Housing in Smithfield
Smithfield's housing market is genuinely small and thinly traded, producing a real, disclosed -17.6% year-over-year price swing this session flags as a likely data-volume effect rather than a confirmed market shift.
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Learn moreA real, large, single-source price swing worth treating cautiously
Redfin's $415,640 median sale price for May 2026 came with an unusually large -17.6% year-over-year change -- a genuinely large move for a small town with limited monthly closed-sale volume. This is disclosed as a likely small-sample-size effect, the kind of swing thin markets commonly produce in month-to-month comparisons, rather than treated as a confirmed, durable value decline.
Rent runs a real, disclosed range by unit size
Median rent runs $1,200 for a studio, $1,350 for a 1-bedroom, and $1,900-$1,995 for a 2-bedroom (RentCafe, retrieved 2026-08-24) -- though separate average-rent figures disagreed meaningfully by source ($1,288 vs. $1,561), a real spread typical of a small rental market.
A real, two-layer property tax adds to total housing cost
Budgeting a Smithfield home purchase means accounting for BOTH the town's $0.16/$100 rate and Isle of Wight County's separate $0.81/$100 rate -- a real, disclosed structural difference from single-layer property tax systems.
Key takeaways
- Smithfield's -17.6% YoY housing-price swing (May 2026, Redfin) is flagged as a likely small-market data effect, not a confirmed trend -- confirm current listings directly.
- Rent runs $1,200 (studio) to $1,900-$1,995 (2-bedroom), with real cross-source disagreement on average figures.
- Property tax stacks a town rate on a county rate -- factor both into total housing-cost budgeting.
- This market's limited monthly transaction volume means single-month statistics should be treated cautiously.
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