Ever feel lost staring at housing charts and acronyms? You are not alone. Spartanburg’s market reports are full of useful signals, but only if you know how to read them. In this guide, you’ll learn the key stats, how they’re calculated, and how to use them to price, time, and negotiate with confidence in Spartanburg and Spartanburg County. Let’s dive in.
Key market stats explained
Months of inventory
Months of inventory tells you how long it would take to sell all current listings at the recent sales pace if no new homes came on the market (Active listings ÷ Average monthly closed sales). Around 6 months is often viewed as balanced, below 6 favors sellers, and above 6 favors buyers. Local context matters, so compare to Spartanburg’s recent history and your price range.
Example: If Spartanburg County has 900 active listings and the 3‑month average of closed sales is 300 per month, months of inventory is 3, which suggests a seller‑leaning market.
What to watch:
- Match geography and property type for both inputs.
- Expect spring to bump inventory temporarily.
- MLS data can lag and relists can inflate counts.
Days on market (DOM)
DOM is the number of days from listing to going under contract. Lower DOM signals strong demand. Higher DOM means buyers are taking longer to act. Median DOM is more reliable than the average because luxury or unique homes can skew the numbers.
Example: A median DOM of 18 days means half of local listings went under contract in 18 days or less.
What to watch:
- Some systems track days to closing instead of days to contract. Confirm the definition.
- Relisted homes may reset DOM. Ask for cumulative DOM when possible.
- Compare by property type and price band for a fair read.
List‑to‑sale ratio
This is the final sale price divided by the final list price, shown as a percentage (Sale price ÷ Final list price × 100%). Above 100% means homes are selling over list. Below 100% means they are selling under list.
Example: A 98% list‑to‑sale ratio means buyers, on average, paid 2% under the seller’s final list price.
What to watch:
- Price reductions change the denominator. The final list price is what matters.
- Concessions like closing cost credits do not always show in the sale price. Net proceeds can differ from the headline ratio.
Price per square foot
Price per square foot helps you compare relative value (Sale price ÷ Finished living area). It works best when you compare similar homes in the same neighborhood and time frame.
Example: A home that sells for $240,000 with 1,600 finished square feet is $150 per square foot.
What to watch:
- Measurement standards vary. Finished basements, bonus rooms, and garages are sometimes counted differently.
- Newer, smaller homes often have higher $/sq ft than older, larger ones nearby.
- Lot size, condition, and features like views can move $/sq ft meaningfully.
How to read Spartanburg charts
Spot trends, not noise
Use 3‑ or 12‑month rolling averages to smooth short-term swings. Seasonal patterns in the Upstate often show more new listings in spring. Rolling views help you see whether a shift is real or just seasonal.
Compare year over year
Month-to-month changes can mislead. Check the same month or quarter a year earlier. Year-over-year views help you see the true direction net of seasonality.
Match apples to apples
Always match geography and property type. City vs county, single-family vs townhome, and different ZIP codes can tell different stories. Use the same scope for all metrics to avoid mixed signals.
Watch sample size
Micro-neighborhoods can have very few sales. One high or low sale can distort averages. Prefer medians, and note the number of sales behind any chart.
What the signals mean
Seller’s market cues
- Low months of inventory
- Falling DOM
- List‑to‑sale at or above 100%
- Rising $/sq ft
When you see these together, expect faster sales and stronger pricing power.
Buyer’s market cues
- Rising months of inventory toward or above 6
- Rising DOM
- List‑to‑sale below 100%
- Flat or declining $/sq ft
That mix points to more selection and room to negotiate.
Mixed signals
Sometimes months of inventory rises while $/sq ft also rises. That can mean inventory is growing in lower-priced tiers while higher-quality homes stay in demand. Drill down by price band and property type to find the real story.
Use stats to make decisions
Seller checklist
- Start with local comps: Use 3–6 recent sales from your neighborhood over the last 30–90 days, matched for size, age, and condition. Focus on the median $/sq ft.
- Check inventory by price band: Under $300k can behave differently than $500k+. Low supply in your band can support a stronger list price.
- Read DOM and list‑to‑sale together: If DOM is low and list‑to‑sale is at or over 100%, price competitively and be ready for early activity. If DOM is high and list‑to‑sale trends under 100%, consider pricing to market and tightening your presentation.
- Set pivot points: If your listing passes the local median DOM with light showings, have a plan for a marketing refresh or price adjustment.
Buyer checklist
- Target leverage: Look in areas and price bands with higher months of inventory and longer DOM for more negotiating room.
- Use list‑to‑sale norms: If your target band averages under 98%, you can often start below list and request concessions. If DOM is very short, be ready to write clean, competitive offers.
- Compare $/sq ft wisely: Adjust for condition, lot, and renovations. A lower $/sq ft can hide major repair needs.
- Time your search: Spring brings more options and more competition. Late fall and winter can mean fewer listings but more time to negotiate.
Decision triggers to watch
- Seller: If months of inventory in your price band rises more than 20% above its 12‑month average and list‑to‑sale dips below 98%, consider a price or marketing change within 2–4 weeks.
- Buyer: If list‑to‑sale in your target area drops below 98% and DOM rises above the 12‑month median, prioritize price or concession negotiations over escalation.
Where to get Spartanburg data
Local sources
- Spartanburg Association of REALTORS: MLS-driven market reports with the most complete view of listings, pendings, DOM, and sale prices.
- Spartanburg County property records: Public records to verify sale prices, lot size, and tax‑assessed living area.
How to request the right cut
- Specify geography and property type: City vs county, ZIP, and single-family vs townhouse.
- Ask for rolling averages and YoY comparisons: 3‑ and 12‑month rolling views reduce noise.
- Get price‑banded stats: At least three bands, such as under $300k, $300k–$500k, and $500k+.
- Note sample sizes: Fewer sales means more volatility.
Common pitfalls
- Reporting lag can hide recent shifts. Rely on MLS-timed data where possible.
- Relists can reset DOM. Ask for cumulative DOM.
- Mixed measurement standards make $/sq ft tricky. Confirm how living area is defined in the data source.
The bottom line
When you know what months of inventory, DOM, list‑to‑sale, and $/sq ft actually signal, you can make clearer choices. Sellers can set smarter prices and timelines. Buyers can spot leverage and move quickly on the right home. If you want a local breakdown by neighborhood and price band, connect with a trusted, data‑oriented advisor.
If you are planning a sale or a purchase in Spartanburg, reach out to Michael Dassel for a local, data‑driven game plan. Request a free home valuation and a clear next step.
FAQs
What is a good months of inventory number for Spartanburg?
- Around 6 months is often considered balanced, but compare to recent local averages and your price band to judge whether conditions lean buyer or seller.
Why do days on market numbers differ across websites in Spartanburg?
- Some sources track days to contract, others track days to close, and relists can reset the clock; ask for cumulative DOM and confirm the definition used.
Is price per square foot reliable for pricing my Spartanburg home?
- It is a useful starting point when comparing similar homes, but adjust for condition, lot, features, and consistent living‑area measurement.
When is the best time to list a home in Spartanburg?
- Spring usually brings more listings and buyers, but compare year over year and watch your price band’s inventory and DOM to pick the best window.
How much negotiation room should I expect in Spartanburg right now?
- Check your price band’s list‑to‑sale ratio and months of inventory; ratios under 100% and higher inventory usually mean more room to negotiate.
