Fairmont, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Fairmont, NC Real Estate Data


Fairmont Housing Market Information

With 2,697 people, 1,084 houses or apartments, and a median cost of homes of $63,276, house prices in Fairmont are some of the most affordable in North Carolina as well as the nation.

Single-family detached homes are the single most common housing type in Fairmont, accounting for 69.04% of the town's housing units. Other types of housing that are prevalent in Fairmont include duplexes, homes converted to apartments or other small apartment buildings ( 16.34%), large apartment complexes or high rise apartments ( 6.02%), and a few mobile homes or trailers ( 4.85%).

The most prevalent building size and type in Fairmont are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 49.66% owning and 50.34% renting.

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 51.60% of the town's housing hails from this era. Other housing ages represented in Fairmont include homes built between 1970-1999 ( 33.70%) and housing constructed before 1939 ( 9.46%). There's also some housing in Fairmont built between 2000 and later ( 5.24%).

Vacant housing appears to be an issue in Fairmont. Fully 15.25% 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

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 -1.66%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Fairmont's appreciation rate, at 4.60%, has been at or slightly above the national average. In the latest quarter, Fairmont's appreciation rate has been 0.99%, which annualizes to a rate of 4.04%.

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

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

Average Home Values

 

Median Home Value:
$63,276

Fairmont, NC HOME PRICES

Value Range
> $1,019,000 0.4
$764,001 - $1,019,000 0.0
$509,001 - $764,000 0.0
$408,001 - $509,000 0.0
$306,001 - $408,000 0.3
$204,001 - $306,000 7.7
$102,001 - $204,000 17.6
$51,001 - $102,000 37.2
$0 - $51,000 36.8

Very Low for NC
Very Low for Nation

Value Relative to Nation Value Relative to State
97.6518123792235 99.4555353901996

Number Of Homes And Apartments:
1,084

Rent & Ownership

 

Average Market Rent:
$498 / per month

Homeownership Rate

Homeownership
Owners 49.66
Renters 50.34
Vacant 15.25

Housing Market Details

 

Age of Homes

AGE OF Fairmont HOMES
2000 or Newer 5.2
1970 - 1999 33.7
1940 - 1969 51.6
1939 or Older 9.5

Types of Homes

TYPE OF Fairmont HOMES
Single-Family 69.0
Townhomes 3.8
Small Apt. Buildings 16.3
Apt. Complexes 6.0
Mobile Homes 4.8
Other 0.0

Home Size

SIZE OF Fairmont HOMES
No Bedroom 2.35
1 Bedroom 12.51
2 Bedrooms 23.06
3 Bedrooms 43.55
4 Bedrooms 14.86
5 or more bedrooms 3.67

Fairmont Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
18.88% 1.02% 3 2
* 10 is highest

Popular Neighborhoods in Fairmont

Zip Codes in Fairmont, NC