Fairbanks, AK 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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Fairbanks, AK Housing Market Trends

With a population of 30,917, 10,866 total housing units (homes and apartments), and a median house value of $253,190, Fairbanks real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Fairbanks, accounting for 33.98% of the city's housing units. Other types of housing that are prevalent in Fairbanks include large apartment complexes or high rise apartments ( 27.49%), duplexes, homes converted to apartments or other small apartment buildings ( 24.17%), and a few row houses and other attached homes ( 13.60%).

Fairbanks is dominated by renter-occupied one, two, or no bedrooms apartments. 67.28% of Fairbanks's dwellings are rentals.

There is a lot of housing in Fairbanks 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 Fairbanks built between 1940-1969 ( 26.10%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.18%). There's also some housing in Fairbanks built before 1939 ( 2.65%).

Vacant housing appears to be an issue in Fairbanks. Fully 16.20% of the housing stock is classified as vacant. Left unchecked, vacant Fairbanks homes and apartments can be a drag on the real estate market, holding Fairbanks 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.

Fairbanks Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Fairbanks, where house values have increased just 17.95%, which is annualized rate of 1.66%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Fairbanks appreciation rates have trailed the rest of the nation. In the last twelve months, Fairbanks's appreciation rate has been 3.68%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fairbanks were at 1.75%, which equates to an annual appreciation rate of 7.19%.

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

Relative to Alaska, our data show that Fairbanks's latest annual appreciation rate is lower than 80% of the other cities and towns in Alaska.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Fairbanks differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fairbanks - 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 Fairbanks real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$253,190

Fairbanks, AK HOME PRICES

> $1,108,000
1.0%
1.0%
$831,001 - $1,108,000
0.3%
0.3%
$554,001 - $831,000
2.2%
2.2%
$443,001 - $554,000
3.7%
3.7%
$333,001 - $443,000
9.1%
9.1%
$221,001 - $333,000
33.4%
33.4%
$111,001 - $221,000
41.6%
41.6%
$55,001 - $111,000
5.3%
5.3%
$0 - $55,000
3.5%
3.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Average for AK

Value Relative To Nation

Number Of Homes And Apartments:
10,866

Fairbanks Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AK*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
74.08% 2.61%
3
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,617 / per month

Homeownership Rate

Owners
32.7%
32.7%
Renters
67.3%
67.3%
Vacant
16.2%
16.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
19.2%
19.2%
1970 - 1999
52.1%
52.1%
1940 - 1969
26.1%
26.1%
1939 or Older
2.7%
2.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
34.0%
34.0%
Townhomes
13.6%
13.6%
Small Apt. Buildings
24.2%
24.2%
Apt. Complexes
27.5%
27.5%
Mobile Homes
0.7%
0.7%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.6%
4.6%
1 Bedroom
13.6%
13.6%
2 Bedrooms
32.9%
32.9%
3 Bedrooms
31.4%
31.4%
4 Bedrooms
13.4%
13.4%
5 or more bedrooms
4.1%
4.1%
0.0% 100.0%
% OF HOMES