Updated 2026 · Based on median market data for Spartanburg, SC
Home values in Spartanburg, SC have appreciated at 2.8% per year. Appreciation is modest, meaning total returns will be driven primarily by cash flow rather than equity gains. This is actually preferred by many investors who want predictable, income-based returns.
If Spartanburg continues appreciating at 2.8% annually, the current median of $195,000 would reach approximately $223,872 in 5 years — an equity gain of $28,872 on a property purchased at the median. With a 20% down payment of $39,000, that represents a 74% return on invested equity from appreciation alone. Combined with 5 years of NOI totaling approximately $48,550, the projected total return is $77,423 — a 199% cumulative return on the initial investment.
Spartanburg's population growth of 0.8% is moderate and positive, supporting steady but not explosive demand for housing. Markets with this growth profile tend to appreciate consistently without the boom-bust cycles of hyper-growth metros.
Smart investors evaluate both cash flow AND appreciation. In Spartanburg, the 4.98% cap rate provides moderate ongoing cash flow, while 2.8% annual appreciation adds an equity component. Conservative underwriting is essential. Focus on deals where the cash flow stands on its own, and treat any appreciation as a bonus.