Smithfield, VA—23430
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Smithfield, VA
As of Oct '25, the median home price in Smithfield, VA is $390,000, with a year-over-year change of 0.8%. This indicates that home prices in Smithfield, VA are flat. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $390,000 | 0.8% |
| Single Family | $391,000 | 1.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $276,000 | 2.2% |
3 Bed | $361,000 | 2.8% |
4 Bed | $511,000 | 3.9% |
| 5 Bed | $617,000 | 3.0% |
% of Housing Stock
Rental Trends — Smithfield, VA
As of July '25, Rentcast reports the average rent in Smithfield, VA is $2,240, with a year-over-year rent change of -8.9%. Per bedroom, the median rent as of July '25 in Smithfield, VA is 1-bedrooms: $1,350, 2-bedrooms: $1,400, 3-bedrooms: $2,120, 4-bedrooms: $2,850. The most common rental property sizes in Smithfield, VA are 2-bedroom and 3-bedroom, accounting for 49.2% and 38.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,150 | $2,240 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,400 | $1,350 |
| 2 Bed Rent | $1,350 | $1,400 |
| 3 Bed Rent | $2,000 | $2,120 |
| 4 Bed Rent | $2,750 | $2,850 |
% of Rental Stock
Property Listings — Smithfield, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Smithfield, VA is 48. This is a increase of 10.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $525,000 | 3.0% |
Listing Count | 73 | 12.0% |
| Listings as % of Homes | 0.7% | 12.0% |
Days on Market | 48 | 10.0% |
Demographics — Smithfield, VA
As of the latest ACS Survey released in 2023, Smithfield, VA has a population of 19,100, which has increased by 9.9% over the past 5 years. Smithfield, VA is a moderately popular place for families, as children make up 18.4% of the population. The area has a moderately educated workforce, with 31.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,100 | 9.9% |
% Under 18 | 18.4% | -8.9% |
% Seniors | 21.8% | 19.1% |
% WFH | 11.1% | 141.3% |
% w/ College Degree | 31.6% | 2.3% |
As of the latest ACS Survey released in 2023, Smithfield, VA is a predominantly white area, with 69.6% of the population identifying as white. The white population has grown by 6.1% in the last 5 years. The second most common race or ethnicity in Smithfield, VA is black, making up 23.5% of the population. Foreign-born residents account for 2.9% of the population in Smithfield, VA, and this percentage has increased by 20.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 69.6% | 6.1% |
% Black | 23.5% | -13.0% |
% Hispanic | 3.3% | 13.8% |
% Asian | 0.2% | -75.0% |
% Foreign Born | 2.9% | 20.8% |
Mortgage and Risk — Smithfield, VA
According to HUD data as of 2023, there were 554 mortgage originations in Smithfield, VA, of which 64.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 33.0% above 90% LTV (very high). This implies large mortgage risk in Smithfield, VA. Investor activity is low, as 1.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 554 |
% Conventional Loans | 64.0% |
% Government Loans | 36.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Smithfield, VA
As of 2024, the percent of homes in Smithfield, VA under the Section 8 program is 17.6%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Smithfield, VA, because HUD payments exceed market rent, while 1-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 200 |
Total Units Section 8 | 172 |
% Rentals under Section 8 | 17.6% |
% Occupied Section 8 | 80.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$60 | $1,400 | $1,340 |
| 2 Bedroom | $190 | $1,350 | $1,540 |
| 3 Bedroom | $140 | $2,000 | $2,140 |
| 4 Bedroom | -$200 | $2,750 | $2,550 |
Affordability — Smithfield, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $390,000 |
| Median Household Income | $104,000 |