A Texas-based builder is targeting first-time homebuyers in and around Spartanburg, South Carolina, one of the fastest-growing metropolitan areas in the country.
LGI Homes said Wednesday that it had launched single-family sales at Henson Creek Farms near Interstate 26 in the city of Moore, South Carolina, southwest of Spartanburg. Prices for the three- to four-bedroom houses start at $275,900, with no down payment required and builder-paid closing costs available, according to LGI's website.
Henson Creek's starting price is well below the U.S. median home value of $385,000 in April, according to Homes.com data.
As of July 2024, the Spartanburg region's population totaled nearly 396,000 residents, according to the most recent figures from the U.S. Census. Spartanburg's growth rate of 2.7% from 2023 was the 10th highest in the nation, the Census data shows. Ocala, Florida, was first at 4%, while the Myrtle Beach, South Carolina area was second at 3.8%.
Over the past year, Spartanburg's job growth more than doubled the nationwide average of 1.2%, noted Chuck McShane, senior director of market analytics for Homes.com and CoStar. Over the longer term, BMW and supporting suppliers are bullish on growth opportunities related to the carmaker's largest global production facility in nearby Greer, South Carolina, he added.
"As the adjacent, and larger, Greenville market has also seen substantial population and job growth, rental and for-sale housing developers have moved into Spartanburg, where land is more readily available," McShane said in an email.
South Carolina's Upstate area has benefited from migration to the Sun Belt and relative affordability compared to larger markets within the region, such as Charlotte and Atlanta, McShane added.
Publicly held LGI, based in The Woodlands, Texas, is the 18th-largest U.S. builder based on 6,131 sales last year, according to Builder magazine. LGI covers 36 markets in 21 states and said it has sold more than 75,000 homes since its founding in 2003.