Metropolitan Statistical Area (MSA):
Spartanburg, SC is a Metropolitan Statistical Area (MSA) comprising counties including .
There are many factors influencing real estate trends in the Spartanburg, SC metropolitan statistical area (MSA). The economy, job market, interest rates, and population growth are just a few examples.
The Spartanburg MSA has seen strong economic growth in recent years. This has led to an increase in demand for housing, which has driven up prices. The median home price in Spartanburg County is now $186,000, up from $160,000 just two years ago.
The job market in Spartanburg is also very strong. The unemployment rate is just 3.4%, well below the national average of 4.9%. This strong job market has led to more people moving to the area in search of work, which has further increased demand for housing.
Interest rates remain at historically low levels, making it an affordable time to buy a home. However, they are expected to begin rising soon, so now may be a good time to buy before prices go up even further.
Population growth in Spartanburg MSA has been relatively flat in recent years. However, there are signs that this may be changing. The number of building permits issued for new construction was up significantly in 2017 compared to 2016. This could be an indication that population growth is starting to pick up again and that more people are moving into the area.