Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 6,751 people, 3,070 houses or apartments, and a median cost of homes of $173,668, 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 68.80% of the city's housing units. Other types of housing that are prevalent in Grove include mobile homes or trailers ( 12.50%), duplexes, homes converted to apartments or other small apartment buildings ( 9.90%), and a few large apartment complexes or high rise apartments ( 4.82%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Grove. Owner-occupied housing accounts for 68.10% of Grove's homes, and 59.38% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Grove 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 Grove built between 2000 and later ( 25.08%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.96%). There's also some housing in Grove built before 1939 ( 3.39%).
Vacant housing appears to be an issue in Grove. Fully 20.05% of the housing stock is classified as vacant. Left unchecked, vacant Grove homes and apartments can be a drag on the real estate market, holding Grove 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.
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 20.03% over the last ten years, which is an average annual home appreciation rate of 1.84%, putting Grove in the top 20% 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 6.89%, which is higher than appreciation rates in 80.64% 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 2.06%, which equates to an annual appreciation rate of 8.51%.
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 90% of the other cities and towns in Oklahoma.
|$856,001 - $1,142,000||1.9|
|$571,001 - $856,000||4.3|
|$457,001 - $571,000||3.3|
|$342,001 - $457,000||3.5|
|$228,001 - $342,000||12.0|
|$114,001 - $228,000||37.5|
|$57,001 - $114,000||23.6|
|$0 - $57,000||10.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Grove HOMES|
|2000 or Newer||25.1|
|1970 - 1999||57.6|
|1940 - 1969||14.0|
|1939 or Older||3.4|
|TYPE OF Grove HOMES|
|Small Apt. Buildings||9.9|
|SIZE OF Grove HOMES|
|5 or more bedrooms||1.90|