The story of this market
The typical home in Smithfield, Virginia sells for about $469,689, or $212 per square foot.
Prices are roughly flat from a year ago (+0.5%), a market in balance. Homes take about 48 days to sell. HUD's fair market rent for a two-bedroom is $2,170 a month.
Monthly price momentum
Home values since 2015
+2.6%
VA · past 12 months
Freddie Mac House Price Index, single-family homes, monthly through 2026-08. Each line starts at 100 in January 2015, so a reading of 180 means prices are up 80% since then.
Smithfield, Virginia
The Smithfield housing market is showing signs of stability with a modest year-over-year price increase of 0.5%. While inventory remains tight, the town's high median household income and steady population growth continue to support demand. Market conditions are currently driven by a balance of local economic stability and the town's appeal as a historic residential destination.
No ARED county foreclosure postings attributed to Smithfield yet — the verified ledger covers every county the foreclosure ingest has read, attributed by published city area. Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.
Median prices moved up 0.5% year over year.
Homes spend a median of 48 days on market with 0.0 months of supply — a fast-moving market.
0% of listings have cut prices · homes sell at 0% of asking — demand is holding steady.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 5.1% · poverty 5.4% — a stable, low-distress profile.
The amenity base that shapes daily life and property demand in this city — what residents actually live with, and what the pipeline is adding.
A 208-acre park featuring walking trails, a dog park, and kayak launches, serving as a primary outdoor recreation hub for the town.
A well-preserved historic district offering unique local boutiques, restaurants, and cultural attractions that anchor the town's tourism and social life.
Smithfield is an ideal fit for family buyers and professionals seeking a historic, small-town atmosphere with convenient access to the larger Hampton Roads employment centers. Its combination of high median household income and relative affordability compared to larger metro areas makes it attractive to those looking for a stable, community-oriented lifestyle.
The town is served by the Isle of Wight County Schools district, which generally maintains a positive reputation within the region for its academic programming and community-focused environment.
Transportation is primarily reliant on personal vehicles, with major access provided by U.S. Route 258 and Route 10 connecting the town to the wider Hampton Roads region. Public transit options are limited, necessitating a commute-heavy profile for residents working outside the town limits.
Smithfield offers a rich amenity base centered on its historic downtown, which features boutique shopping, dining, and the famous Smithfield Station. Residents enjoy access to Windsor Castle Park, which provides extensive trails, kayak launches, and outdoor event spaces along the Pagan River.
The rental market in Smithfield is characterized by moderate demand, driven by a mix of local professionals and those commuting to the broader Hampton Roads area. Vacancy pressure remains relatively low, and the market sees limited short-term rental activity compared to more tourist-heavy coastal towns.
The local economy is anchored by a mix of manufacturing, agriculture, and regional services, with significant influence from the broader Hampton Roads defense and logistics sectors. The town maintains a stable economic profile with steady population growth and a high median household income.
The town benefits from its proximity to the Hampton Roads economic hub, with major regional employers in defense, shipping, and manufacturing driving demand. Infrastructure development remains focused on maintaining the town's historic character while accommodating steady residential growth.
Development planning is focused on balancing residential expansion with the preservation of the town's historic aesthetic and environmental resources. Current efforts prioritize infrastructure upgrades to support the steady influx of new residents.
Parcels in Smithfield are subject to Isle of Wight County tax and service districts, including standard school and public safety levies. There are no major MUDs or PIDs reported as primary drivers of the local tax structure.
Smithfield is located in a low-lying coastal region of Virginia, making flood risk and storm surge management a primary consideration for property owners and insurance providers. Residents should consult local flood maps and maintain appropriate hazard insurance coverage due to the town's proximity to the Pagan River and Chesapeake Bay.
Property insurance in Smithfield is influenced by the town's coastal geography, with premiums reflecting regional flood and wind risk profiles. Market health remains stable, though homeowners are encouraged to review coverage regularly due to evolving climate risk assessments.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. City (Smithfield, Virginia) — Town of Smithfield Real Estate Tax: The Town of Smithfield levies a real estate tax rate of $0.190 per $100 of assessed value. The tax is calculated by multiplying the assessed value of the property by the rate and dividing by 100.
Data retrieved from Census ACS and Virginia State Authority profiles.
The federal school roster could not be retrieved on the last refresh — no list is shown rather than an unverified one. Source: NCES EDGE public school locations 2023-24.
applies when — Applies to properties located within designated historic preservation areas.
Properties are subject to additional residential design standards, criteria, and review guidelines as specified in the Smithfield Historic District Design Guidelines.
Referenced in Article 3.D of the Zoning Ordinance.
All parcels are subject to zoning district regulations (e.g., Community Conservation, Neighborhood Residential, Suburban Residential, Downtown Residential, Attached Residential) which dictate permitted uses, density, and development standards.
Codified through Ordinances of October 8, 2025; Zoning Ordinance originally dated September 1, 1998.
The Town of Smithfield levies a real estate tax rate of $0.190 per $100 of assessed value. The tax is calculated by multiplying the assessed value of the property by the rate and dividing by 100.
Tax Year 2023 rates as reported by the Virginia Department of Taxation.
≈ $892/yr on a $469,689 median
Governance registry — every jurisdiction re-researches on a rolling 90-day cycle. Property reports compose these inherited burdens into a per-parcel ledger with conditional determinations. Informational only — not legal advice.