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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Locust Grove, OK Real Estate Market

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 Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Locust Grove, OK Housing Market Trends

With 1,387 people, 557 houses or apartments, and a median cost of homes 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%).

Locust Grove Home Appreciation Rates

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.

Average Home Values

Median Home Value

$195,340

Locust Grove, OK Home Prices
> $1,397,000
$1,048,001 - $1,397,000
$699,001 - $1,048,000
$559,001 - $699,000
$419,001 - $559,000
$279,001 - $419,000
$140,001 - $279,000
$70,001 - $140,000
$0 - $70,000
4.0%
4.0%
0.0%
0.0%
2.9%
2.9%
4.3%
4.3%
2.9%
2.9%
15.9%
15.9%
30.9%
30.9%
21.3%
21.3%
17.8%
17.8%
0% 100.0%
% of Homes
Average

for Oklahoma

Low

for nation

Number of Homes And Apartments:

557

Locust Grove Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,113 / per month

Homeownership Rate

Owners
Renters
57.5%
57.5%
42.5%
42.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.0%
9.0%
91.0%
91.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
14.2%
14.2%
51.3%
51.3%
26.0%
26.0%
8.5%
8.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
73.5%
73.5%
0.5%
0.5%
14.4%
14.4%
5.6%
5.6%
6.0%
6.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.1%
1.1%
12.3%
12.3%
33.0%
33.0%
39.5%
39.5%
14.1%
14.1%
0.0%
0.0%
0% 100.0%
% of Homes

Popular Neighborhoods in Locust Grove

Zip Codes in Locust Grove, OK