Locust Grove, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Locust Grove, VA 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 a population of 13,496, 3,396 total housing units (homes and apartments), and a median house value of $286,448, 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 91.93% of the town's housing units. Other types of housing that are prevalent in Locust Grove include mobile homes or trailers ( 4.17%), row houses and other attached homes ( 2.13%), and a few large apartment complexes or high rise apartments ( 1.77%).

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 87.61% of Locust Grove's homes, and 82.10% 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 ( 35.04%). A lesser amount of the housing stock also hails from between 1940-1969 ( 5.92%). There's also some housing in Locust Grove built before 1939 ( 3.58%).

Vacant housing appears to be an issue in Locust Grove. Fully 11.53% 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

Homes have actually lost value in Locust Grove over the last then years, as home values have seen a decline of 20.28% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Locust Grove home appreciation rates at -1.60%, which equates to an annual appreciation rate of -6.23%.

Over the last year, Locust Grove appreciation rates have trailed the rest of the nation. In the last twelve months, Locust Grove's appreciation rate has been 1.56%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Locust Grove were at -1.60%, which equates to an annual appreciation rate of -6.23%.

Notably, Locust Grove's appreciation rate in the latest quarter is one of the lowest in America.

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

Average Home Values

 

Median Home Value:
$286,448

Locust Grove, VA HOME PRICES

Value Range
> $1,133,000 0.9
$850,001 - $1,133,000 0.9
$566,001 - $850,000 8.0
$453,001 - $566,000 6.1
$340,001 - $453,000 18.1
$226,001 - $340,000 38.5
$113,001 - $226,000 22.6
$57,001 - $113,000 3.4
$0 - $57,000 1.5

High for VA
Very High for Nation

Value Relative to Nation Value Relative to State
17.7487401851635 21.606648199446

Number Of Homes And Apartments:
3,396

Locust Grove Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
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
63.27% 2.88% 7 8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,572 / per month

Homeownership Rate

Homeownership
Owners 87.61
Renters 12.39
Vacant 11.53

Housing Market Details

 

Age of Homes

AGE OF Locust Grove HOMES
2000 or Newer 35.0
1970 - 1999 55.4
1940 - 1969 5.9
1939 or Older 3.6

Types of Homes

TYPE OF Locust Grove HOMES
Single-Family 91.9
Townhomes 2.1
Small Apt. Buildings 0.0
Apt. Complexes 1.8
Mobile Homes 4.2
Other 0.0

Home Size

SIZE OF Locust Grove HOMES
No Bedroom 0.00
1 Bedroom 3.42
2 Bedrooms 6.08
3 Bedrooms 55.51
4 Bedrooms 26.59
5 or more bedrooms 8.39

Popular Neighborhoods in Locust Grove

Zip Codes in Locust Grove, VA