Grove appreciation rates and housing market information

Grove housing market information

With a population of 5,161, 2,827 total housing units (homes and apartments), and a median house value of $172,303, Grove real estate is some of the most expensive in Oklahoma, although Grove home values aren't among America's most expensive.

single-family detached homes are the single most common housing type in Grove, accounting for 67.17% of the city's housing units. Other types of housing that are prevalent in Grove include mobile homes or trailers (17.05%), duplexes, homes converted to apartments, or other small apartment buildings (10.97%), large apartment complexes or high rise apartments (2.97%), and a few row houses and other attached homes (1.84%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Grove. Owner-occupied housing accounts for 55.22% of Grove's homes, and 54.37% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Grove built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Grove built from 1995 and later (23.66%). A lesser amount of the housing stock also hails from 1940-1969 (18.61%), and some were built from 1939 and earlier (18.61%).

Grove home appreciation rates

In the last 10 years, Grove has experienced some of the highest home appreciation rates of any community in the nation. Grove real estate appreciated 114.21% over the last ten years, which is an average annual home appreciation rate of 11.42%, putting Grove in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Grove definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Grove that despite a nationwide downturn in the housing market, Grove real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Grove appreciation rates continue to be some of the highest in America, at 8.96%, which is higher than appreciation rates in 98% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Grove. Grove appreciation rates in the latest quarter were at 2.61%, which equates to an annual appreciation rate of 10.44%.

Importantly, this makes Grove one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Oklahoma, our data show that Grove's latest annual appreciation rate is higher than 95% of the other cities and towns in Oklahoma.