Smithfield, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Smithfield Neighborhoods Since 2000




Smithfield, VA Real Estate Data


Smithfield Housing Market Information

With 8,364 people, 3,200 houses or apartments, and a median cost of homes of $268,976, 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 70.29% of the town's housing units. Other types of housing that are prevalent in Smithfield include large apartment complexes or high rise apartments ( 13.45%), row houses and other attached homes ( 7.91%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.78%).

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 69.83% of Smithfield's homes, and 68.91% 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 ( 26.96%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.06%). There's also some housing in Smithfield built before 1939 ( 4.54%).

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 -1.14%, which is lower than 70% 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 3.24%, 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 1.94%, which equates to an annual appreciation rate of 7.99%.

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:
$268,976

Smithfield, VA HOME PRICES

Value Range
> $1,041,000 0.9
$781,001 - $1,041,000 1.6
$521,001 - $781,000 7.1
$417,001 - $521,000 10.9
$312,001 - $417,000 16.6
$208,001 - $312,000 32.9
$104,001 - $208,000 19.8
$52,001 - $104,000 1.5
$0 - $52,000 8.8

High for VA
High for Nation

Value Relative to Nation Value Relative to State
20.4134215611641 26.0387811634349

Number Of Homes And Apartments:
3,200

Rent & Ownership

 

Average Market Rent:
$1,119 / per month

Homeownership Rate

Homeownership
Owners 69.83
Renters 30.17
Vacant 5.60

Housing Market Details

 

Age of Homes

AGE OF Smithfield HOMES
2000 or Newer 27.0
1970 - 1999 49.4
1940 - 1969 19.1
1939 or Older 4.5

Types of Homes

TYPE OF Smithfield HOMES
Single-Family 70.3
Townhomes 7.9
Small Apt. Buildings 4.8
Apt. Complexes 13.5
Mobile Homes 3.6
Other 0.0

Home Size

SIZE OF Smithfield HOMES
No Bedroom 0.00
1 Bedroom 6.02
2 Bedrooms 18.76
3 Bedrooms 44.93
4 Bedrooms 23.98
5 or more bedrooms 6.31

Smithfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
61.74% 2.87% 7 8
* 10 is highest

Zip Codes in Smithfield, VA