Fairbanks, AK
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Fairbanks, AK Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Fairbanks Housing Market Information

With 31,644 people, 11,115 houses or apartments, and a median cost of homes 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.

Fairbanks Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$256,221

Fairbanks, AK HOME PRICES

Value Range
> $1,140,000 0.5
$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

High for AK
High for Nation

Value Relative to Nation Value Relative to State
25.4656934306569 32.8125

Number Of Homes And Apartments:
11,115

Fairbanks Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AK*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2019 Q1
72.91% 2.89%
5
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,508 / per month

Homeownership Rate

Homeownership
Owners 33.68
Renters 66.32
Vacant 14.61

Housing Market Details

 

Age of Homes

AGE OF Fairbanks HOMES
2000 or Newer 16.8
1970 - 1999 50.1
1940 - 1969 30.2
1939 or Older 2.9

Types of Homes

TYPE OF Fairbanks HOMES
Single-Family 30.6
Townhomes 16.5
Small Apt. Buildings 23.3
Apt. Complexes 28.7
Mobile Homes 0.7
Other 0.3

Home Size

SIZE OF Fairbanks HOMES
No Bedroom 4.19
1 Bedroom 17.19
2 Bedrooms 30.19
3 Bedrooms 31.78
4 Bedrooms 13.22
5 or more bedrooms 3.43