Fairfield, CT Real Estate Market
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
Fairfield, CT Housing Market Trends
With a population of 62,871, 20,506 total housing units (homes and apartments), and a median house value of $1,065,141, Fairfield house prices are not only among the most expensive in Connecticut, Fairfield real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Fairfield, accounting for 78.27% of the town's housing units. Other types of housing that are prevalent in Fairfield include duplexes, homes converted to apartments or other small apartment buildings ( 9.42%), row houses and other attached homes ( 7.14%), and a few large apartment complexes or high rise apartments ( 4.87%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Fairfield. Owner-occupied housing accounts for 76.40% of Fairfield's homes, and 66.59% have either three or four bedrooms, which is average sized relative to America.
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. Fairfield's housing was primarily built during this period, from the '40s through the '60s. A full 46.66% of the town's housing hails from this era. Other housing ages represented in Fairfield include homes built between 1970-1999 ( 24.75%) and housing constructed before 1939 ( 18.07%). There's also some housing in Fairfield built between 2000 and later ( 10.53%).
Fairfield Home Appreciation Rates
Fairfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Fairfield during the period has been just 5.04%, which is lower than 80% of US communities.
Appreciation rates are so strong in Fairfield that despite a nationwide downturn in the housing market, Fairfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Fairfield appreciation rates continue to be some of the highest in America, at 12.37%, which is higher than appreciation rates in 94.38% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Fairfield. Fairfield appreciation rates in the latest quarter were at 1.79%, which equates to an annual appreciation rate of 7.35%.
Relative to Connecticut, our data show that Fairfield's latest annual appreciation rate is higher than 90% of the other cities and towns in Connecticut.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Fairfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fairfield - 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 Fairfield real estate investment or home purchase decisions.
Median Home Value
$1,065,141
Very High
for Connecticut
Very High
for nation
Number of Homes And Apartments:
20,506
CT
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$4,205 / per month