Smithfield, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Smithfield Neighborhoods Since 2000




Smithfield, VA Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Smithfield Housing Market Information

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 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 -1.62%, 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.

Average Home Values

 

Median Home Value:
$294,794

Smithfield, VA HOME PRICES

Value Range
> $1,018,000 0.6
$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

High for VA
Very High for Nation

Value Relative to Nation Value Relative to State
16.7408883159498 20.2216066481994

Number Of Homes And Apartments:
3,247

Smithfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
57.50% 2.67% 6 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$854 / per month

Homeownership Rate

Homeownership
Owners 68.83
Renters 31.17
Vacant 6.70

Housing Market Details

 

Age of Homes

AGE OF Smithfield HOMES
2000 or Newer 26.1
1970 - 1999 48.9
1940 - 1969 18.3
1939 or Older 6.7

Types of Homes

TYPE OF Smithfield HOMES
Single-Family 68.0
Townhomes 7.7
Small Apt. Buildings 5.5
Apt. Complexes 15.1
Mobile Homes 3.6
Other 0.0

Home Size

SIZE OF Smithfield HOMES
No Bedroom 0.17
1 Bedroom 5.14
2 Bedrooms 19.34
3 Bedrooms 43.33
4 Bedrooms 24.25
5 or more bedrooms 7.76

Zip Codes in Smithfield, VA