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 32,325, 11,228 total housing units (homes and apartments), and a median house value of $195,406, 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%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and 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.
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 4.32%, which ranks in the top 50% nationwide. This equates to an annual average Fairbanks house appreciation rate of 0.42%.
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 1.88%, 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 3.62%, which equates to an annual appreciation rate of 15.29%.
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 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.
|$769,001 - $1,025,000||0.0|
|$513,001 - $769,000||1.5|
|$410,001 - $513,000||3.1|
|$307,001 - $410,000||8.9|
|$205,001 - $307,000||33.5|
|$103,001 - $205,000||40.5|
|$52,001 - $103,000||6.8|
|$0 - $52,000||5.7|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Fairbanks HOMES|
|2000 or Newer||16.2|
|1970 - 1999||48.0|
|1940 - 1969||33.5|
|1939 or Older||2.2|
|TYPE OF Fairbanks HOMES|
|Small Apt. Buildings||21.3|
|SIZE OF Fairbanks HOMES|
|5 or more bedrooms||2.74|