Locust Grove, OK
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Locust Grove, OK Real Estate Data


Locust Grove Housing Market Information

With 1,406 people, 559 houses or apartments, and a median cost of homes of $103,189, 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 81.44% 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 ( 7.78%), mobile homes or trailers ( 6.89%), and a few large apartment complexes or high rise apartments ( 2.84%).

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 Grove. Owner-occupied housing accounts for 65.91% of Locust Grove's homes, and 55.24% have either three or four bedrooms, which is average sized relative to America.

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 48.35% of the town's housing hails from this era. Other housing ages represented in Locust Grove include homes built between 1970-1999 ( 36.98%) and housing constructed before 1939 ( 8.53%). There's also some housing in Locust Grove built between 2000 and later ( 6.14%).

Vacant housing appears to be an issue in Locust Grove. Fully 16.32% 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

Appreciation rates for homes in Locust Grove have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 16.52%, which ranks in the top 30% nationwide. This equates to an annual average Locust Grove house appreciation rate of 1.54%.

NeighborhoodScout's data show that during the latest twelve months, Locust Grove's appreciation rate, at 4.41%, has been at or slightly above the national average. In the latest quarter, Locust Grove's appreciation rate has been 1.16%, which annualizes to a rate of 4.72%.

Relative to Oklahoma, our data show that Locust Grove's latest annual appreciation rate is lower than 60% of the other cities and towns in Oklahoma.

Average Home Values

 

Median Home Value:
$103,189

Locust Grove, OK HOME PRICES

Value Range
> $1,117,000 1.3
$838,001 - $1,117,000 2.2
$559,001 - $838,000 1.7
$447,001 - $559,000 0.5
$335,001 - $447,000 1.9
$224,001 - $335,000 9.5
$112,001 - $224,000 26.7
$56,001 - $112,000 34.1
$0 - $56,000 21.9

Average for OK
Low for Nation

Value Relative to Nation Value Relative to State
76.8226269251039 44.7129909365559

Number Of Homes And Apartments:
559

Rent & Ownership

 

Average Market Rent:
$513 / per month

Homeownership Rate

Homeownership
Owners 65.91
Renters 34.09
Vacant 16.32

Housing Market Details

 

Age of Homes

AGE OF Locust Grove HOMES
2000 or Newer 6.1
1970 - 1999 37.0
1940 - 1969 48.4
1939 or Older 8.5

Types of Homes

TYPE OF Locust Grove HOMES
Single-Family 81.4
Townhomes 1.0
Small Apt. Buildings 7.8
Apt. Complexes 2.8
Mobile Homes 6.9
Other 0.0

Home Size

SIZE OF Locust Grove HOMES
No Bedroom 0.00
1 Bedroom 8.38
2 Bedrooms 36.38
3 Bedrooms 47.01
4 Bedrooms 8.23
5 or more bedrooms 0.00

Locust Grove Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OK*
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
55.11% 2.62% 5 7
* 10 is highest

Popular Neighborhoods in Locust Grove

Zip Codes in Locust Grove, OK