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Now, at this point, we’ve shared a little bit about what makes Fairfield so great. We’ve talked about the quality of living and the number of attractions present, but there are a few things we haven’t yet touched on. There are a couple of very important factors we’ve left out! In the following sections, we’ll be talking to real estate agents in Fairfield CT to get a better idea of what it’s like to buy a home in this city, as well as some of the most important factors that come into play. Let’s get into it!
As those in the market to buy a home will no doubt be aware, one of the most important factors is the state of the real estate market in the area you plan to make your purchase in. Things such as median home price, value appreciation rates and price per square foot are all important factors that you’ll need to consider, according to realtors in Fairfield CT. We’re willing to take their word for it!
The first thing you’re likely to be curious about concerning the real estate market in the city of Fairfield, CT. This stands at roughly $675,000 according to real estate agents in Fairfield CT, placing it far above most real estate markets in terms of initial purchase price but also median investment value. While it may not be suitable for everyone, the next statistic will make you swoon if you’ve got your ear to the ground searching for a salient investment.
What is this statistic, you ask? It’s the local property accretion rate! At an astronomical 17% increase yearly, homes in the city of Fairfield CT are a sure thing when it comes to investment. To put this astronomical appreciation rate in context, if you buy a home now for the median price of $675,000, next year it will likely be valued at $789,000. That’s what real estate agents in Fairfield CT call an exponential profit!
Of course, not everyone is looking for a place to set down roots permanently. Some prospective residents don’t want to invest at the moment, or simply don’t have the capital necessary to make a purchase. In cases like these, the obvious alternative to purchasing a home is renting one. So how expensive are rentals in this city? Let’s ask the real estate agents in Fairfield CT!
If you were expecting to save money by renting, you can put that thought right out of your head. Rentals here are expensive! With a median monthly rent price of approximately $2,300, rentals in this city are substantially more expensive than they are in most other cities. While they’re still less expensive than similar homes and apartments in cities like New York or Miami, that doesn’t mean they’re giving them out for free!
“Well”, you say, “apartments here are exorbitantly expensive; but they must be really large and spacious, right?” Wrong! At just under 780 square feet, the average apartment in this city is substantially smaller than the national average amount of floorspace in similar apartments across the US. The short version of everything we discussed above, according to real estate agents in Fairfield CT is this: you might not want to be a renter here.
Last but not least, we will discuss crime rates and public safety in the city of Fairfield CT. This is one of the most important things to keep in mind when choosing a place to live, as the safety of the place you choose to live can do a great deal to determine how comfortable you feel in your home and while traversing your city.
So how safe is this city? Well, according to the local realtors in Fairfield CT, it is exceptionally safe! Violent crime in particular is virtually a non-issue in this city, occuring at an average rate of only 0.4 incidents per 1,000 residents per year. While this might not sound particularly exceptional, it will quickly become apparent when you consider the fact that the national average is 4!
Property crime is somewhat more of an issue, however, With just over 19.4 incidents per 1,000 residents per year, the property crime rate in this city is slightly higher than the national average. As any of the local real estate agents in Fairfield CT will readily tell you, your chances of becoming a victim of this type of crime can be substantially reduced by implementing common sense security solutions. Overall, this is a very safe place!