menu
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.



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 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

Suffolk, VA Housing Market Trends

With 98,537 people, 36,318 houses or apartments, and a median cost of homes of $435,751, 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 74.71% of the city's housing units. Other types of housing that are prevalent in Suffolk include large apartment complexes or high rise apartments ( 12.21%), row houses and other attached homes ( 6.05%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.77%).

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 69.92% of Suffolk's homes, and 69.98% have either three or four bedrooms, which is average sized relative to America.

Suffolk homes and real estate are some of the newest in America. 40.07% of Suffolk's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Suffolk real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 36.62%), and between 1940-1969 ( 16.86%). There's also some housing in Suffolk built before 1939 ( 6.46%).

Suffolk Home Appreciation Rates

Real estate appreciation rates in Suffolk's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.88% during the period.

NeighborhoodScout's data show that during the latest twelve months, Suffolk's appreciation rate, at 6.12%, has been at or slightly above the national average. In the latest quarter, Suffolk's appreciation rate has been 2.22%, which annualizes to a rate of 9.17%.

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

$435,751

Suffolk, VA Home Prices
> $1,373,000
$1,030,001 - $1,373,000
$687,001 - $1,030,000
$549,001 - $687,000
$412,001 - $549,000
$275,001 - $412,000
$137,001 - $275,000
$69,001 - $137,000
$0 - $69,000
1.6%
1.6%
1.8%
1.8%
7.8%
7.8%
13.3%
13.3%
26.2%
26.2%
28.7%
28.7%
13.3%
13.3%
3.7%
3.7%
3.6%
3.6%
0% 100.0%
% of Homes
High

for Virginia

High

for nation

Number of Homes And Apartments:

36,318

Suffolk Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,304 / per month

Homeownership Rate

Owners
Renters
69.9%
69.9%
30.1%
30.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.5%
6.5%
93.5%
93.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
40.1%
40.1%
36.6%
36.6%
16.9%
16.9%
6.5%
6.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
74.7%
74.7%
6.1%
6.1%
4.8%
4.8%
12.2%
12.2%
2.2%
2.2%
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
0.9%
0.9%
3.7%
3.7%
18.5%
18.5%
43.4%
43.4%
26.6%
26.6%
7.0%
7.0%
0% 100.0%
% of Homes