Is Smithfield, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Smithfield was a Buyer's Market.
Key Takeaway
Smithfield is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Smithfield, VA
How much do homes in Smithfield, VA cost?
Median Sold Price
$587,130
$209/sqft
Based on all homes sold in April 2024.
Difference Since Last Month
Key Takeaway
Homes in Smithfield have sold for 2.7% more than they did a month ago.
Summary: The median home sold price in Smithfield was $587,130 in April 2024, up 2.7% from last month, and the median price per square foot was $209.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | - | - | N/A |
| 4 Bedrooms | $571.4K | $587.1K | +2.7% |
| 5+ Bedrooms | - | - | N/A |
Summary: Smithfield housing prices by bedroom type for April 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes did not change.
Housing Supply in Smithfield, VA
How many homes are available in Smithfield, VA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 153 | 173 | +13.1% |
Summary: The Smithfield real estate market had 173 homes for sale in April 2024, a 13.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 5 | -16.7% |
| 3 Bedrooms | 74 | 80 | +8.1% |
| 4 Bedrooms | 57 | 69 | +21.1% |
| 5+ Bedrooms | 16 | 19 | +18.8% |
Summary: The Smithfield housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 16.7%, 3 bedroom homes increased by 8.1%, 4 bedroom homes increased by 21.1%, and 5+ bedroom homes increased by 18.8%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 14 | 28 | +100.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Smithfield, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.
Summary: A total of 28 homes were sold or pending in Smithfield in April 2024, up by 100.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 100% were sold at asking, and 0% were sold over asking.
Days on Market for Smithfield, VA
How long does it take to sell a home in Smithfield, VA?
Average Sale Time
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 53 Days | 29 Days | -44.6% |
Summary: Homes in Smithfield had an average of 29 days on market in Apr 2024, down by 44.6% compared to last month.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Smithfield are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 28 homes were sold in Smithfield; 61% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
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All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved
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