Grove, OK
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Grove Neighborhoods Since 2000




Grove, OK Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Grove Housing Market Information

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.

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 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.

Average Home Values

 

Median Home Value:
$173,668

Grove, OK HOME PRICES

Value Range
> $1,142,000 3.4
$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

Very High for OK
Average for Nation

Value Relative to Nation Value Relative to State
40.3726708074534 4.83383685800604

Number Of Homes And Apartments:
3,070

Grove Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OK*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
59.19% 2.73% 6 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$850 / per month

Homeownership Rate

Homeownership
Owners 68.10
Renters 31.90
Vacant 20.05

Housing Market Details

 

Age of Homes

AGE OF Grove HOMES
2000 or Newer 25.1
1970 - 1999 57.6
1940 - 1969 14.0
1939 or Older 3.4

Types of Homes

TYPE OF Grove HOMES
Single-Family 68.8
Townhomes 3.9
Small Apt. Buildings 9.9
Apt. Complexes 4.8
Mobile Homes 12.5
Other 0.1

Home Size

SIZE OF Grove HOMES
No Bedroom 1.90
1 Bedroom 5.91
2 Bedrooms 30.91
3 Bedrooms 46.82
4 Bedrooms 12.55
5 or more bedrooms 1.90

Popular Neighborhoods in Grove

Zip Codes in Grove, OK