Fairmont appreciation rates and housing market information

Fairmont housing market information

With a population of 19,163, 9,808 total housing units (homes and apartments), and a median house value of $105,571, house prices in Fairmont are solidly below the national average.

single-family detached homes are the single most common housing type in Fairmont, accounting for 69.88% of the city's housing units. Other types of housing that are prevalent in Fairmont include duplexes, homes converted to apartments, or other small apartment buildings (17.19%), large apartment complexes or high rise apartments (9.96%), mobile homes or trailers (1.70%), and a few row houses and other attached homes (1.26%).

The most prevalent building size and type in Fairmont are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 54.30% owning, and 32.05% renting.

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. Fairmont's housing was primarily built during this period, from the '40s through the '60s. A full 46.64% of the city's housing hails from this era. Other housing ages represented in Fairmont include homes built between 1939 and earlier (36.60%), and housing constructed from 1970-1994 (15.20%). There's also some housing in Fairmont built between 1995 and later (1.56%).

Vacant housing appears to be an issue in Fairmont. Fully 13.65% of the housing stock is classified as vacant. Left unchecked, vacant Fairmont homes and apartments can be a drag on the real estate market, holding Fairmont 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.

Fairmont home appreciation rates

Real estate appreciation rates in Fairmont have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 6.27% during the period.

NeighborhoodScout's data show that during the latest twelve months, Fairmont home appreciation rates, at 1.52%, have been at or slightly above the national average. In the latest quarter, Fairmont's appreciation rate has been 1.14%, which annualizes to a rate of 4.56%.

Relative to West Virginia, our data show that Fairmont's latest annual appreciation rate is higher than 55% of the other cities and towns in West Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Fairmont differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fairmont - 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 Fairmont real estate investment or home purchase decisions.