Local Market Trends & Insights

As we step into 2025, Smithfield, North Carolina, presents a compelling story for residential real estate buyers. With the latest market data from December 2024, prospective buyers can better understand the dynamics shaping Smithfield’s real estate landscape. Here’s an in-depth look at the trends, opportunities, and strategies for navigating this seller’s market.

Market Overview

Smithfield’s residential real estate market remains a seller’s market with strong demand and limited housing inventory. While slight adjustments in pricing have occurred, the market continues to favor sellers, creating a competitive environment for buyers.

Key Metrics and Property Value Trends

Median Estimated Property Value: $320,020

• Over the past year, property values in Smithfield experienced a 0.3% increase, reflecting stability in the market.

• A 2.7% month-over-month decline in December 2024 reflects a temporary market adjustment, consistent with seasonal trends observed over the past several years. This shift may present buyers with opportunities to enter the market at more favorable pricing

Median List Price: $309,900 (Down 3.1% Month-over-Month)

• Since 2019, listing prices have demonstrated steady growth, reinforcing Smithfield’s appeal as a long-term investment destination.

• New listings in December 2024 show a modest decline in median list prices, suggesting improved affordability for buyers.

Market Dynamics

Inventory and Competition -

• Smithfield currently has 3.44 months of housing inventory, reflecting a tight supply that favors sellers.

• Homes are selling rapidly, with a median of 19 days on market, requiring buyers to act swiftly and decisively.

Affordability Opportunity

• The recent decline in both sold and listing prices provides a short-term advantage for buyers, especially those ready to make competitive offers.

Long-Term Value

• Historical data highlights steady growth in property values and listing prices, underscoring Smithfield’s potential as a stable, long-term investment.

·       Smithfield’s property values have mirrored Johnston County and North Carolina trends, with steady growth over the past decade. December 2024’s estimated value of $320,020 marks a continuation of this upward trajectory.

---

IInsights for Residential Buyers

1. Leverage Market Adjustments:

   • With slight declines in list and sold prices, early 2025 presents an opportunity for buyers to secure better deals compared to the peak market conditions earlier in 2024.

2. Be Prepared to Act Quickly:

   • Homes are selling faster than ever. Buyers should have financing pre-approved and work with an experienced real estate agent to navigate the competitive market effectively.

3. Monitor New Developments:

   • Projects like Local70 will introduce additional housing options and potentially shift inventory dynamics in the latter half of 2025.

4. Focus on Long-Term Value:

   • Smithfield’s consistent growth trends make it an attractive market for buyers seeking stability and appreciation in property value.

Smithfield remains an attractive market in 2025, blending affordability, growth potential, and investment appeal. Whether you’re a first-time buyer or looking to upgrade, Smithfield’s market dynamics offer unique opportunities—provided you’re prepared to act quickly and strategically.