Fayette, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Fayette, AL Real Estate Data


Fayette Housing Market Information

With a population of 4,490, 1,884 total housing units (homes and apartments), and a median house value of $85,516, house prices in Fayette are solidly below the national average.

Single-family detached homes are the single most common housing type in Fayette, accounting for 63.46% of the city's housing units. Other types of housing that are prevalent in Fayette include duplexes, homes converted to apartments or other small apartment buildings ( 16.80%), large apartment complexes or high rise apartments ( 12.68%), and a few mobile homes or trailers ( 5.68%).

The most prevalent building size and type in Fayette are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 47.75% owning and 52.25% renting.

There is a lot of housing in Fayette 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 Fayette built between 1940-1969 ( 33.01%). A lesser amount of the housing stock also hails from before 1939 ( 8.24%). There's also some housing in Fayette built between 2000 and later ( 4.90%).

Vacant housing appears to be an issue in Fayette. Fully 13.74% of the housing stock is classified as vacant. Left unchecked, vacant Fayette homes and apartments can be a drag on the real estate market, holding Fayette 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.

Fayette Home Appreciation Rates

Appreciation rates for homes in Fayette have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.11%, which ranks in the top 40% nationwide. This equates to an annual average Fayette house appreciation rate of 0.59%.

Appreciation rates are so strong in Fayette that despite a nationwide downturn in the housing market, Fayette real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Fayette appreciation rates continue to be some of the highest in America, at 17.24%, which is higher than appreciation rates in 99.36% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Fayette. Fayette appreciation rates in the latest quarter were at 2.88%, which equates to an annual appreciation rate of 12.02%.

Importantly, this makes Fayette one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

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

Average Home Values

 

Median Home Value:
$85,516

Fayette, AL HOME PRICES

Value Range
> $1,107,000 0.0
$831,001 - $1,107,000 1.3
$554,001 - $831,000 0.1
$443,001 - $554,000 1.3
$332,001 - $443,000 0.0
$221,001 - $332,000 9.2
$111,001 - $221,000 22.0
$55,001 - $111,000 37.0
$0 - $55,000 26.4

Low for AL
Very Low for Nation

Value Relative to Nation Value Relative to State
86.9213641157858 68.25

Number Of Homes And Apartments:
1,884

Rent & Ownership

 

Average Market Rent:
$700 / per month

Homeownership Rate

Homeownership
Owners 47.75
Renters 52.25
Vacant 13.74

Housing Market Details

 

Age of Homes

AGE OF Fayette HOMES
2000 or Newer 4.9
1970 - 1999 53.8
1940 - 1969 33.0
1939 or Older 8.2

Types of Homes

TYPE OF Fayette HOMES
Single-Family 63.5
Townhomes 1.4
Small Apt. Buildings 16.8
Apt. Complexes 12.7
Mobile Homes 5.7
Other 0.0

Home Size

SIZE OF Fayette HOMES
No Bedroom 0.46
1 Bedroom 12.59
2 Bedrooms 30.95
3 Bedrooms 44.09
4 Bedrooms 6.73
5 or more bedrooms 5.17

Fayette 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
23.47% 1.23% 4 2
* 10 is highest

Popular Neighborhoods in Fayette

Zip Codes in Fayette, AL