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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Smithfield, VA Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Smithfield, VA Housing Market Trends

With 8,867 people, 3,418 houses or apartments, and a median cost of homes of $471,637, 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 77.43% of the town's housing units. Other types of housing that are prevalent in Smithfield include large apartment complexes or high rise apartments ( 14.32%), row houses and other attached homes ( 4.24%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.58%).

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 76.75% of Smithfield's homes, and 75.74% 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 ( 25.23%). A lesser amount of the housing stock also hails from between 1940-1969 ( 12.99%). There's also some housing in Smithfield built before 1939 ( 5.87%).

Smithfield Home Appreciation Rates

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 4.55%, which is lower than 80% of US communities.

Appreciation rates are so strong in Smithfield that despite a nationwide downturn in the housing market, Smithfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Smithfield appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 80.42% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Smithfield. Smithfield appreciation rates in the latest quarter were at -0.39%, which equates to an annual appreciation rate of -1.56%.

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.

Average Home Values

Median Home Value

$471,637

Smithfield, VA Home Prices
> $1,272,000
$954,001 - $1,272,000
$636,001 - $954,000
$509,001 - $636,000
$382,001 - $509,000
$255,001 - $382,000
$127,001 - $255,000
$63,001 - $127,000
$0 - $63,000
0.9%
0.9%
2.4%
2.4%
13.5%
13.5%
20.7%
20.7%
27.5%
27.5%
19.8%
19.8%
9.0%
9.0%
0.3%
0.3%
5.8%
5.8%
0% 100.0%
% of Homes
High

for Virginia

Very High

for nation

Number of Homes And Apartments:

3,418

Smithfield Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,716 / per month

Homeownership Rate

Owners
Renters
76.8%
76.8%
23.2%
23.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.3%
5.3%
94.7%
94.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
25.2%
25.2%
55.9%
55.9%
13.0%
13.0%
5.9%
5.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
77.4%
77.4%
4.2%
4.2%
2.6%
2.6%
14.3%
14.3%
1.4%
1.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
3.5%
3.5%
15.1%
15.1%
49.3%
49.3%
26.4%
26.4%
5.7%
5.7%
0% 100.0%
% of Homes

Zip Codes in Smithfield, VA