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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Fairmont, MN Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Fairmont, MN Housing Market Trends

With a population of 10,260, 4,750 total housing units (homes and apartments), and a median house value of $194,485, house prices in Fairmont are solidly below the national average.

Single-family detached homes are the single most common housing type in Fairmont, accounting for 68.80% of the city's housing units. Other types of housing that are prevalent in Fairmont include large apartment complexes or high rise apartments ( 20.08%), duplexes, homes converted to apartments or other small apartment buildings ( 6.23%), and a few row houses and other attached homes ( 2.67%).

People in Fairmont primarily live in small (one, two or no bedroom) single-family detached homes. Fairmont has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Fairmont's housing was primarily built during this period, from the '40s through the '60s. A full 38.80% of the city's housing hails from this era. Other housing ages represented in Fairmont include homes built between 1970-1999 ( 34.25%) and housing constructed before 1939 ( 21.42%). There's also some housing in Fairmont built between 2000 and later ( 5.53%).

Fairmont Home Appreciation Rates

Fairmont's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Fairmont during the period has been just 4.67%, which is lower than 80% of US communities.

Over the last year, Fairmont appreciation rates have trailed the rest of the nation. In the last twelve months, Fairmont's appreciation rate has been 3.81%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fairmont were at -0.63%, which equates to an annual appreciation rate of -2.49%.

Notably, Fairmont's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Minnesota, our data show that Fairmont's latest annual appreciation rate is higher than 50% of the other cities and towns in Minnesota.

Average Home Values

Median Home Value

$194,485

Fairmont, MN Home Prices
> $1,176,000
$882,001 - $1,176,000
$588,001 - $882,000
$470,001 - $588,000
$353,001 - $470,000
$235,001 - $353,000
$118,001 - $235,000
$59,001 - $118,000
$0 - $59,000
0.0%
0.0%
0.2%
0.2%
2.9%
2.9%
3.8%
3.8%
5.6%
5.6%
12.6%
12.6%
41.5%
41.5%
22.9%
22.9%
10.4%
10.4%
0% 100.0%
% of Homes
Very Low

for Minnesota

Low

for nation

Number of Homes And Apartments:

4,750

Fairmont Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,297 / per month

Homeownership Rate

Owners
Renters
64.5%
64.5%
35.5%
35.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.2%
5.2%
94.8%
94.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
5.5%
5.5%
34.3%
34.3%
38.8%
38.8%
21.4%
21.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
68.8%
68.8%
2.7%
2.7%
6.2%
6.2%
20.1%
20.1%
2.2%
2.2%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.5%
3.5%
13.4%
13.4%
32.2%
32.2%
31.4%
31.4%
14.7%
14.7%
4.8%
4.8%
0% 100.0%
% of Homes

Popular Neighborhoods in Fairmont

Popular Communities Near Fairmont, MN

Zip Codes in Fairmont, MN