Fort Payne, AL Housing Market Trends
With a population of 14,957, 5,663 total housing units (homes and apartments), and a median house value of $230,806, house prices in Fort Payne are solidly below the national average.
Single-family detached homes are the single most common housing type in Fort Payne, accounting for 75.16% of the city's housing units. Other types of housing that are prevalent in Fort Payne include mobile homes or trailers ( 8.83%), large apartment complexes or high rise apartments ( 7.91%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.05%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Fort Payne. Owner-occupied housing accounts for 65.45% of Fort Payne's homes, and 57.01% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Fort Payne 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 Fort Payne built between 1940-1969 ( 31.28%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.35%). There's also some housing in Fort Payne built before 1939 ( 6.79%).
Vacant housing appears to be an issue in Fort Payne. Fully 12.84% of the housing stock is classified as vacant. Left unchecked, vacant Fort Payne homes and apartments can be a drag on the real estate market, holding Fort Payne 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.
Fort Payne Home Appreciation Rates
Appreciation rates for homes in Fort Payne have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 98.93%, which ranks in the top 50% nationwide. This equates to an annual average Fort Payne house appreciation rate of 7.12%.
Over the last year, Fort Payne appreciation rates have trailed the rest of the nation. In the last twelve months, Fort Payne's appreciation rate has been 6.10%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fort Payne were at 0.43%, which equates to an annual appreciation rate of 1.74%.
Relative to Alabama, our data show that Fort Payne's latest annual appreciation rate is higher than 70% 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 Fort Payne differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fort Payne - 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 Fort Payne real estate investment or home purchase decisions.
Median Home Value
$230,806
High
for Alabama
Low
for nation
Number of Homes And Apartments:
5,663
AL
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$954 / per month