Fairfield, AL Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Fairfield, AL Housing Market Trends

With a population of 10,568, 4,441 total housing units (homes and apartments), and a median house value of $108,910, house prices in Fairfield are solidly below the national average.

Single-family detached homes are the single most common housing type in Fairfield, accounting for 70.31% of the city's housing units. Other types of housing that are prevalent in Fairfield include duplexes, homes converted to apartments or other small apartment buildings ( 13.92%), large apartment complexes or high rise apartments ( 12.82%), and a few mobile homes or trailers ( 1.55%).

The most prevalent building size and type in Fairfield are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.19% owning and 49.81% 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. Fairfield's housing was primarily built during this period, from the '40s through the '60s. A full 48.54% of the city's housing hails from this era. Other housing ages represented in Fairfield include homes built between 1970-1999 ( 37.76%) and housing constructed before 1939 ( 10.77%). There's also some housing in Fairfield built between 2000 and later ( 2.93%).

Vacant housing appears to be an issue in Fairfield. Fully 19.11% of the housing stock is classified as vacant. Left unchecked, vacant Fairfield homes and apartments can be a drag on the real estate market, holding Fairfield 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.

Fairfield Home Appreciation Rates

Real estate appreciation rates in Fairfield's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.02% during the period.

Appreciation rates are so strong in Fairfield that despite a nationwide downturn in the housing market, Fairfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Fairfield appreciation rates continue to be some of the highest in America, at 14.04%, which is higher than appreciation rates in 93.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Fairfield. Fairfield appreciation rates in the latest quarter were at 2.02%, which equates to an annual appreciation rate of 8.31%.

Relative to Alabama, our data show that Fairfield's latest annual appreciation rate is higher than 90% of the other cities and towns in Alabama.

Average Home Values

 

Median Home Value:
$108,910

Fairfield, AL HOME PRICES

> $1,421,000
0.1%
0.1%
$1,066,001 - $1,421,000
0.0%
0.0%
$711,001 - $1,066,000
1.6%
1.6%
$569,001 - $711,000
0.0%
0.0%
$426,001 - $569,000
0.6%
0.6%
$284,001 - $426,000
2.4%
2.4%
$142,001 - $284,000
35.7%
35.7%
$71,001 - $142,000
43.4%
43.4%
$0 - $71,000
16.2%
16.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Low for AL

Value Relative To Nation

Number Of Homes And Apartments:
4,441

Fairfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
43.06% 1.68%
2
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$885 / per month

Homeownership Rate

Owners
50.2%
50.2%
Renters
49.8%
49.8%
Vacant
19.1%
19.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
2.9%
2.9%
1970 - 1999
37.8%
37.8%
1940 - 1969
48.5%
48.5%
1939 or Older
10.8%
10.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
70.3%
70.3%
Townhomes
1.4%
1.4%
Small Apt. Buildings
13.9%
13.9%
Apt. Complexes
12.8%
12.8%
Mobile Homes
1.5%
1.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.3%
0.3%
1 Bedroom
12.5%
12.5%
2 Bedrooms
28.0%
28.0%
3 Bedrooms
50.2%
50.2%
4 Bedrooms
8.2%
8.2%
5 or more bedrooms
0.8%
0.8%
0.0% 100.0%
% OF HOMES