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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 8,475 people, 3,321 houses or apartments, and a median cost of homes of $362,659, 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 74.98% of the town's housing units. Other types of housing that are prevalent in Smithfield include large apartment complexes or high rise apartments ( 13.24%), row houses and other attached homes ( 4.83%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.33%).

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 68.91% of Smithfield's homes, and 73.90% 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 ( 22.23%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.79%). There's also some housing in Smithfield built before 1939 ( 7.39%).

Smithfield Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Smithfield, where house values have increased just 18.29%, which is annualized rate of 1.69%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

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 7.90%, 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 3.24%, which equates to an annual appreciation rate of 13.59%.

Relative to Virginia, our data show that Smithfield's latest annual appreciation rate is lower than 70% 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:
$362,659

Smithfield, VA HOME PRICES

> $1,146,000
0.6%
0.6%
$859,001 - $1,146,000
1.3%
1.3%
$573,001 - $859,000
10.6%
10.6%
$458,001 - $573,000
10.6%
10.6%
$344,001 - $458,000
27.4%
27.4%
$229,001 - $344,000
26.0%
26.0%
$114,001 - $229,000
14.6%
14.6%
$57,001 - $114,000
3.1%
3.1%
$0 - $57,000
5.9%
5.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for VA

Value Relative To Nation

Number Of Homes And Apartments:
3,321

Smithfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
86.62% 2.94%
5
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,106 / per month

Homeownership Rate

Owners
68.9%
68.9%
Renters
31.1%
31.1%
Vacant
8.4%
8.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
22.2%
22.2%
1970 - 1999
52.6%
52.6%
1940 - 1969
17.8%
17.8%
1939 or Older
7.4%
7.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
75.0%
75.0%
Townhomes
4.8%
4.8%
Small Apt. Buildings
4.3%
4.3%
Apt. Complexes
13.2%
13.2%
Mobile Homes
2.6%
2.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.4%
0.4%
1 Bedroom
5.6%
5.6%
2 Bedrooms
13.0%
13.0%
3 Bedrooms
50.0%
50.0%
4 Bedrooms
23.9%
23.9%
5 or more bedrooms
7.1%
7.1%
0.0% 100.0%
% OF HOMES

Zip Codes in Smithfield, VA