Fair Lawn appreciation rates and housing market information
Fair Lawn housing market information
With a population of 32,830, 11,930 total housing units (homes and apartments), and a median house value of $377,221, real estate costs in Fair Lawn are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.
Single-family detached homes are the single most common housing type in Fair Lawn, accounting for 75.52% of the borough's housing units. Other types of housing that are prevalent in Fair Lawn include duplexes, homes converted to apartments or other small apartment buildings (13.21%), large apartment complexes or high rise apartments (7.47%), and a few row houses and other attached homes (3.63%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Fair Lawn. Owner-occupied housing accounts for 77.13% of Fair Lawn's homes, and 66.20% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Fair Lawn's housing was primarily built during this period, from the '40s through the '60s. A full 74.05% of the borough's housing hails from this era. Other housing ages represented in Fair Lawn include homes built before 1939 (14.72%) and housing constructed between 1970-1999 (8.01%). There's also some housing in Fair Lawn built between 2000 and later (3.22%).
Fair Lawn home appreciation rates
Appreciation rates for homes in Fair Lawn have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 17.57%, which ranks in the top 50% nationwide. This equates to an annual average Fair Lawn house appreciation rate of 1.63%.
NeighborhoodScout's data show that during the latest twelve months, Fair Lawn's appreciation rate, at 2.96%, has been at or slightly above the national average. In the latest quarter, Fair Lawn's appreciation rate has been 0.74%, which annualizes to a rate of 3.00%.
Relative to New Jersey, our data show that Fair Lawn's latest annual appreciation rate is higher than 60% of the other cities and towns in New Jersey.
One very important thing to keep in mind is that these are average appreciation rates for the borough. Individual neighborhoods within Fair Lawn differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fair Lawn - 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 Fair Lawn real estate investment or home purchase decisions.