Gaffney, SC - Real Estate Market Overview 2025

The real estate market in Gaffney, SC is showing interesting trends in 2024. In June 2024, the median listing home price was $230K, but prices have gone down by 9.8% over the past year. This change affects both buyers and sellers in the area.

House prices in Gaffney vary significantly by neighborhood and property type. For example, there are affordable 2-3 bedroom listings in the 29340 zip code, with prices ranging from $12.5K to $3.2M. As of now, the average home value in Gaffney is $169,027, reflecting a smaller decrease of 3.2% over the past year.

Those interested in the current housing market trends in Gaffney should know that homes are selling faster compared to the previous year. The median home price in June 2024 was $186K, and homes typically stay on the market for 105 days.

Key Takeaways

• Median listing home price in June 2024 was $230K, down 9.8% year-over-year.
• Average home value in Gaffney is $169,027, down 3.2% from last year.
• Median home price for June 2024 was $186K, with homes selling faster than last year.

What Is The Current State Of The Gaffney, SC Real Estate Market 2024?

Gaffney's real estate market in 2024 shows distinct changes in home prices, sales patterns, and market behavior. Key data points help understand these trends clearly.

What Are The Key Market Trends?

In June 2024, Gaffney home prices increased by 3.9% from last year, reaching a median price of $186,000. The housing market is experiencing longer sale periods, with homes selling after 105 days on average, compared to 76 days in the previous year.

Price per square foot was about $143 in June 2024, suggesting a slight contraction from earlier trends. Although prices are rising, the number of homes sold also increased slightly from 10 to 12 homes in a year.

How Has The Market Changed Over The Past Year?

The Gaffney real estate market observed various shifts over the past year. Home values decreased by 3.2%, with the average home value now at approximately $169,027. This suggests a cooling trend in terms of valuation despite rising median prices.

The number of days homes stay on the market has almost doubled, indicating potential buyer hesitation or higher inventory. The overall trends in South Carolina, where the median home price stands at $383,200, influence the Gaffney housing market as part of the broader regional dynamics. Buyers and sellers should consider these factors when engaging with the market.

For more detailed market analysis, refer to comprehensive tools like Redfin's Gaffney Housing Market.

How Does The Gaffney, SC Real Estate Market Compare To National Trends?

The real estate market in Gaffney, SC has unique characteristics that both differentiate it from and align it with broader national trends. This comparison can help investors and homebuyers understand what to expect.

What Are The Major Differences?

The median home price in Gaffney stands out as a key difference. According to Redfin, the median home price in Gaffney is $186,000 as of June 2024. This is considerably lower than the national median home price, which Zillow reports to be around $416,100. This makes Gaffney a more affordable option compared to many areas in the U.S.

Another major difference is the time homes spend on the market. Homes in Gaffney spend around 105 days on the market, whereas nationally, homes typically sell much faster, averaging about 52 days. This suggests that buyers in Gaffney might have more time to make decisions, but sellers may need to be patient.

Gaffney's market has also seen a smaller year-over-year price increase (3.9%) compared to national averages, where home prices have risen around 10%. This may indicate a more stable market that's less prone to rapid price fluctuations.

What Similarities Exist?

Despite these differences, Gaffney shares some common trends with the national market. For example, like in many parts of the country, housing inventory is limited. This scarcity is pushing prices up, though at a slower rate than seen nationally.

Sales trends also align somewhat with the broader market. In August 2024, RocketHomes noted that 54% of homes in Gaffney sold within 30 days. Nationally, a significant portion of homes also sell quickly, driven by high demand.

Both markets are also witnessing shifts towards more remote and suburban living, a change accelerated by the COVID-19 pandemic. This shift has expanded the buyer pool for places like Gaffney, attracting those looking for affordable housing options outside of urban centers.

In summary, while Gaffney's real estate market offers more affordability and a slower pace, it still follows national trends regarding inventory scarcity and quick sales. This dual dynamic makes it a noteworthy consideration for buyers and investors alike.

What Types Of Properties Are Most In Demand In Gaffney, SC 2024?

In 2024, the real estate market in Gaffney, SC, has seen specific types of properties gaining popularity. Key factors include affordability, speed of sales, and emerging trends like eco-friendly homes.

Which Property Types Are Seeing The Most Interest?

Single-family homes are highly sought after in Gaffney. Many buyers prefer these properties due to their space and yard area, which are ideal for families. Homes with 3-4 bedrooms and 2-3 bathrooms are notably in demand. These homes provide ample space for growing families and often come with modern amenities. In June 2024, the median home price in Gaffney was $186,000, reflecting a year-over-year rise of 3.9% according to Redfin housing trends.

Townhouses are also popular. They offer a compromise between single-family homes and apartments, featuring less maintenance while still providing personal space. These units tend to be priced lower than standalone homes, making them accessible for first-time buyers.

Are There Any Emerging Property Trends?

Eco-friendly homes are catching the attention of buyers in Gaffney. Properties equipped with solar panels, energy-efficient windows, and smart home technologies are increasingly appealing. Buyers see these homes as a way to save on energy costs and contribute to a greener environment.

Another emerging trend is the shift toward smaller, low-maintenance homes. Some buyers are looking for properties that require less upkeep, which is leading to a rise in demand for condos and smaller houses. These properties are particularly attractive to retirees and small families.

Additionally, homes with flexible spaces that can serve as home offices or study areas are in demand. This trend aligns with the growing number of people working remotely, making it a crucial feature for many homebuyers today. For more insights on market trends, check out Steadily's real estate overview.

What Are The Average Property Prices In Gaffney, SC 2024?

In 2024, the real estate market in Gaffney, SC shows various trends in residential and commercial property prices. This section will detail these differences, helping potential buyers and investors make informed decisions.

What Is The Average Price For Residential Properties?

The average home value in Gaffney, SC is approximately $169,027, with a decrease of 3.2% over the past year. In June 2024, the median sale price was $186,000, up 3.9% from last year. The median listing home price was higher at $230,000, but it also reflects a 9.8% decrease year-over-year.

The average price per square foot for residential properties is around $143. Homes are staying on the market longer, with an average of 105 days compared to 76 days last year. Recent sales data shows that many homes are sold within 30 days.

For further details, visit the Gaffney Housing Market page.

How Do Commercial Property Prices Compare?

Commercial property prices in Gaffney, SC vary more widely and often depend on location and property size. While specific recent averages for commercial properties are not readily available from the search results, it's clear that housing prices as well as trends can offer some comparative insights.

Investors might look into the general appreciation projections for the area. Between 2024 and 2031, property values are expected to increase from $83,226-$96,075 to about $106,620. These trends give a sense of the appreciation potential for all types of real estate, including commercial.

For predictions on property value trends, check out this Gaffney real estate forecast.

What Factors Are Influencing The Gaffney, SC Real Estate Market?

Gaffney, SC's real estate market is shaped by a variety of factors. These elements include the local economic conditions, specific community developments, and other pertinent influences.

How Are Economic Conditions Affecting The Market?

The economic environment in Gaffney, SC plays a significant role in the real estate market. The increase in home prices by 3.9% as of June 2024 indicates a recovering economy. Median home prices now stand at about $186,000, showing growth compared to the previous year.

Labor market conditions and wages also have an impact. Employment levels in Cherokee County have been improving, bolstering consumer confidence. This positively impacts the ability to secure financing and purchase homes. Mortgage rates are another critical factor. Low-interest rates make borrowing cheaper, which can increase demand for homes.

Inflation and the cost of living are additional considerations. As living costs rise, people reevaluate their spending, including housing investments. These economic factors collectively influence how quickly homes are bought or sold in Gaffney.

What Local Developments Are Impacting Prices?

Local developments, including new schools and community projects, significantly affect home prices in Gaffney. For instance, the construction of new education facilities often makes areas more attractive to families, which can drive up demand and prices in those neighborhoods.

Additional community services like parks and public transportation projects also contribute to property value. Local MLS (Multiple Listing Services) data shows that homes in areas with better amenities tend to sell faster and at higher prices.

Commercial developments are another factor. New shopping centers or businesses can increase the desirability of an area, impacting both prices and how long homes stay on the market. On average, homes are now sold after 105 days, compared to 76 days last year, indicating changes in market competitiveness.

For more data on these trends, visit Gaffney housing market trends.

How Can Landlords Best Navigate The Gaffney, SC Real Estate Market 2024?

Landlords in Gaffney, SC should pay attention to various strategies and challenges to make the most of the 2024 real estate market. Key actions include carefully managing property listings and understanding market trends.

What Strategies Should Landlords Consider?

Landlords should remain aware of market trends such as predicted increases in house prices from $83,226.00–$96,075.61 to up to $106,620 by 2031. Keeping rental rates competitive is crucial. Utilizing new listings to compare market rates helps keep rental prices attractive to tenants.

Marketing the property effectively, including professionally taken photos and detailed descriptions, can draw in more potential renters. Collaborating with a local agent ensures that the property reaches a broader audience. Local agents often have insights into the latest market trends and can access the newest listings, which is beneficial for attracting tenants promptly.

Additionally, landlords should consider loan options for property upgrades, which can increase property value and appeal. Property inspections and necessary repairs should be done regularly to maintain the property's condition, ensuring it remains competitive in the Gaffney real estate market.

What Are The Potential Challenges?

Landlords in Gaffney, SC may face several challenges in 2024. One major issue includes handling inconsistent rental demand due to fluctuating market conditions. This could result in properties sitting vacant for longer periods, impacting overall profitability. Monitoring local real estate trends on websites like Trulia can help landlords stay informed about the market's trajectory.

Another challenge is maintaining property appeal amidst new listings. Competing with newer, more modern properties can be tough. Regular property updates, such as upgrading appliances or improving landscaping, can attract renters who might otherwise choose newer properties.

Navigating legalities around rentals and staying compliant with local landlord-tenant laws is essential. Missteps in this area can lead to costly fines and legal disputes. Working with a local agent or legal advisor can help landlords stay compliant and avoid these pitfalls.

Frequently Asked Questions

This section addresses common inquiries about Gaffney's real estate market, including trends, costs, median home prices, price factors, available property types, and long-term projections.

What are the current housing market trends in Gaffney, SC?

The housing market in Gaffney, SC shows a dynamic trend. In June 2024, home prices saw a 3.9% increase compared to last year, with homes selling for a median price of $186K. Homes typically sell after about 105 days on the market, which is longer than the 76 days from the previous year. For more details, visit Gaffney Housing Market Trends.

How does the cost of living in Gaffney compare to the rest of South Carolina?

Gaffney's cost of living is relatively lower than many other cities in South Carolina. While specific figures can vary, the cost of housing is a significant factor. According to public records and various real estate market reports, the median home prices in Gaffney are generally lower, which contributes to the overall affordability.

What are the median home prices in Gaffney as of 2024?

As of 2024, the median home price in Gaffney was $186K in June. This marks a 3.9% increase from the previous year. Realtor.com indicated a trend where the median listing price in June 2024 was $230K, showing a decline of 9.8% year-over-year. For more information, see Gaffney, SC 2024 Housing Market.

What factors are influencing real estate price changes in Gaffney?

Several factors influence real estate price changes in Gaffney. Key elements include economic conditions, buyer demand, interest rates, and the availability of homes. Rocket Homes Real Estate highlights that many homes are sold rapidly, with 54% selling within 30 days during August 2024, affecting overall price trends. Check RocketHomes for more insights.

What type of properties are available in Gaffney's real estate market?

The Gaffney real estate market offers a variety of property types, including single-family homes, townhouses, and vacant land. These properties cater to different buyer needs, from first-time buyers to investors. Frequent updates on property listings can be found on platforms like Zillow and Redfin.

What are the projected long-term trends for the Gaffney, SC real estate market?

Long-term projections for Gaffney's real estate market indicate an upward trend in home prices. Between August 2024 and July 2031, house prices are expected to rise from $83,226 to as much as $106,620 by 2031. Understanding these trends can help buyers and investors make informed decisions. For more on this, visit Gaffney, SC - Real Estate Market Overview 2024.

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