Smithfield, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Smithfield Neighborhoods Since 2000




Smithfield, NC Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Smithfield Housing Market Information

With a population of 12,022, 4,349 total housing units (homes and apartments), and a median house value of $165,311, Smithfield real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Smithfield, accounting for 68.26% of the town's housing units. Other types of housing that are prevalent in Smithfield include duplexes, homes converted to apartments or other small apartment buildings ( 13.26%), large apartment complexes or high rise apartments ( 9.31%), and a few row houses and other attached homes ( 6.24%).

The most prevalent building size and type in Smithfield are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 48.84% owning and 51.16% renting.

There is a lot of housing in Smithfield 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 Smithfield built between 1940-1969 ( 41.75%). A lesser amount of the housing stock also hails from before 1939 ( 7.66%). There's also some housing in Smithfield built between 2000 and later ( 6.90%).

Vacant housing appears to be an issue in Smithfield. Fully 12.74% of the housing stock is classified as vacant. Left unchecked, vacant Smithfield homes and apartments can be a drag on the real estate market, holding Smithfield 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.

Smithfield Home Appreciation Rates

Real estate appreciation rates in Smithfield's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.59% during the period.

Over the last year, Smithfield appreciation rates have trailed the rest of the nation. In the last twelve months, Smithfield's appreciation rate has been 1.25%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Smithfield were at 2.42%, which equates to an annual appreciation rate of 10.04%.

Importantly, this makes Smithfield one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to North Carolina, our data show that Smithfield's latest annual appreciation rate is lower than 70% of the other cities and towns in North Carolina.

Average Home Values

 

Median Home Value:
$165,311

Smithfield, NC HOME PRICES

Value Range
> $1,048,000 0.1
$786,001 - $1,048,000 0.0
$524,001 - $786,000 0.4
$419,001 - $524,000 3.7
$314,001 - $419,000 4.3
$209,001 - $314,000 21.2
$105,001 - $209,000 42.5
$52,001 - $105,000 21.7
$0 - $52,000 6.1

High for NC
Average for Nation

Value Relative to Nation Value Relative to State
43.5339271065276 36.6606170598911

Number Of Homes And Apartments:
4,349

Smithfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
6.29% 0.35% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$974 / per month

Homeownership Rate

Homeownership
Owners 48.84
Renters 51.16
Vacant 12.74

Housing Market Details

 

Age of Homes

AGE OF Smithfield HOMES
2000 or Newer 6.9
1970 - 1999 43.7
1940 - 1969 41.8
1939 or Older 7.7

Types of Homes

TYPE OF Smithfield HOMES
Single-Family 68.3
Townhomes 6.2
Small Apt. Buildings 13.3
Apt. Complexes 9.3
Mobile Homes 2.9
Other 0.0

Home Size

SIZE OF Smithfield HOMES
No Bedroom 1.04
1 Bedroom 8.29
2 Bedrooms 31.76
3 Bedrooms 45.81
4 Bedrooms 10.43
5 or more bedrooms 2.67