Suffolk, VA—23435
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 $439,000, with a year-over-year change of 2.4%. This indicates that home prices in Suffolk, VA are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $439,000 | 2.4% |
| Single Family | $445,000 | 2.3% |
| Condos | $360,000 | 3.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $268,000 | 1.5% |
3 Bed | $366,000 | 1.9% |
4 Bed | $473,000 | 2.2% |
| 5 Bed | $622,000 | 1.6% |
% of Housing Stock
Rental Trends — Suffolk, VA
As of July '25, Rentcast reports the average rent in Suffolk, VA is $2,590, with a year-over-year rent change of 1.2%. Per bedroom, the median rent as of July '25 in Suffolk, VA is 1-bedrooms: $1,630, 2-bedrooms: $1,990, 3-bedrooms: $2,300, 4-bedrooms: $2,980. The most common rental property sizes in Suffolk, VA are 2-bedroom and 3-bedroom, accounting for 35.9% and 25.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,600 | $2,590 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,580 | $1,630 |
| 2 Bed Rent | $2,000 | $1,990 |
| 3 Bed Rent | $2,300 | $2,300 |
| 4 Bed Rent | $2,800 | $2,980 |
% 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 72. This is a increase of 9.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $520,000 | 2.0% |
Listing Count | 187 | 34.0% |
| Listings as % of Homes | 0.6% | 34.0% |
Days on Market | 72 | 9.0% |
Demographics — Suffolk, VA
As of the latest ACS Survey released in 2023, Suffolk, VA has a population of 33,400, which has increased by 11.3% over the past 5 years. Suffolk, VA is a moderately popular place for families, as children make up 23.4% of the population. The area has a moderately educated workforce, with 42.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 33,400 | 11.3% |
% Under 18 | 23.4% | -10.3% |
% Seniors | 13.1% | 15.9% |
% WFH | 11.7% | 225.0% |
% w/ College Degree | 42.2% | 6.0% |
As of the latest ACS Survey released in 2023, Suffolk, VA is a predominantly white area, with 47.4% of the population identifying as white. The white population has shrunk by 8.5% in the last 5 years. The second most common race or ethnicity in Suffolk, VA is black, making up 36.1% of the population. Foreign-born residents account for 5.7% of the population in Suffolk, VA, and this percentage has decreased by 3.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 47.4% | -8.5% |
% Black | 36.1% | 1.1% |
% Hispanic | 6.4% | 16.4% |
% Asian | 3.6% | -14.3% |
% Foreign Born | 5.7% | -3.4% |
Mortgage and Risk — Suffolk, VA
According to HUD data as of 2023, there were 856 mortgage originations in Suffolk, VA, of which 51.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 48.0% 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. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 856 |
% Conventional Loans | 51.0% |
% Government Loans | 49.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Suffolk, VA
As of 2024, the percent of homes in Suffolk, VA under the Section 8 program is 4.6%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Suffolk, VA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 191 |
Total Units Section 8 | 191 |
% Rentals under Section 8 | 4.6% |
% Occupied Section 8 | 92.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $330 | $1,580 | $1,910 |
| 2 Bedroom | $180 | $2,000 | $2,180 |
| 3 Bedroom | $730 | $2,300 | $3,030 |
| 4 Bedroom | $810 | $2,800 | $3,610 |
Affordability — Suffolk, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $439,000 |
| Median Household Income | $108,000 |