Spartanburg, SC Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Is this a good time to buy a house in SC? ›

Is it a buyer's or seller's market in South Carolina? It is considered a seller's market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 7.1%, making the average house payment $2,611, which is $10 higher than a year before.

Spartanburg is a town in South Carolina with a population of 38,301. Spartanburg is in Spartanburg County and is one of the best places to live in South Carolina. Living in Spartanburg offers residents a dense suburban feel and most residents own their homes. In Spartanburg there are a lot of parks.

Low Tax Rates:

South Carolina boasts one of the lowest tax burdens in the nation. The state has a relatively low income tax rate, with a maximum rate of 7% for individuals. Additionally, property taxes in South Carolina are among the lowest in the country, providing homeowners with significant savings.

Are home prices dropping in South Carolina? As of November 2023, South Carolina's median home price is down by 7.1% at $360,800 from the national average price of $387,600. This decrease is primarily due to increased sales opportunities and more available listings.

Greenville is the second-best place to live in SC. In the US stats, Greenville ranks 12th in cheapest places to live, 23rd in fastest-growing places, 23rd in most dangerous places and 67nd in best places to retire. Spartanburg is the third-best place to live in SC.

As a newcomer to the Spartanburg area, especially if you are moving from bigger cosmopolitan cities, the small-town feel may surprise you, but it is the 'small town feel' that attracts many people to relocate to the area. Spartanburg is laid back, friendly, walkable, community-oriented, and infused with nature.

Buyers are the ones who predominantly pay the closing costs in South Carolina. But it can be split between the buyer and seller. Discuss with your buyer what expenses they are willing to pay and bargain to reduce your closing costs.

How much tax do you pay when you sell a house in South Carolina? ›

When you sell the asset, you ultimately will need to pay taxes on the increase in value or the capital gains. The capital gains tax in South Carolina is 7%. There is also a federal capital gains tax. To calculate your state capital gains tax, you will need to deduct the “cost basis” from your sale price.

💸 Home Building is Expensive

Expensive labor, supply chain issues, and a rise in material costs can further increase your expenses. In most cases, it is more affordable to buy a home for sale in South Carolina and move in quickly.

Florence is one of the cheapest city to live in South Carolina. The cost of living in this city is 20.4% lower than the national average. Housing is also very affordable at rent averaging $1,300. Apart from this, Transportation costs is 22.2% lower than the national average.

It's about 14% less expensive to live in South Carolina overall. This is due to more affordable housing and overall lower taxes. But North Carolina's property taxes are lower and healthcare-related expenses are too. Either way, both states are still pretty attractive when it comes to cost-of-living.

South Carolina's closing costs average 1.66% to 4.94% of a home's value, with this variance depending on a number of factors, including location, services used and lender.

Traditionally, South Carolina homebuyers have had to raise 10% to 20% of the total loan amount as down payment. But in today's real estate market that is not always the case. Depending on other factors like your credit score and type of loan, you can get a mortgage with as little as 3.5% down payment.

Across South Carolina, there is a shortage of rental homes affordable and available to extremely low income households (ELI), whose incomes are at or below the poverty guideline or 30% of their area median income (AMI).