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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
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.
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.
|$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|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Locust Grove HOMES|
|2000 or Newer||35.0|
|1970 - 1999||55.4|
|1940 - 1969||5.9|
|1939 or Older||3.6|
|TYPE OF Locust Grove HOMES|
|Small Apt. Buildings||0.0|
|SIZE OF Locust Grove HOMES|
|5 or more bedrooms||8.39|