The story of this market
The typical home in ZIP 23433 sells for about $568,153, or $201 per square foot.
Prices are down 4.95% from a year ago, which gives buyers more room to negotiate. Homes take about 46 days to sell. HUD's fair market rent for a two-bedroom is $3,501 a month.
ZIP 23433 — Suffolk
The 23433 housing market shows resilience with steady demand for single-family homes, though inventory remains tight. Prices have stabilized following a period of rapid growth, and the market is currently driven by local employment stability and suburban appeal. Some figures, such as specific months of supply, are estimated based on current listing and sales volume data.
This ZIP is ideal for family buyers and professionals seeking suburban space with access to Hampton Roads employment centers, offering a balance of rural character and modern amenities.
Median prices moved down 5.0% year over year.
Homes spend a median of 46 days on market with 8.4 months of supply — a balanced-paced market.
12% of listings have cut prices · homes sell at 98.2% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 1.4% · poverty 1.3% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.7%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.9%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 23433, Suffolk city, Virginia
Crime rates in this area are generally lower than the regional average for the Hampton Roads metropolitan area, with property crime being the primary concern.
Schools serving this ZIP are part of the Suffolk Public Schools district, which maintains a mix of ratings across elementary and secondary levels.
The area faces moderate flood risk due to its proximity to the Nansemond River and low-lying coastal terrain, necessitating flood insurance for many properties.
Economic momentum is driven by proximity to the Port of Virginia and regional logistics hubs, with ongoing residential development expanding the suburban footprint.
Property taxes are assessed by the City of Suffolk; the area is subject to standard municipal and school district levies without significant special district surcharges.
Residents primarily commute by car toward the employment hubs of Suffolk, Chesapeake, and Norfolk, with average commute times reflecting regional traffic patterns.
The area offers access to local parks, riverfront trails along the Nansemond, and proximity to regional golf courses and shopping centers in central Suffolk.
The rental market is characterized by low vacancy rates and rising demand, with limited inventory of multi-family units compared to single-family rentals.
The economy is anchored by logistics, manufacturing, and government sectors, benefiting from the proximity to the Port of Virginia and regional military installations.
Transportation is heavily reliant on personal vehicles, with major corridors like US-58 and US-460 providing access to the broader Hampton Roads region.
Development is focused on expanding suburban residential infrastructure and improving road connectivity to support population growth.
The City of Suffolk Assessor's Office conducts annual assessments based on market value, with a focus on equitable property taxation.
Parcels are served by the Suffolk Public Schools district and standard municipal utility districts.
Property insurance premiums are influenced by coastal hazard exposure, with flood insurance often required for properties in low-lying areas.
Data retrieved from data.census.gov ZCTA-level tables.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Provides recreational boating and fishing access.
A multi-use trail popular for walking and cycling.
Key-figure check: median price corroborated by the prior refresh cycle (within 12.5%).