Suffolk, VA 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 Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Suffolk, VA Housing Market Trends

With 92,108 people, 33,774 houses or apartments, and a median cost of homes of $301,014, Suffolk real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Suffolk, accounting for 74.54% of the city's housing units. Other types of housing that are prevalent in Suffolk include large apartment complexes or high rise apartments ( 11.50%), row houses and other attached homes ( 5.78%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.14%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Suffolk. Owner-occupied housing accounts for 68.40% of Suffolk's homes, and 70.67% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Suffolk 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 Suffolk built between 2000 and later ( 33.46%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.19%). There's also some housing in Suffolk built before 1939 ( 8.54%).

Suffolk Home Appreciation Rates

Suffolk's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Suffolk during the period has been just 1.80%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Suffolk's appreciation rate, at 6.50%, has been at or slightly above the national average. In the latest quarter, Suffolk's appreciation rate has been 1.51%, which annualizes to a rate of 6.17%.

Relative to Virginia, our data show that Suffolk's latest annual appreciation rate is lower than 50% of the other cities and towns in Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Suffolk differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Suffolk - 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 Suffolk real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$301,014

Suffolk, VA HOME PRICES

> $1,164,000
0.7%
0.7%
$873,001 - $1,164,000
1.1%
1.1%
$582,001 - $873,000
3.6%
3.6%
$466,001 - $582,000
6.6%
6.6%
$349,001 - $466,000
16.8%
16.8%
$233,001 - $349,000
36.3%
36.3%
$116,001 - $233,000
25.3%
25.3%
$58,001 - $116,000
5.7%
5.7%
$0 - $58,000
3.9%
3.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for VA

Value Relative To Nation

Number Of Homes And Apartments:
33,774

Suffolk Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
94.23% 3.17%
7
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,615 / per month

Homeownership Rate

Owners
68.4%
68.4%
Renters
31.6%
31.6%
Vacant
8.1%
8.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
33.5%
33.5%
1970 - 1999
40.8%
40.8%
1940 - 1969
17.2%
17.2%
1939 or Older
8.5%
8.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
74.5%
74.5%
Townhomes
5.8%
5.8%
Small Apt. Buildings
5.1%
5.1%
Apt. Complexes
11.5%
11.5%
Mobile Homes
3.0%
3.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.9%
0.9%
1 Bedroom
3.4%
3.4%
2 Bedrooms
19.2%
19.2%
3 Bedrooms
45.2%
45.2%
4 Bedrooms
25.5%
25.5%
5 or more bedrooms
5.9%
5.9%
0.0% 100.0%
% OF HOMES