Suffolk, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Suffolk, VA Real Estate Data


Suffolk Housing Market Information

With a population of 88,161, 30,798 total housing units (homes and apartments), and a median house value of $255,178, Suffolk real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Suffolk, accounting for 77.18% of the city's housing units. Other types of housing that are prevalent in Suffolk include large apartment complexes or high rise apartments ( 9.42%), row houses and other attached homes ( 5.97%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.93%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Suffolk. Owner-occupied housing accounts for 70.80% of Suffolk's homes, and 69.48% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Suffolk 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 Suffolk built between 2000 and later ( 29.09%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.02%). There's also some housing in Suffolk built before 1939 ( 8.76%).

Suffolk Home Appreciation Rates

Suffolk's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Suffolk during the period has been just -1.47%, which is lower than 80% of US communities.

Over the last year, Suffolk appreciation rates have trailed the rest of the nation. In the last twelve months, Suffolk's appreciation rate has been 3.58%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Suffolk were at 1.94%, which equates to an annual appreciation rate of 7.99%.

Relative to Virginia, our data show that Suffolk's latest annual appreciation rate is lower than 50% 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 city. Individual neighborhoods within Suffolk differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Suffolk - 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 Suffolk real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$255,178

Suffolk, VA HOME PRICES

Value Range
> $1,056,000 1.2
$792,001 - $1,056,000 1.1
$528,001 - $792,000 3.8
$422,001 - $528,000 5.2
$317,001 - $422,000 16.3
$211,001 - $317,000 32.8
$106,001 - $211,000 29.7
$53,001 - $106,000 5.4
$0 - $53,000 4.5

High for VA
High for Nation

Value Relative to Nation Value Relative to State
22.2814311647245 29.0858725761773

Number Of Homes And Apartments:
30,798

Rent & Ownership

 

Average Market Rent:
$1,361 / per month

Homeownership Rate

Homeownership
Owners 70.80
Renters 29.20
Vacant 9.05

Housing Market Details

 

Age of Homes

AGE OF Suffolk HOMES
2000 or Newer 29.1
1970 - 1999 41.1
1940 - 1969 21.0
1939 or Older 8.8

Types of Homes

TYPE OF Suffolk HOMES
Single-Family 77.2
Townhomes 6.0
Small Apt. Buildings 4.9
Apt. Complexes 9.4
Mobile Homes 2.5
Other 0.0

Home Size

SIZE OF Suffolk HOMES
No Bedroom 0.68
1 Bedroom 4.46
2 Bedrooms 19.37
3 Bedrooms 44.33
4 Bedrooms 25.15
5 or more bedrooms 6.01

Suffolk 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
65.65% 3.01% 7 8
* 10 is highest