Locust Grove, OK
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Locust 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

Locust Grove Housing Market Information

With 1,406 people, 583 houses or apartments, and a median cost of homes of $107,418, house prices in Locust Grove are solidly below the national average.

Single-family detached homes are the single most common housing type in Locust Grove, accounting for 79.82% of the town's housing units. Other types of housing that are prevalent in Locust Grove include duplexes, homes converted to apartments or other small apartment buildings ( 7.32%), mobile homes or trailers ( 5.98%), and a few large apartment complexes or high rise apartments ( 5.23%).

The most prevalent building size and type in Locust Grove are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 59.18% owning and 40.82% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Locust Grove's housing was primarily built during this period, from the '40s through the '60s. A full 43.65% of the town's housing hails from this era. Other housing ages represented in Locust Grove include homes built between 1970-1999 ( 40.36%) and housing constructed before 1939 ( 10.61%). There's also some housing in Locust Grove built between 2000 and later ( 5.38%).

Vacant housing appears to be an issue in Locust Grove. Fully 12.86% of the housing stock is classified as vacant. Left unchecked, vacant Locust Grove homes and apartments can be a drag on the real estate market, holding Locust 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.

Locust Grove Home Appreciation Rates

In the last 10 years, Locust Grove has experienced some of the highest home appreciation rates of any community in the nation. Locust Grove real estate appreciated 18.69% over the last ten years, which is an average annual home appreciation rate of 1.73%, putting Locust Grove in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Locust Grove definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Locust Grove's appreciation rate, at 3.27%, has been at or slightly above the national average. In the latest quarter, Locust Grove's appreciation rate has been 2.06%, which annualizes to a rate of 8.51%.

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

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

Average Home Values

 

Median Home Value:
$107,418

Locust Grove, OK HOME PRICES

Value Range
> $1,092,000 0.9
$819,001 - $1,092,000 0.2
$546,001 - $819,000 1.9
$437,001 - $546,000 1.8
$328,001 - $437,000 0.0
$218,001 - $328,000 9.9
$109,001 - $218,000 33.0
$54,001 - $109,000 29.8
$0 - $54,000 22.5

High for OK
Low for Nation

Value Relative to Nation Value Relative to State
72.858314777921 37.7643504531722

Number Of Homes And Apartments:
583

Locust 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
54.79% 2.57% 5 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$655 / per month

Homeownership Rate

Homeownership
Owners 59.18
Renters 40.82
Vacant 12.86

Housing Market Details

 

Age of Homes

AGE OF Locust Grove HOMES
2000 or Newer 5.4
1970 - 1999 40.4
1940 - 1969 43.6
1939 or Older 10.6

Types of Homes

TYPE OF Locust Grove HOMES
Single-Family 79.8
Townhomes 1.6
Small Apt. Buildings 7.3
Apt. Complexes 5.2
Mobile Homes 6.0
Other 0.0

Home Size

SIZE OF Locust Grove HOMES
No Bedroom 1.35
1 Bedroom 10.16
2 Bedrooms 31.24
3 Bedrooms 49.18
4 Bedrooms 7.62
5 or more bedrooms 0.45

Popular Neighborhoods in Locust Grove

Zip Codes in Locust Grove, OK