted to senior vice president of sales and Spartanburg market executive at her company, while David M. Feild has taken the helm as the new CEO of Colliers South Carolina after a successful run as president.

Wrapping It Up with Optimism

So there you have it, Spartanburg! The real estate market is thriving, home sales are climbing, and there are exciting developments all around. Whether you’re a long-time resident, a new homeowner, or just someone curious about the area, it’s a great time to be part of this growing community. Here’s to more success and prosperity in Spartanburg!