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 a population of 11,630, 4,513 total housing units (homes and apartments), and a median house value of $245,513, 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 61.84% of the town's housing units. Other types of housing that are prevalent in Smithfield include large apartment complexes or high rise apartments ( 14.92%), duplexes, homes converted to apartments or other small apartment buildings ( 13.22%), and a few mobile homes or trailers ( 6.23%).
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 49.02% owning and 50.98% 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 ( 39.75%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.45%). There's also some housing in Smithfield built before 1939 ( 7.72%).
Vacant housing appears to be an issue in Smithfield. Fully 14.87% 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.
Appreciation rates for homes in Smithfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 85.67%, which ranks in the top 40% nationwide. This equates to an annual average Smithfield house appreciation rate of 6.38%.
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 4.47%, 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 -4.53%, which equates to an annual appreciation rate of -16.94%.
Notably, Smithfield's appreciation rate in the latest quarter is one of the lowest in America.
Relative to North Carolina, our data show that Smithfield's latest annual appreciation rate is lower than 90% of the other cities and towns in North Carolina.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Smithfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Smithfield - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Smithfield real estate investment or home purchase decisions.
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