Living in Fairbanks, AK
Fairbanks, AK, is a vibrant community known for its striking natural beauty and exceptional outdoor recreational opportunities. Residents enjoy a blend of urban amenities and a close connection to nature, with a range of activities from hiking to viewing the Northern Lights. Its rich history and cultural scene make it a unique place to call home.
Current Market Conditions in Fairbanks, AK
The real estate market in Fairbanks is currently experiencing a steady increase in demand, driven by both local and out-of-state buyers. The diverse housing options attract a wide range of residents, including military personnel, students, and families. Although the market is competitive, it remains affordable compared to other cities, making it an enticing prospect for investors seeking growth opportunities.
In recent months, Fairbanks' housing market has shown promising signs of growth, with increased sales and a slight rise in median home prices. The demand for rental properties is also on the rise due to seasonal workers and transient populations, causing a surge in interest for multi-family units and rental investments.
Home Value Estimator For Fairbanks, AK
There are currently 17,206 real estate properties
in Fairbanks, AK,
with a median automated valuation model (AVM) price
of $308,500.00. What is an AVM? It is
a smart computer program that analyzes and predicts the approximate value of a home,
property or land in Fairbanks, AK, based on current market
trends, comparable real
estate sales nearby, historical data and, of course, property features, among other
variables. These automated home estimates are often very helpful, providing buyers
and
sellers with a better idea of a home’s value ahead of the negotiation process. For
example,
the average home price in Fairbanks, AK,
is $314,727.00, with the most expensive house
in Fairbanks, AK, topping out
at $5,370,112.00 and the cheapest home
in Fairbanks, AK,
clocking in at $13,476.00. In other words, there’s
something for every potential homebuyer
or savvy investor in Fairbanks, AK!
Rent Prices
In Fairbanks, AK
With the expiration of certain local, state and federal housing-related restrictions
and
mandated programs, the rental market in Fairbanks, AK, is on
a rollercoaster ride. The
average rent price in Fairbanks, AK,
is $1,760.00. Indeed, when looking to rent in
Fairbanks, AK, you can expect to pay as little
as $700.00 or as much
as $3,310.00,
with the average rent median estimated to
be $1,720.00. The good news is that finding
an affordable and desirable property to rent in Fairbanks, AK
-- whether it’s apartments,
townhomes, condominiums or single-family homes -- is made easier with knowledge of
the
local market and, of course, a little patience.
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