Fairbanks, AK
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Fairbanks Neighborhoods Since 2000




Fairbanks, AK Real Estate Data


Fairbanks Housing Market Information

With a population of 32,325, 11,228 total housing units (homes and apartments), and a median house value of $188,535, Fairbanks real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Fairbanks, accounting for 30.90% of the city's housing units. Other types of housing that are prevalent in Fairbanks include single-family detached homes ( 30.04%), duplexes, homes converted to apartments or other small apartment buildings ( 21.30%), and a few row houses and other attached homes ( 16.97%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

Fairbanks is dominated by renter-occupied one, two, or no bedrooms apartments. 66.49% 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 ( 33.55%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.24%). There's also some housing in Fairbanks built before 1939 ( 2.24%).

Vacant housing appears to be an issue in Fairbanks. Fully 12.20% 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 3.71%, which ranks in the top 50% nationwide. This equates to an annual average Fairbanks house appreciation rate of 0.37%.

Over the last year, Fairbanks appreciation rates have trailed the rest of the nation. In the last twelve months, Fairbanks's appreciation rate has been -0.90%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fairbanks were at -1.33%, which equates to an annual appreciation rate of -5.23%.

Notably, Fairbanks's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Alaska, our data show that Fairbanks's latest annual appreciation rate is lower than 70% 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:
$188,535

Fairbanks, AK HOME PRICES

Value Range
> $988,000 0.0
$741,001 - $988,000 0.0
$494,001 - $741,000 1.5
$395,001 - $494,000 3.1
$296,001 - $395,000 8.9
$198,001 - $296,000 33.5
$99,001 - $198,000 40.5
$50,001 - $99,000 6.8
$0 - $50,000 5.7

Average for AK
High for Nation

Value Relative to Nation Value Relative to State
34.9818352279386 55.7377049180328

Number Of Homes And Apartments:
11,228

Rent & Ownership

 

Average Market Rent:
$1,337 / per month

Homeownership Rate

Homeownership
Owners 33.51
Renters 66.49
Vacant 12.20

Housing Market Details

 

Age of Homes

AGE OF Fairbanks HOMES
2000 or Newer 16.2
1970 - 1999 48.0
1940 - 1969 33.5
1939 or Older 2.2

Types of Homes

TYPE OF Fairbanks HOMES
Single-Family 30.0
Townhomes 17.0
Small Apt. Buildings 21.3
Apt. Complexes 30.9
Mobile Homes 0.6
Other 0.1

Home Size

SIZE OF Fairbanks HOMES
No Bedroom 3.34
1 Bedroom 18.71
2 Bedrooms 29.89
3 Bedrooms 32.44
4 Bedrooms 12.88
5 or more bedrooms 2.74

Fairbanks Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AK*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
51.89% 2.45% 2 6
* 10 is highest