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 4,490, 1,884 total housing units (homes and apartments), and a median house value of $85,733, 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.
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 2.85%, which ranks in the top 50% nationwide. This equates to an annual average Fayette house appreciation rate of 0.28%.
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 8.07%, which is higher than appreciation rates in 83.06% 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 -0.55%, which equates to an annual appreciation rate of -2.17%.
Notably, Fayette's appreciation rate in the latest quarter is one of the lowest in America.
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.
|$833,001 - $1,110,000||1.3|
|$555,001 - $833,000||0.1|
|$444,001 - $555,000||1.3|
|$333,001 - $444,000||0.0|
|$222,001 - $333,000||9.2|
|$111,001 - $222,000||22.0|
|$55,001 - $111,000||37.0|
|$0 - $55,000||26.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Fayette HOMES|
|2000 or Newer||4.9|
|1970 - 1999||53.8|
|1940 - 1969||33.0|
|1939 or Older||8.2|
|TYPE OF Fayette HOMES|
|Small Apt. Buildings||16.8|
|SIZE OF Fayette HOMES|
|5 or more bedrooms||5.17|