Fairhope, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Fairhope, AL Real Estate Data


Fairhope Housing Market Information

With 18,730 people, 6,551 houses or apartments, and a median cost of homes of $252,860, Fairhope real estate is some of the most expensive in Alabama, although Fairhope home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Fairhope, accounting for 79.92% of the city's housing units. Other types of housing that are prevalent in Fairhope include large apartment complexes or high rise apartments ( 10.97%), mobile homes or trailers ( 4.42%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.10%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Fairhope. Owner-occupied housing accounts for 71.76% of Fairhope's homes, and 72.00% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Fairhope 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 Fairhope built between 2000 and later ( 29.85%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.68%). There's also some housing in Fairhope built before 1939 ( 3.06%).

Vacant housing appears to be an issue in Fairhope. Fully 14.01% of the housing stock is classified as vacant. Left unchecked, vacant Fairhope homes and apartments can be a drag on the real estate market, holding Fairhope 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.

Fairhope Home Appreciation Rates

Real estate appreciation rates in Fairhope's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.32% during the period.

Over the last year, Fairhope appreciation rates have trailed the rest of the nation. In the last twelve months, Fairhope's appreciation rate has been 1.72%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fairhope were at 0.92%, which equates to an annual appreciation rate of 3.72%.

Relative to Alabama, our data show that Fairhope's latest annual appreciation rate is lower than 60% of the other cities and towns in Alabama.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Fairhope differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fairhope - 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 Fairhope real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$252,860

Fairhope, AL HOME PRICES

Value Range
> $1,177,000 0.9
$883,001 - $1,177,000 2.6
$588,001 - $883,000 7.1
$471,001 - $588,000 5.4
$353,001 - $471,000 12.9
$235,001 - $353,000 28.5
$118,001 - $235,000 32.0
$59,001 - $118,000 5.3
$0 - $59,000 5.2

Very High for AL
High for Nation

Value Relative to Nation Value Relative to State
21.8387437009258 2.25

Number Of Homes And Apartments:
6,551

Rent & Ownership

 

Average Market Rent:
$1,492 / per month

Homeownership Rate

Homeownership
Owners 71.76
Renters 28.24
Vacant 14.01

Housing Market Details

 

Age of Homes

AGE OF Fairhope HOMES
2000 or Newer 29.9
1970 - 1999 47.4
1940 - 1969 19.7
1939 or Older 3.1

Types of Homes

TYPE OF Fairhope HOMES
Single-Family 79.9
Townhomes 1.6
Small Apt. Buildings 3.1
Apt. Complexes 11.0
Mobile Homes 4.4
Other 0.0

Home Size

SIZE OF Fairhope HOMES
No Bedroom 0.97
1 Bedroom 3.19
2 Bedrooms 19.61
3 Bedrooms 51.10
4 Bedrooms 20.90
5 or more bedrooms 4.23

Fairhope Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
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
56.02% 2.61% 10 7
* 10 is highest