Real estate is becoming the most common form of investment. This is due to the fact that the community is becoming diversified with people expressing various interests concerning the homes they would like to live in or rent, the surroundings of the homes, and the available resources. Most cities are growing day-by-day, with an ever increasing number of houses for sale. Fairfield, California is no exception. The real estate market within the city has experienced tremendous growth over the past few years. However, this growth is not constant at all.
The discussion below summarizes the trends in the real estate market in Fairfield, California.
Trends in Real Estate Market in Fairfield:
Research performed from 2014-2017 has shown that the market trends within the city are highly dependent on three factors, including:
- Median listing price
- Median days on the market
- Median listing price per square feet
Basing on these three factors, the real estate market has been shown to have either increased or decreased. In 2014, for example, the median listing prices were relatively low compared to those in February 2017. However, the same research done within the period of a year from 2016 to February 2017 indicated a decrease in the number of median house sales but an increase in the price per square feet. The real estate market within this city has also seen a change in the number of properties over the past year. For instance, the number of rentals decreased from about 100 in December 2016 to 75 in January 2017.
It is, therefore, worth mentioning that the real estate market in Fairfield is growing in terms of the prices within the square feet as well as with the number of listing days. This growth has seen the overall number of properties decreasing within the past few months.
The real estate market in Fairfield, California is influenced by:
- The schools within it
- Crime rates
- The demographics
- The means of transport
The Schools Within It
The schools in Fairfield are the best, relatively speaking. This is evident right from elementary schools through middle schools to high schools. These schools have demonstrated a high level of performance and hence make Fairfield the best real estate market.
Crime Rates
Fairfield, unlike other cities, has demonstrated a relatively lower crime rate over the past year. However, the recorded crime rates can also be a contributing factor towards the depreciation experienced by the market over the past year. Despite this, it has been noted that Fairfield has the safest neighborhood, leading more clients towards the market and contributing to its appreciation.
The Demographics
Based on the results of the research conducted in Fairfield, it was noted that 64 percent of the total population in this region were homeowners. About 24 percent were single residents. According to Zillow, the median age of the population is 35. Almost 30 percent of the population are college students. Also, it was indicated that the median household income within the city was $69,185.
The Means of Transport
Fairfield’s main means of transportation is by car. A good number of people use cars to commute. This comprises about 97 percent of the population. The remaining 2 percent commute by public transport. The people from this city neither commute by bicycles or on foot.
Following the above discussion, it can be concluded that the real estate market in Fairfield is within the realm of appreciating due to the available resources. The surroundings of the real estate can also contribute to this appreciation by the fact that they are exceedingly lovely. This market is, therefore, the best due to its number of sales during the past few years as well as the schools available within its geographic location.
Eric Lawrence Frazier, MBA
President and CEO
NMLS #461807 CalBRE #01143484
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