Smithfield, VA 23430 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Smithfield, VA—23430

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$392,000

0.9% YoY Growth

Household Income

$104,000

38.2% YoY Growth

Days on Market

1.0% Shorter YoY

Home Price Forecast

1.5%

Median Rent

$2,150

8.9% YoY Growth

1-Bed Rent

$1,400

42.1% YoY Growth

2-Bed Rent

$1,350

4.5% YoY Growth

3-Bed Rent

$2,000

5.4% YoY Growth

Home Price Trends — Smithfield, VA

As of Nov '25, the median home price in Smithfield, VA is $392,000, with a year-over-year change of 0.9%. This indicates that home prices in Smithfield, VA are flat. 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	$392,000	0.9%
Single Family	$393,000	1.0%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

1 Bedroom

6.2%

2 Bedrooms

49.2%

3 Bedrooms

38.4%

4 Bedrooms

6.1%

Property Listings — Smithfield, VA

As of Nov '25, Realtor.com reports that the median days on market for a home in Smithfield, VA is 52. This is a decrease of -1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 19.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$500,000	2.0%
Listing Count	63	0.0%
Listings as % of Homes	0.7%	0.0%
Days on Market	52	-1.0%

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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%

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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%

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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%

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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

Smithfield, VA—23430

Key Metrics at a Glance

Home Price Trends — Smithfield, VA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Smithfield, VA

% of Rental Stock

Property Listings — Smithfield, VA

Demographics — Smithfield, VA

Race and Ethnicity

Mortgage and Risk — Smithfield, VA

Mortgages

Rentals and Section 8 — Smithfield, VA

Section 8 Market Size

Section 8 Opportunity

Affordability — Smithfield, VA

Home Price to Income Ratio

Smithfield, VA — ZIP Code Boundary Map

Nearby ZIP Codes

Carrollton, VA

Windsor, VA

Suffolk, VA

Hoopes Landing, VA

Surry, VA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.6
Median Home Price	$392,000
Median Household Income	$104,000

Smithfield, VA—23430

Key Metrics at a Glance

Home Price Trends — Smithfield, VA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Smithfield, VA

% of Rental Stock

Property Listings — Smithfield, VA

Demographics — Smithfield, VA

Race and Ethnicity

Mortgage and Risk — Smithfield, VA

Mortgages

Rentals and Section 8 — Smithfield, VA

Section 8 Market Size

Section 8 Opportunity

Affordability — Smithfield, VA

Home Price to Income Ratio

Smithfield, VA — ZIP Code Boundary Map

Nearby ZIP Codes

Carrollton, VA

Windsor, VA

Suffolk, VA

Hoopes Landing, VA

Surry, VA

Frequently Asked Questions

What is the average home price in Smithfield, VA 23430?

How have home prices in Smithfield, VA 23430 changed over the past year?

What is the home price projection for Smithfield, VA 23430?

What are the demographics of Smithfield, VA 23430?

How long does it take homes to sell in Smithfield, VA 23430?

What is the average rent price in Smithfield, VA 23430?