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FAIRHAVEN HOUSING MARKET INFORMATION
With a population of 16,055, 6,506 total housing units (homes and apartments), and a median house value of $344,204, Fairhaven real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Fairhaven, accounting for 73.23% of the town’s housing units. Other types of housing that are prevalent in Fairhaven include duplexes, homes converted to apartments or other small apartment buildings ( 13.52%), large apartment complexes or high rise apartments ( 9.95%), and a few row houses and other attached homes ( 3.30%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Fairhaven. Owner-occupied housing accounts for 73.40% of Fairhaven’s homes, and 54.24% have either three or four bedrooms, which is average sized relative to America.
The housing in Fairhaven was primarily built before 1939 ( 37.28%), making the housing stock in Fairhaven some of the oldest overall in America, although there is a range of ages of homes in Fairhaven. The next most important housing age is between 1940-1969 ( 32.40%), followed by between 1970-1999 ( 23.66%). There’s also some housing in Fairhaven built between 2000 and later ( 6.65%).
FAIRHAVEN HOME APPRECIATION RATES
Real estate appreciation rates in Fairhaven’s have tracked to near the national average over the last then years, with the annual appreciation rate averaging 1.26% during the period.
Appreciation rates are so strong in Fairhaven that despite a nationwide downturn in the housing market, Fairhaven real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Fairhaven appreciation rates continue to be some of the highest in America, at 7.54%, which is higher than appreciation rates in 76.64% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Fairhaven. Fairhaven appreciation rates in the latest quarter were at 1.53%, which equates to an annual appreciation rate of 6.25%.
Relative to Massachusetts, our data show that Fairhaven’s latest annual appreciation rate is higher than 60% of the other cities and towns in Massachusetts.
Information provided by: https://www.neighborhoodscout.com/ma/fairhaven/real-estate