Fairmont, MN


Highest Appreciating Fairmont Neighborhoods Since 2000

Fairmont, MN Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Fairmont Housing Market Information

With 10,221 people, 4,684 houses or apartments, and a median cost of homes of $157,793, Fairmont real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Fairmont, accounting for 71.84% of the city's housing units. Other types of housing that are prevalent in Fairmont include large apartment complexes or high rise apartments ( 15.61%), duplexes, homes converted to apartments or other small apartment buildings ( 7.32%), and a few row houses and other attached homes ( 2.96%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Fairmont. Owner-occupied housing accounts for 66.16% of Fairmont's homes, and 54.48% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Fairmont 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 Fairmont built between 1940-1969 ( 33.62%). A lesser amount of the housing stock also hails from before 1939 ( 24.83%). There's also some housing in Fairmont built between 2000 and later ( 5.46%).

Vacant housing appears to be an issue in Fairmont. Fully 10.53% of the housing stock is classified as vacant. Left unchecked, vacant Fairmont homes and apartments can be a drag on the real estate market, holding Fairmont 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.

Fairmont Home Appreciation Rates

Appreciation rates for homes in Fairmont have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 1.46%, which ranks in the top 50% nationwide. This equates to an annual average Fairmont house appreciation rate of 0.15%.

NeighborhoodScout's data show that during the latest twelve months, Fairmont's appreciation rate, at 4.25%, has been at or slightly above the national average. In the latest quarter, Fairmont's appreciation rate has been -0.47%, which annualizes to a rate of -1.86%.

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

Average Home Values


Median Home Value:


Value Range
> $1,088,000 0.0
$816,001 - $1,088,000 0.4
$544,001 - $816,000 0.7
$436,001 - $544,000 1.6
$326,001 - $436,000 4.6
$218,001 - $326,000 11.2
$109,001 - $218,000 37.0
$54,001 - $109,000 30.5
$0 - $54,000 14.0

Low for MN
Average for Nation

Value Relative to Nation Value Relative to State
46.6600257822571 62.0123203285421

Number Of Homes And Apartments:

Fairmont Appreciation Rates

Time Period Total Appreciation Avg. Annual Rate Compared To
Compared To
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
30.47% 1.55% 3 3
* 10 is highest

Rent & Ownership


Average Market Rent:
$1,032 / per month

Homeownership Rate

Owners 66.16
Renters 33.84
Vacant 10.53

Housing Market Details


Age of Homes

2000 or Newer 5.5
1970 - 1999 36.1
1940 - 1969 33.6
1939 or Older 24.8

Types of Homes

Single-Family 71.8
Townhomes 3.0
Small Apt. Buildings 7.3
Apt. Complexes 15.6
Mobile Homes 2.3
Other 0.0

Home Size

No Bedroom 1.74
1 Bedroom 16.18
2 Bedrooms 24.89
3 Bedrooms 37.88
4 Bedrooms 16.60
5 or more bedrooms 2.71

Popular Neighborhoods in Fairmont

Popular Communities Near Fairmont, MN

Zip Codes in Fairmont, MN