Suffolk Home Prices: $417K, Up 2% — 7 ZIPs Analyzed (2026)
$416,910. That’s what a typical home costs in Suffolk, VA right now. Prices are up 2.0% compared to a year ago, and the city has posted gains every single month over the past twelve. With 103,000 residents and counting, Suffolk is one of the fastest-growing cities in Virginia — and the housing market reflects it.
Quick answer: The average home price in Suffolk, VA is $416,910 as of February 2026, up 2.0% year over year according to Zillow.
Current Home Prices in Suffolk
Here’s where Suffolk stands as of February 2026:
| Metric | Value |
|---|---|
| Median Home Value | $416,910 |
| Year-over-Year Change | +2.0% |
| Lowest ZIP Value | $330,778 |
| Highest ZIP Value | $532,245 |
| Number of ZIPs Tracked | 7 |
| Data as of | February 2026 |
A 2% annual gain is modest. It won’t make anyone rich overnight, but it signals stability. Suffolk isn’t overheating, and it isn’t cooling off. The gap between the cheapest and most expensive ZIP codes is about $201,000 — a significant spread for a single city. That means your neighborhood choice matters more than the city-level number suggests.
For context, the metro area is Virginia Beach-Norfolk-Newport News. Suffolk sits on the western edge of Hampton Roads, and its prices fall roughly in the middle of the pack for the region. You’re paying more than some Norfolk neighborhoods but less than many Virginia Beach ZIP codes.
The 2% growth rate has been remarkably consistent. There’s no month in the past year where prices dipped. That kind of steady appreciation points to sustained demand rather than speculative buying.
Suffolk Home Prices by Neighborhood
All seven Suffolk ZIP codes, ranked from most to least expensive:
| ZIP Code | Typical Home Value |
|---|---|
| 23433 | $532,245 |
| 23436 | $501,455 |
| 23435 | $441,574 |
| 23432 | $440,119 |
| 23438 | $340,510 |
| 23434 | $331,688 |
| 23437 | $330,778 |
Most Expensive ZIPs
23433 tops the list at $532,245 — nearly 28% above the city median, making it Suffolk’s premium market. 23436 comes in at $501,455, the only other ZIP breaking the half-million mark. 23435 rounds out the top three at $441,574, sitting about 6% above the city average.
Most Affordable ZIPs
23437 is the cheapest neighborhood in Suffolk at $330,778 — roughly 21% below the median. 23434 is nearly identical at $331,688, and it’s one of only two ZIPs with available rent data. 23438 comes in at $340,510, still about 18% below the city median. All three of these ZIPs cluster under $345,000, giving budget-conscious buyers a clear set of targets.
Rent vs Buy in Suffolk
Rent data is available for two Suffolk ZIP codes:
| ZIP Code | Monthly Rent | Typical Home Value |
|---|---|---|
| 23434 | $1,628 | $331,688 |
| 23435 | $2,208 | $441,574 |
Let’s run the numbers. On a median-priced Suffolk home of $416,910 with 20% down, you’re financing about $333,528. At a 7% mortgage rate over 30 years, that’s roughly $2,220 per month in principal and interest alone — before taxes and insurance.
In ZIP 23434, renting at $1,628 saves you about $590 a month compared to a typical mortgage payment. That’s a meaningful gap.
ZIP 23435 tells a different story. Rent there is $2,208, which is close to what you’d pay on a mortgage for the city median. But a home in 23435 costs $441,574, which would push the mortgage payment closer to $2,350.
Renting is cheaper in the short term for most Suffolk neighborhoods. But with prices rising 2% annually, buyers are building equity that renters miss out on. The math depends on how long you plan to stay.
Population Growth and Migration
Suffolk is growing faster than almost any other city in the Hampton Roads region.
| Year | Population |
|---|---|
| 2020 | 94,794 |
| 2021 | 96,400 |
| 2022 | 98,630 |
| 2023 | 101,050 |
| 2024 | 103,105 |
That’s an 8.8% increase over four years — roughly 2,000 new residents each year. The city crossed the 100,000 mark in 2023 and hasn’t slowed down.
How does Suffolk compare to its neighbors?
| City | 2024 Population | 4-Year Growth |
|---|---|---|
| Suffolk | 103,105 | +8.8% |
| Richmond | 233,655 | +3.0% |
| Chesapeake | 254,997 | +2.1% |
| Lynchburg | 80,301 | +1.7% |
| Hampton | 137,596 | +0.2% |
| Alexandria | 159,102 | 0.0% |
Suffolk’s growth rate is nearly three times Richmond’s and four times Chesapeake’s. That population pressure feeds directly into housing demand. More people competing for homes means prices have a floor under them. The steady 2% price appreciation starts to make more sense when you see 8.8% population growth behind it.
Suffolk Housing Market Trends
Here’s how the median home value has moved month by month:
| Month | Median Value | Min ZIP | Max ZIP |
|---|---|---|---|
| Feb 2026 | $416,910 | $330,778 | $532,245 |
| Jan 2026 | $416,152 | $329,670 | $532,478 |
| Dec 2025 | $415,346 | $328,358 | $532,691 |
| Nov 2025 | $414,621 | $327,036 | $532,414 |
| Oct 2025 | $414,030 | $326,267 | $531,628 |
| Sep 2025 | $413,538 | $325,960 | $530,514 |
| Aug 2025 | $413,272 | $325,982 | $529,857 |
| Jul 2025 | $413,046 | $326,113 | $529,311 |
| Jun 2025 | $412,192 | $325,860 | $527,265 |
| May 2025 | $410,819 | $325,720 | $523,402 |
| Apr 2025 | $409,466 | $325,630 | $518,785 |
| Mar 2025 | $408,712 | $325,823 | $515,331 |
Twelve months of unbroken gains. The median rose $8,198 from March 2025 to February 2026 — about $683 per month. That pace is gradual enough to avoid bubble concerns but strong enough to reward homeowners.
One thing stands out in this table: the top-end ZIPs have driven most of the appreciation. The maximum ZIP value jumped from $515,331 to $532,245 — a $16,914 increase. The minimum ZIP barely moved, going from $325,823 to $330,778. The gap between Suffolk’s most and least expensive areas is widening.
Is Suffolk a Good Place to Buy in 2026?
The numbers point to a balanced market leaning slightly toward sellers.
Prices are rising, but at 2% per year — not the kind of spike that prices out buyers overnight. Population growth of 8.8% over four years creates steady demand. Entry-level ZIP codes like 23437 and 23434 still offer homes under $335,000, which is accessible for many buyers in the Hampton Roads area.
The risks are limited. Suffolk isn’t dependent on a single employer or industry. It’s part of a large metro area with military installations, port activity, and a diversified economy. The consistent month-over-month appreciation suggests organic demand, not investor-driven speculation.
If you’re buying to hold for five years or more, the data supports Suffolk as a reasonable bet. If you need the cheapest entry point, the western ZIP codes offer the best value. If you want appreciation potential, the higher-priced ZIPs like 23433 are gaining faster in dollar terms.
Suffolk Housing Market Outlook for 2026-2027
The 12-month trend shows acceleration. Monthly gains averaged about $500 from March to August 2025, then picked up to roughly $750-$800 per month from September 2025 onward.
If the current pace continues, the median could approach $420,000 to $425,000 by the end of 2026. The three-month trend from December 2025 through February 2026 shows gains of about $780 per month, which is consistent with the second-half momentum.
Population growth shows no signs of slowing. That continued in-migration puts upward pressure on prices. The affordable ZIPs may see stronger percentage gains as buyers get priced out of the $500K+ areas and look for alternatives within city limits.
A significant price correction seems unlikely given the steady demand fundamentals. Barring a major economic disruption in the Hampton Roads region, expect more of the same: slow, steady appreciation with the premium ZIPs outpacing the budget neighborhoods.
Similar Markets in VA
If you’re considering Suffolk, these other Virginia markets are worth a look:
- Chesapeake — Suffolk’s next-door neighbor in Hampton Roads, with a population of nearly 255,000 and similar suburban character.
- Virginia Beach — The largest city in the metro, offering coastal living at a price premium over Suffolk.
- Hampton — A more affordable option in the same metro area, though population growth has essentially flatlined at 0.2%.
- Henrico — Outside Richmond, a different metro entirely but a popular choice for Virginia buyers weighing the Hampton Roads vs. Richmond corridor.
- Fredericksburg — Midway between Richmond and D.C., an option for buyers who want a smaller city feel with access to two major metros.
Frequently Asked Questions
What is the average home price in Suffolk?
The average home price in Suffolk, VA is $416,910 as of February 2026. That number reflects the city-wide median across all seven tracked ZIP codes, which range from $330,778 in ZIP 23437 to $532,245 in ZIP 23433.
Are home prices going up or down in Suffolk?
Prices are going up. The median rose 2.0% year over year, and every single month in the past twelve has posted a gain. The increase has been gradual — about $683 per month — with no signs of reversal in the most recent data.
Is it cheaper to rent or buy in Suffolk?
Renting is cheaper in most cases. In ZIP 23434, monthly rent averages $1,628, while a mortgage on a median-priced home would run about $2,220 per month before taxes and insurance. The gap narrows in pricier ZIP codes, but renting still wins on monthly cash flow for most buyers.
What is the most affordable neighborhood in Suffolk?
ZIP code 23437 is the most affordable at $330,778, followed closely by 23434 at $331,688. Both are about 21% below the city median. ZIP 23434 also has rental data available, with an average rent of $1,628 per month.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.