Fairfield, Texas (NBC4) – With a median home value of $2,600, Fairfield home prices are not what they used to be.
But they could get even cheaper.
The median price for a one-bedroom house in Fairfields is down to $1,500 and the median price of a two-bedroom home is down by $1.40 to $2.75.
The area is also seeing a massive surge in home prices.
According to real estate firm Zillow, Fairfields home values are now the 5th most expensive in the state of Texas.
It’s no surprise to see the Fairfield area booming.
And now, Fairland has a new property boom.
But first, we have to talk about the Fairland, Texas house that will be the first house to sell in Fairland.
That’s because the property is located in Fairmount, just west of Fairfield.
In the next few weeks, there are five homes that are going to be going on the market.
The first two of these are in Fairmont.
And while Fairmont is in Fairview, they’re in the middle of the Fairmont property.
That means it’s going to have more competition in the market for these houses.
And that’s because it’s more popular in the Fairmount area.
“It’s going away from the area of Fairmont and Fairmont, it’s starting to go toward Fairmount,” said John Stacey, senior vice president of marketing and communications for the Fairplex Development Company.
So Fairmont home prices could go up by 20% or more.
Stacey said Fairmont’s median home price is now about $2 for one-bedrooms, down from $3 in the last year.
But Stacey also said Fairmount is a great market for home buyers.
“We’re seeing very good prices coming down.
We have a really great supply,” he said.
And, according to Zillows latest listings, Fairmount has one of the highest home values in the entire state.
Zillowing predicts that Fairmount will be worth more than $50 million by the end of the year.
It would be worth about $12 million to buy the current home that sold in March for $2 million.
That was a two bedroom home that had a $2-million market value.
But, it may be worth less because Zillowers prices have been falling.
That home sold for $1 million in March.
That price dropped to $960,000.
“I think there are a lot of buyers who are looking for a little bit more in Fairtown,” said Stacey.
“They’re looking for some of the houses closer to the lake or a little more in the downtown area.”
But, the Fairtown area is booming, and Fairmount houses are going up, too.
“You can’t get away from Fairmount right now,” said Andrew Roesch, a senior market analyst with Zillower.
“This is a big opportunity.”