Locust, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Locust, NC Real Estate Data


Locust Housing Market Information

With 2,966 people, 1,202 houses or apartments, and a median cost of homes of $172,046, Locust real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Locust, accounting for 88.30% of the city's housing units. Other types of housing that are prevalent in Locust include large apartment complexes or high rise apartments ( 4.34%), mobile homes or trailers ( 4.19%), and a few row houses and other attached homes ( 2.50%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Locust. Owner-occupied housing accounts for 85.11% of Locust's homes, and 73.95% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Locust built from 1970 to 1999 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 Locust built between 2000 and later ( 31.79%). A lesser amount of the housing stock also hails from between 1940-1969 ( 30.68%). There's also some housing in Locust built before 1939 ( 1.40%).

Vacant housing appears to be an issue in Locust. Fully 11.55% of the housing stock is classified as vacant. Left unchecked, vacant Locust homes and apartments can be a drag on the real estate market, holding Locust real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Locust Home Appreciation Rates

Appreciation rates for homes in Locust have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.80%, which ranks in the top 50% nationwide. This equates to an annual average Locust house appreciation rate of 0.47%.

NeighborhoodScout's data show that during the latest twelve months, Locust's appreciation rate, at 4.88%, has been at or slightly above the national average. In the latest quarter, Locust's appreciation rate has been 1.04%, which annualizes to a rate of 4.21%.

Relative to North Carolina, our data show that Locust's latest annual appreciation rate is higher than 50% of the other cities and towns in North Carolina.

Average Home Values

 

Median Home Value:
$172,046

Locust, NC HOME PRICES

Value Range
> $1,106,000 0.2
$830,001 - $1,106,000 0.0
$553,001 - $830,000 1.1
$443,001 - $553,000 2.2
$332,001 - $443,000 7.1
$221,001 - $332,000 18.9
$110,001 - $221,000 43.4
$55,001 - $110,000 20.1
$0 - $55,000 7.0

High for NC
Average for Nation

Value Relative to Nation Value Relative to State
41.9921531884992 34.4827586206897

Number Of Homes And Apartments:
1,202

Rent & Ownership

 

Average Market Rent:
$924 / per month

Homeownership Rate

Homeownership
Owners 85.11
Renters 14.89
Vacant 11.55

Housing Market Details

 

Age of Homes

AGE OF Locust HOMES
2000 or Newer 31.8
1970 - 1999 36.1
1940 - 1969 30.7
1939 or Older 1.4

Types of Homes

TYPE OF Locust HOMES
Single-Family 88.3
Townhomes 2.5
Small Apt. Buildings 0.7
Apt. Complexes 4.3
Mobile Homes 4.2
Other 0.0

Home Size

SIZE OF Locust HOMES
No Bedroom 0.44
1 Bedroom 1.03
2 Bedrooms 22.00
3 Bedrooms 63.43
4 Bedrooms 10.52
5 or more bedrooms 2.58

Locust Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
20.86% 1.12% 4 2
* 10 is highest