Fairbanks appreciation rates and housing market information

Fairbanks housing market information

With 30,259 people, 12,414 houses or apartments, and a median cost of homes of $234,200, Fairbanks real estate prices are well above average cost compared to national prices.

large apartment complexes or high rise apartments are the single most common housing type in Fairbanks, accounting for 39.50% of the city's housing units. Other types of housing that are prevalent in Fairbanks include single-family detached homes (31.17%), duplexes, homes converted to apartments, or other small apartment buildings (20.35%), row houses and other attached homes (8.20%), and a few mobile homes or trailers (0.68%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Fairbanks is dominated by renter-occupied one, two, or no bedroom apartments. 58.54% of Fairbanks's dwellings are rentals.

There is a lot of housing in Fairbanks built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Fairbanks built from 1940-1969 (44.64%). A lesser amount of the housing stock also hails from 1995 and later (3.87%), and some were built from 1939 and earlier (3.87%).

Vacant housing appears to be an issue in Fairbanks. Fully 10.37% of the housing stock is classified as vacant. Left unchecked, vacant Fairbanks homes and apartments can be a drag on the real estate market, holding Fairbanks real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Fairbanks home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Fairbanks, where house values have increased just 29.28%, which is an average annual increase of 2.92%. NeighborhoodScout's data show that in the latest quarter, Fairbanks house values appreciated -3.07%, which is an annualized rate of -12.28%. This rate is lower than the appreciation rate found in 80% of the cities and towns in America.

Over the last year, Fairbanks appreciation rates have trailed the rest of the nation. In the last twelve months, Fairbanks's appreciation rate has been -3.84%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fairbanks were at -3.07%, which equates to an annual appreciation rate of -12.28%.

Notably, Fairbanks's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Alaska, our data show that Fairbanks's latest annual appreciation rate is higher than 8% of the other cities and towns in Alaska.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Fairbanks differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fairbanks - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Fairbanks real estate investment or home purchase decisions.