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
With a population of 8,364, 3,247 total housing units (homes and apartments), and a median house value of $294,794, Smithfield real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Smithfield, accounting for 68.05% of the town's housing units. Other types of housing that are prevalent in Smithfield include large apartment complexes or high rise apartments ( 15.11%), row houses and other attached homes ( 7.67%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.55%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Smithfield. Owner-occupied housing accounts for 68.83% of Smithfield's homes, and 67.59% have either three or four bedrooms, which is average sized relative to America.
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 2000 and later ( 26.12%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.33%). There's also some housing in Smithfield built before 1939 ( 6.67%).
Smithfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Smithfield during the period has been just -1.62%, which is lower than 80% of US communities.
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 0.92%, 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 -0.63%, which equates to an annual appreciation rate of -2.48%.
Notably, Smithfield's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Virginia, our data show that Smithfield's latest annual appreciation rate is lower than 60% of the other cities and towns in Virginia.
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.
|$764,001 - $1,018,000||1.6|
|$509,001 - $764,000||8.5|
|$407,001 - $509,000||13.2|
|$305,001 - $407,000||17.3|
|$204,001 - $305,000||27.1|
|$102,001 - $204,000||21.1|
|$51,001 - $102,000||3.0|
|$0 - $51,000||7.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Smithfield HOMES|
|2000 or Newer||26.1|
|1970 - 1999||48.9|
|1940 - 1969||18.3|
|1939 or Older||6.7|
|TYPE OF Smithfield HOMES|
|Small Apt. Buildings||5.5|
|SIZE OF Smithfield HOMES|
|5 or more bedrooms||7.76|