Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 31,644, 11,115 total housing units (homes and apartments), and a median house value of $256,221, Fairbanks real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Fairbanks, accounting for 30.59% of the city's housing units. Other types of housing that are prevalent in Fairbanks include large apartment complexes or high rise apartments ( 28.66%), duplexes, homes converted to apartments or other small apartment buildings ( 23.26%), and a few row houses and other attached homes ( 16.47%).
Fairbanks is dominated by renter-occupied one, two, or no bedrooms apartments. 66.32% of Fairbanks's dwellings are rentals.
There is a lot of housing in Fairbanks built from 1970 to 1999 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 between 1940-1969 ( 30.16%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.79%). There's also some housing in Fairbanks built before 1939 ( 2.92%).
Vacant housing appears to be an issue in Fairbanks. Fully 14.61% 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.
Appreciation rates for homes in Fairbanks have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 17.31%, which ranks in the top 50% nationwide. This equates to an annual average Fairbanks house appreciation rate of 1.61%.
Appreciation rates are so strong in Fairbanks that despite a nationwide downturn in the housing market, Fairbanks real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Fairbanks appreciation rates continue to be some of the highest in America, at 7.80%, which is higher than appreciation rates in 80.85% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Fairbanks. Fairbanks appreciation rates in the latest quarter were at 3.42%, which equates to an annual appreciation rate of 14.40%.
Importantly, NeighborhoodScout’s exclusive research found that Fairbanks's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to Alaska, our data show that Fairbanks's latest annual appreciation rate is higher than 90% 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 2000, to assist you in making the best Fairbanks real estate investment or home purchase decisions.
|$855,001 - $1,140,000||0.2|
|$570,001 - $855,000||2.9|
|$456,001 - $570,000||2.3|
|$342,001 - $456,000||9.0|
|$228,001 - $342,000||34.4|
|$114,001 - $228,000||40.5|
|$57,001 - $114,000||5.5|
|$0 - $57,000||4.6|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
2000 Q1 - 2019 Q1
|* 10 is highest|
|AGE OF Fairbanks HOMES|
|2000 or Newer||16.8|
|1970 - 1999||50.1|
|1940 - 1969||30.2|
|1939 or Older||2.9|
|TYPE OF Fairbanks HOMES|
|Small Apt. Buildings||23.3|
|SIZE OF Fairbanks HOMES|
|5 or more bedrooms||3.43|