Fairhope appreciation rates and housing market information

Fairhope housing market information

With 12,212 people, 5,951 houses or apartments, and a median cost of homes of $258,069, Fairhope real estate is some of the most expensive in Alabama, although Fairhope home values aren't among America's most expensive.

single-family detached homes are the single most common housing type in Fairhope, accounting for 76.17% of the city's housing units. Other types of housing that are prevalent in Fairhope include mobile homes or trailers (9.09%), large apartment complexes or high rise apartments (7.86%), duplexes, homes converted to apartments, or other small apartment buildings (5.56%), and a few row houses and other attached homes (1.31%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Fairhope. Owner-occupied housing accounts for 68.53% of Fairhope's homes, and 58.58% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Fairhope 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 Fairhope built from 1940-1969 (24.80%). A lesser amount of the housing stock also hails from 1995 and later (19.32%), and some were built from 1939 and earlier (19.32%).

Vacant housing appears to be an issue in Fairhope. Fully 10.28% of the housing stock is classified as vacant. Left unchecked, vacant Fairhope homes and apartments can be a drag on the real estate market, holding Fairhope 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.

Fairhope home appreciation rates

In the last 10 years, Fairhope has experienced some of the highest home appreciation rates of any community in the nation. Fairhope real estate appreciated 119.32% over the last ten years, which is an average annual home appreciation rate of 11.93%, putting Fairhope in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Fairhope definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Fairhope that despite a nationwide downturn in the housing market, Fairhope real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Fairhope appreciation rates continue to be some of the highest in America, at 5.60%, which is higher than appreciation rates in 92% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Fairhope. Fairhope appreciation rates in the latest quarter were at 1.32%, which equates to an annual appreciation rate of 5.28%.

Relative to Alabama, our data show that Fairhope's latest annual appreciation rate is higher than 89% of the other cities and towns in Alabama.