Fairfield, IL 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, IL Housing Market Trends
With a population of 4,779, 2,319 total housing units (homes and apartments), and a median house value of $117,245, house prices in Fairfield are some of the most affordable in Illinois as well as the nation.
Single-family detached homes are the single most common housing type in Fairfield, accounting for 74.21% of the city's housing units. Other types of housing that are prevalent in Fairfield include large apartment complexes or high rise apartments ( 11.03%), mobile homes or trailers ( 10.11%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.19%).
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 66.17% of Fairfield's homes, and 53.92% 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 42.28% of the city's housing hails from this era. Other housing ages represented in Fairfield include homes built between 1970-1999 ( 30.40%) and housing constructed before 1939 ( 20.56%). There's also some housing in Fairfield built between 2000 and later ( 6.76%).
Vacant housing appears to be an issue in Fairfield. Fully 10.88% of the housing stock is classified as vacant. Left unchecked, vacant Fairfield homes and apartments can be a drag on the real estate market, holding Fairfield 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.
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 5.39%, which is lower than 70% 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 8.60%, which is higher than appreciation rates in 76.88% 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 1.42%, which equates to an annual appreciation rate of 5.82%.
Relative to Illinois, our data show that Fairfield's latest annual appreciation rate is higher than 60% of the other cities and towns in Illinois.
Median Home Value
$117,245
Very Low
for Illinois
Very Low
for nation
Number of Homes And Apartments:
2,319
IL
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:
$1,078 / per month