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 about Scout's Real Estate Data
With 7,997 people, 3,177 houses or apartments, and a median cost of homes of $217,564, house prices in Oak Grove are solidly below the national average.
Single-family detached homes are the single most common housing type in Oak Grove, accounting for 69.99% of the city's housing units. Other types of housing that are prevalent in Oak Grove include large apartment complexes or high rise apartments ( 11.68%), mobile homes or trailers ( 9.40%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.40%).
The most prevalent building size and type in Oak Grove are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 39.53% owning and 60.47% renting.
Oak Grove homes and real estate are some of the newest in America. 50.06% of Oak Grove's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Oak Grove real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 44.27%), and between 1940-1969 ( 5.67%).
Vacant housing appears to be an issue in Oak Grove. Fully 11.65% of the housing stock is classified as vacant. Left unchecked, vacant Oak Grove homes and apartments can be a drag on the real estate market, holding Oak 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.
Appreciation rates for homes in Oak 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 102.66%, which ranks in the top 40% nationwide. This equates to an annual average Oak Grove house appreciation rate of 7.32%.
NeighborhoodScout's data show that during the latest twelve months, Oak Grove's appreciation rate, at 7.70%, has been at or slightly above the national average. In the latest quarter, Oak Grove's appreciation rate has been 0.54%, which annualizes to a rate of 2.18%.
Notably, Oak Grove's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Kentucky, our data show that Oak Grove's latest annual appreciation rate is higher than 70% of the other cities and towns in Kentucky.
$217,564
for Kentucky
for nation
3,177
$2,048 / per month