Suffolk, Virginia Housing Market Prices
Suffolk Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 9% below the Virginia median$233,341
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Median rent 1% below the Virginia median$1,563
Housing Market Overview
| Metric | Suffolk | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $233,341 | $256,082 | $248,835 |
| Price Trend (Annual %) | -1.1% | 3.5% | 7.5% |
| Median Gross Rent | $1,563 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 5.1% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Suffolk is about 9% lower than in Virginia. Rent is about 1% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Suffolk: home prices fell about 1.1% a year while rent rose about 5.1% a year. That is an unusual pattern worth watching.
Median rent in Suffolk rose about 51.7% between 2015 and 2024, from $1,030 to $1,563. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Suffolk.
Buying the median-priced home in Suffolk costs roughly 12.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Suffolk. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Suffolk | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $233,341 | $256,082 | $248,835 |
| Median Household Income | $92,092 | $93,527 | $80,455 |
| Price-to-Income Ratio | 2.5 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Suffolk fell about 4.8%, while median household income rose about 38.9% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Suffolk | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.2% | 61.5% | 58.5% |
| Rental Rate | 27.4% | 29.8% | 31.2% |
| Vacancy Rate | 6.4% | 8.7% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Suffolk has a homeownership rate of 66.2%, higher than the Virginia average of 61.5%. Its housing vacancy rate is 6.4%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Suffolk | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1991 | 1982 | 1978 |
| Median Number of Rooms | 6.5 | 6.0 | 5.5 |
The typical housing unit in Suffolk was built around 1991. On average, 2.6 people live in a home with about 6.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Suffolk, Virginia.
What is the median home price in Suffolk, Virginia?
The median home price in Suffolk, Virginia is $233,341, lower than the Virginia average of $256,082.
What is the average home price in Suffolk, Virginia?
The typical home price in Suffolk, Virginia, reported as the median sale price, is $233,341. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Suffolk, Virginia?
The median gross rent in Suffolk, Virginia is $1,563 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Suffolk in 2020?
In 2020, the median gross rent in Suffolk, Virginia was $1,231 per month.
What is the price-to-rent ratio in Suffolk, Virginia?
The price-to-rent ratio in Suffolk, Virginia is about 12.4, meaning it would take roughly 12.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Suffolk.
Are home prices or rent rising faster in Suffolk, Virginia?
Home prices and rent are moving in opposite directions in Suffolk: home prices fell about 1.1% a year while rent rose about 5.1% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Suffolk, Virginia?
66.2% of households in Suffolk, Virginia own their home, higher than the Virginia average of 61.5%.
What is the vacancy rate in Suffolk, Virginia?
The housing vacancy rate in Suffolk, Virginia is 6.4%, lower than the Virginia average of 8.7%.
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