Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 787 people, 317 houses or apartments, and a median cost of homes of $167,354, house prices in Faison are some of the most affordable in North Carolina as well as the nation.
Single-family detached homes are the single most common housing type in Faison, accounting for 65.46% of the town's housing units. Other types of housing that are prevalent in Faison include mobile homes or trailers ( 23.68%), large apartment complexes or high rise apartments ( 9.75%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Faison. Owner-occupied housing accounts for 65.30% of Faison's homes, and 49.58% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Faison built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Faison built between 1940-1969 ( 33.98%). A lesser amount of the housing stock also hails from before 1939 ( 14.48%). There's also some housing in Faison built between 2000 and later ( 10.31%).
Vacant housing appears to be an issue in Faison. Fully 11.70% of the housing stock is classified as vacant. Left unchecked, vacant Faison homes and apartments can be a drag on the real estate market, holding Faison real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Faison have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 117.25%, which ranks in the top 30% nationwide. This equates to an annual average Faison house appreciation rate of 8.07%.
Appreciation rates are so strong in Faison that despite a nationwide downturn in the housing market, Faison real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Faison appreciation rates continue to be some of the highest in America, at 12.26%, which is higher than appreciation rates in 74.11% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Faison. Faison appreciation rates in the latest quarter were at 3.07%, which equates to an annual appreciation rate of 12.84%.
Relative to North Carolina, our data show that Faison's latest annual appreciation rate is higher than 70% of the other cities and towns in North Carolina.
$167,354
for North carolina
for nation
317
$961 / per month