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 about Scout's Real Estate Data
With 23,147 people, 8,119 houses or apartments, and a median cost of homes of $472,721, Fairhope house prices are not only among the most expensive in Alabama, Fairhope real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Fairhope, accounting for 83.67% of the city's housing units. Other types of housing that are prevalent in Fairhope include large apartment complexes or high rise apartments ( 8.79%), mobile homes or trailers ( 2.81%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.77%).
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 82.33% of Fairhope's homes, and 68.12% have either three or four bedrooms, which is average sized relative to America.
Fairhope homes and real estate are some of the newest in America. 45.07% of Fairhope's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Fairhope real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 39.54%), and between 1940-1969 ( 12.07%). There's also some housing in Fairhope built before 1939 ( 3.32%).
Vacant housing appears to be an issue in Fairhope. Fully 12.27% 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.
Appreciation rates for homes in Fairhope have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 97.87%, which ranks in the top 30% nationwide. This equates to an annual average Fairhope house appreciation rate of 7.06%.
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 9.51%, 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 0.47%, which equates to an annual appreciation rate of 1.88%.
Relative to Alabama, our data show that Fairhope's latest annual appreciation rate is lower than 90% 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.
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