Locust Grove, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Locust Grove, VA Real Estate Data


Locust Grove Housing Market Information

With 13,496 people, 3,233 houses or apartments, and a median cost of homes of $301,218, Locust Grove real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Locust Grove, accounting for 92.04% of the town's housing units. Other types of housing that are prevalent in Locust Grove include mobile homes or trailers ( 4.23%), large apartment complexes or high rise apartments ( 2.06%), and a few row houses and other attached homes ( 1.54%).

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 88.36% of Locust Grove's homes, and 83.50% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Locust 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 Locust Grove built between 2000 and later ( 34.44%). A lesser amount of the housing stock also hails from between 1940-1969 ( 7.07%). There's also some housing in Locust Grove built before 1939 ( 3.74%).

Vacant housing appears to be an issue in Locust Grove. Fully 15.08% 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

Locust Grove's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Locust Grove during the period has been just -1.60%, which is lower than 80% of US communities.

Appreciation rates are so strong in Locust Grove that despite a nationwide downturn in the housing market, Locust Grove real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Locust Grove appreciation rates continue to be some of the highest in America, at 8.00%, which is higher than appreciation rates in 91.43% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Locust Grove. Locust Grove appreciation rates in the latest quarter were at 1.96%, which equates to an annual appreciation rate of 8.06%.

Relative to Virginia, our data show that Locust Grove's latest annual appreciation rate is higher than 90% of the other cities and towns in Virginia.

Average Home Values

 

Median Home Value:
$301,218

Locust Grove, VA HOME PRICES

Value Range
> $1,181,000 1.2
$885,001 - $1,181,000 0.9
$590,001 - $885,000 8.0
$472,001 - $590,000 6.3
$354,001 - $472,000 17.3
$236,001 - $354,000 35.8
$118,001 - $236,000 23.3
$59,001 - $118,000 4.6
$0 - $59,000 2.7

High for VA
Very High for Nation

Value Relative to Nation Value Relative to State
16.7769514551736 20.7756232686981

Number Of Homes And Apartments:
3,233

Rent & Ownership

 

Average Market Rent:
$1,546 / per month

Homeownership Rate

Homeownership
Owners 88.36
Renters 11.64
Vacant 15.08

Housing Market Details

 

Age of Homes

AGE OF Locust Grove HOMES
2000 or Newer 34.4
1970 - 1999 54.8
1940 - 1969 7.1
1939 or Older 3.7

Types of Homes

TYPE OF Locust Grove HOMES
Single-Family 92.0
Townhomes 1.5
Small Apt. Buildings 0.0
Apt. Complexes 2.1
Mobile Homes 4.2
Other 0.1

Home Size

SIZE OF Locust Grove HOMES
No Bedroom 0.00
1 Bedroom 3.57
2 Bedrooms 5.71
3 Bedrooms 56.50
4 Bedrooms 27.00
5 or more bedrooms 7.22

Locust Grove Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
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
74.46% 3.33% 8 9
* 10 is highest

Popular Neighborhoods in Locust Grove

Zip Codes in Locust Grove, VA