Spartanburg’s Median Home Price Rises, Defies Nationwide Trend

Spartanburg’s median home price rises, defies nationwide trend

May 14, 2008

By Lee Gray – The Spartanburg Herald-Journal

Though median home prices in most of the metropolitan areas recently surveyed by the National Association of Realtors showed declines, the Spartanburg area ranked third-highest in the nation for price increases.

The NAR report released Tuesday states that median prices for single-family homes in Spartanburg have increased 10.1 percent since the first quarter of 2007. First quarter (January to March) numbers this year show Spartanburg’s median home price to be $130,300, meaning half of the homes sold are above the median price and half are sold for less. The national median home price fell to $196,300, down 7.7 percent since last year.

In the 46 surveyed states, 100 of 149 metropolitan areas showed price declines. Only a third of the areas had increasing home prices. The survey showed the largest percentage of cities with price drops since its first evaluation of metro area home prices in 1979.

David Cordeau, president of the Spartanburg Area Chamber of Commerce, said he’s not surprised by the findings.

“I think it’s indicative of what we’re seeing in the economic development world, the confidence people are having in the community,” Cordeau noted of recent economic announcements such as BMW’s expansion. “It’s real easy to have good vibes about the community right now.”

Cordeau said he’s heard Spartanburg real estate prices are holding, though the number of homes sold and new building permit rates are down. However, he believes the demand is there. The NAR findings, Cordeau explained, could be indicative of the kinds of homes sold, not price increases. More economic development means more professional job opportunities. And more high-wage earning professionals moving into the community could mean an increase in Spartanburg’s median home price.

“I think we’re seeing the beginning of what is probably a turnaround here, a confidence in the economy, a positive outlook, people feeling really good about being here and coming here,” Cordeau said. “It’s good news for all of us.”


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