Fairmont, WV 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
Fairmont, WV Housing Market Trends
With 18,242 people, 7,855 houses or apartments, and a median cost of homes of $158,376, the cost of homes in Fairmont is among some of the lowest in the nation. Compared to West Virginia, however, Fairmont real state is not on the lower end of the price spectrum.
Single-family detached homes are the single most common housing type in Fairmont, accounting for 72.20% of the city's housing units. Other types of housing that are prevalent in Fairmont include duplexes, homes converted to apartments or other small apartment buildings ( 12.55%), large apartment complexes or high rise apartments ( 11.80%), and a few mobile homes or trailers ( 2.07%).
The most prevalent building size and type in Fairmont are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.41% owning and 41.59% 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 41.17% of the city's housing hails from this era. Other housing ages represented in Fairmont include homes built before 1939 ( 33.69%) and housing constructed between 1970-1999 ( 20.31%). There's also some housing in Fairmont built between 2000 and later ( 4.83%).
Vacant housing appears to be an issue in Fairmont. Fully 12.45% 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 4.65%, which is lower than 80% of US communities.
Appreciation rates are so strong in Fairmont that despite a nationwide downturn in the housing market, Fairmont real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Fairmont appreciation rates continue to be some of the highest in America, at 13.75%, which is higher than appreciation rates in 96.42% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Fairmont. Fairmont appreciation rates in the latest quarter were at 1.56%, which equates to an annual appreciation rate of 6.39%.
Relative to West Virginia, our data show that Fairmont's latest annual appreciation rate is lower than 50% of the other cities and towns in West Virginia.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Fairmont differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fairmont - 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 Fairmont real estate investment or home purchase decisions.
Median Home Value
$158,376
Average
for West virginia
Very Low
for nation
Number of Homes And Apartments:
7,855
WV
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:
$1,411 / per month