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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Smithfield, NC Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Smithfield, NC Housing Market Trends

With 12,129 people, 4,524 houses or apartments, and a median cost of homes of $270,327, Smithfield real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Smithfield, accounting for 59.78% of the town's housing units. Other types of housing that are prevalent in Smithfield include large apartment complexes or high rise apartments ( 17.29%), duplexes, homes converted to apartments or other small apartment buildings ( 10.88%), and a few row houses and other attached homes ( 6.05%).

The most prevalent building size and type in Smithfield are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 46.31% owning and 53.69% renting.

There is a lot of housing in Smithfield built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Smithfield built between 1940-1969 ( 35.92%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.56%). There's also some housing in Smithfield built before 1939 ( 8.75%).

Vacant housing appears to be an issue in Smithfield. Fully 14.53% of the housing stock is classified as vacant. Left unchecked, vacant Smithfield homes and apartments can be a drag on the real estate market, holding Smithfield real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Smithfield Home Appreciation Rates

Appreciation rates for homes in Smithfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 110.23%, which ranks in the top 30% nationwide. This equates to an annual average Smithfield house appreciation rate of 7.71%.

Over the last year, Smithfield appreciation rates have trailed the rest of the nation. In the last twelve months, Smithfield's appreciation rate has been 3.77%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Smithfield were at 1.24%, which equates to an annual appreciation rate of 5.07%.

Relative to North Carolina, our data show that Smithfield's latest annual appreciation rate is lower than 80% of the other cities and towns in North Carolina.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Smithfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Smithfield - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Smithfield real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$270,327

Smithfield, NC Home Prices
> $1,453,000
$1,090,001 - $1,453,000
$727,001 - $1,090,000
$581,001 - $727,000
$436,001 - $581,000
$291,001 - $436,000
$145,001 - $291,000
$73,001 - $145,000
$0 - $73,000
0.0%
0.0%
0.3%
0.3%
2.6%
2.6%
2.0%
2.0%
10.2%
10.2%
37.9%
37.9%
35.0%
35.0%
8.3%
8.3%
3.7%
3.7%
0% 100.0%
% of Homes
Average

for North carolina

Average

for nation

Number of Homes And Apartments:

4,524

Smithfield Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,213 / per month

Homeownership Rate

Owners
Renters
46.3%
46.3%
53.7%
53.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
14.5%
14.5%
85.5%
85.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
12.6%
12.6%
42.8%
42.8%
35.9%
35.9%
8.7%
8.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
59.8%
59.8%
6.0%
6.0%
10.9%
10.9%
17.3%
17.3%
6.0%
6.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.9%
2.9%
18.6%
18.6%
24.1%
24.1%
40.8%
40.8%
12.0%
12.0%
1.5%
1.5%
0% 100.0%
% of Homes