The land or grounds where a fair is regularly held; a fairground or fair-site.
From 'fair' (a periodic market, from Old English 'fægr') plus 'stead' (from Old English 'stede' meaning 'place' or 'site'), literally 'the place where a fair is held,' similar to 'farmstead.'
The '-stead' suffix (in 'homestead,' 'farmstead,' 'bedstead') comes from Old English for 'place,' and 'fairstead' beautifully parallels these terms—it's a ghost word showing how medieval English organized landscape by function.
Complete word intelligence in one call. Free tier — 50 lookups/day.