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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.



Fort Payne, AL 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 2024. 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

Fort Payne, AL Housing Market Trends

With 14,879 people, 5,814 houses or apartments, and a median cost of homes of $201,320, 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 74.00% of the city's housing units. Other types of housing that are prevalent in Fort Payne include mobile homes or trailers ( 10.10%), large apartment complexes or high rise apartments ( 7.93%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.90%).

The most prevalent building size and type in Fort Payne are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.85% owning and 36.15% renting.

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 ( 29.93%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.40%). There's also some housing in Fort Payne built before 1939 ( 6.59%).

Vacant housing appears to be an issue in Fort Payne. Fully 11.86% 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

Real estate appreciation rates in Fort Payne's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.39% during the period.

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 3.12%, 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 -1.79%, which equates to an annual appreciation rate of -6.98%.

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

Relative to Alabama, our data show that Fort Payne's latest annual appreciation rate is lower than 50% 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.

Average Home Values

Median Home Value

$201,320

Fort Payne, AL Home Prices
> $1,400,000
$1,049,001 - $1,400,000
$700,001 - $1,049,000
$560,001 - $700,000
$420,001 - $560,000
$280,001 - $420,000
$140,001 - $280,000
$70,001 - $140,000
$0 - $70,000
0.4%
0.4%
0.7%
0.7%
1.1%
1.1%
3.8%
3.8%
6.5%
6.5%
19.8%
19.8%
33.1%
33.1%
20.0%
20.0%
14.4%
14.4%
0% 100.0%
% of Homes
Average

for Alabama

Low

for nation

Number of Homes And Apartments:

5,814

Fort Payne Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,108 / per month

Homeownership Rate

Owners
Renters
63.8%
63.8%
36.2%
36.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
11.9%
11.9%
88.1%
88.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
15.4%
15.4%
48.1%
48.1%
29.9%
29.9%
6.6%
6.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
74.0%
74.0%
1.1%
1.1%
6.9%
6.9%
7.9%
7.9%
10.1%
10.1%
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
0.1%
0.1%
6.2%
6.2%
34.6%
34.6%
45.8%
45.8%
11.2%
11.2%
2.0%
2.0%
0% 100.0%
% of Homes