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 a population of 1,387, 557 total housing units (homes and apartments), and a median house value of $195,340, 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 73.53% 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 ( 14.38%), mobile homes or trailers ( 6.05%), and a few large apartment complexes or high rise apartments ( 5.56%).
The most prevalent building size and type in Locust Grove are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 57.45% owning and 42.55% renting.
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 1940-1969 ( 25.98%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.22%). There's also some housing in Locust Grove built before 1939 ( 8.50%).
Real estate appreciation rates in Locust Grove's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.35% during the period.
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 8.55%, which is higher than appreciation rates in 76.24% 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 3.30%, which equates to an annual appreciation rate of 13.85%.
Importantly, this makes Locust Grove one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Oklahoma, our data show that Locust Grove's latest annual appreciation rate is lower than 50% of the other cities and towns in Oklahoma.
$195,340
for Oklahoma
for nation
557
$1,113 / per month