Suffolk, VA—23434
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Suffolk, VA
As of Oct '25, the median home price in Suffolk, VA is $329,000, with a year-over-year change of 1.0%. This indicates that home prices in Suffolk, VA are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $329,000 | 1.0% |
| Single Family | $329,000 | 0.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $178,000 | -1.7% |
3 Bed | $295,000 | 1.0% |
4 Bed | $423,000 | 2.2% |
| 5 Bed | $526,000 | 1.9% |
% of Housing Stock
Rental Trends — Suffolk, VA
As of July '25, Rentcast reports the average rent in Suffolk, VA is $2,100, with a year-over-year rent change of 5.0%. Per bedroom, the median rent as of July '25 in Suffolk, VA is studios: $1,300, 1-bedrooms: $1,400, 2-bedrooms: $1,450, 3-bedrooms: $2,230, 4-bedrooms: $2,650. The most common rental property sizes in Suffolk, VA are 2-bedroom and 3-bedroom, accounting for 46.7% and 29.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,100 | $2,100 |
| Studio Rent | $1,300 | $1,300 |
| 1 Bed Rent | $1,400 | $1,400 |
| 2 Bed Rent | $1,500 | $1,450 |
| 3 Bed Rent | $2,250 | $2,230 |
| 4 Bed Rent | $2,600 | $2,650 |
% of Rental Stock
Property Listings — Suffolk, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Suffolk, VA is 47. This is a increase of 2.0% 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 30.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $377,000 | -5.0% |
Listing Count | 257 | 12.0% |
| Listings as % of Homes | 0.8% | 12.0% |
Days on Market | 47 | 2.0% |
Demographics — Suffolk, VA
As of the latest ACS Survey released in 2023, Suffolk, VA has a population of 52,600, which has increased by 6.1% over the past 5 years. Suffolk, VA is a moderately popular place for families, as children make up 24.5% of the population. The area has a moderately educated workforce, with 26.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 52,600 | 6.1% |
% Under 18 | 24.5% | -0.4% |
% Seniors | 14.6% | 5.8% |
% WFH | 7.9% | 146.9% |
% w/ College Degree | 26.4% | 23.9% |
As of the latest ACS Survey released in 2023, Suffolk, VA is a predominantly black area, with 49.6% of the population identifying as black. The black population has grown by 0.8% in the last 5 years. The second most common race or ethnicity in Suffolk, VA is white, making up 41.4% of the population. Foreign-born residents account for 3.0% of the population in Suffolk, VA, and this percentage has increased by 25.0% 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 | 41.4% | -4.6% |
% Black | 49.6% | 0.8% |
% Hispanic | 4.2% | 10.5% |
% Asian | 1.0% | 25.0% |
% Foreign Born | 3.0% | 25.0% |
Mortgage and Risk — Suffolk, VA
According to HUD data as of 2023, there were 1458 mortgage originations in Suffolk, VA, of which 42.0% of loans were conventional mortgages. The average loan-to-value was 75.0%, with 56.0% above 90% LTV (very high). This implies large mortgage risk in Suffolk, VA. Investor activity is low, as 1.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,458 |
% Conventional Loans | 42.0% |
% Government Loans | 58.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Suffolk, VA
As of 2024, the percent of homes in Suffolk, VA under the Section 8 program is 19.0%. 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 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Suffolk, VA, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,585 |
Total Units Section 8 | 1,237 |
% Rentals under Section 8 | 19.0% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$20 | $1,400 | $1,380 |
| 2 Bedroom | $80 | $1,500 | $1,580 |
| 3 Bedroom | -$50 | $2,250 | $2,200 |
| 4 Bedroom | $20 | $2,600 | $2,620 |
Affordability — Suffolk, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $329,000 |
| Median Household Income | $75,800 |