The decimal value of $\frac{1}{3}$ is a repeating decimal:

$\frac{1}{3} = 0.3333\ldots$

This can be written as $0.\overline{3}$, where the 3 repeats infinitely.

Would you like more details about repeating decimals or any other related concepts?

Here are some related questions you might find interesting:

1. What is the fraction representation of repeating decimals like $0.\overline{6}$?
2. How can repeating decimals be converted into fractions?
3. Why do certain fractions result in repeating decimals?
4. What is the decimal value of other simple fractions like $\frac{1}{4}$?
5. How can I round repeating decimals for practical use?

Tip: When working with repeating decimals, you can often use algebra to convert them into fractions.