Is Locust Grove, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Locust Grove is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Locust Grove has remained a Seller's Market.

Key Takeaway

Locust Grove is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Locust Grove, VA

How much do homes in Locust Grove, VA cost?

Median Sold Price

$420,000

$205/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$12,500(+3.1%)

Key Takeaway

Homes in Locust Grove have sold for 3.1% more than they did a year ago.

Summary: The median home sold price in Locust Grove was $420,000 in October 2024, up 3.1% from last year, and the median price per square foot was $205.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$153.7K
N/A
2 $265K$280K
+5.7%
3 $362K$389.9K
+7.7%
4 $443K$449.9K
+1.6%
5+ $450K$494.9K
+10.0%

Summary: Locust Grove housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 5.7%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 1.6%, and 5+ bedroom homes increased by 10%.

Median Sold Price Compared To Nearby Cities

Locust Grove
+3.1%
Little River
-11.4%

Housing Supply in Locust Grove, VA

How many homes are available in Locust Grove, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
184174-5.4%

Summary: The Locust Grove real estate market had 174 homes for sale in October 2024, a 5.4% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 68
+33.3%
3 8273
-11.0%
4 7068
-2.9%
5+ 2625
-3.8%

Summary: The Locust Grove housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 11%, 4 bedroom homes decreased by 2.9%, and 5+ bedroom homes decreased by 3.8%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4438-13.6%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

19 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Locust Grove, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 38 homes were sold or pending in Locust Grove in October 2024, down by 13.6% month-over-month. Of the 38 sold homes, 32% were sold under asking, 50% were sold at asking, and 18% were sold over asking.

Days on Market for Locust Grove, VA

How long does it take to sell a home in Locust Grove, VA?

Average Sale Time

Oct 2023Oct 2024CHANGE
24 Days46 Days+91.3%

Summary: Homes in Locust Grove had an average of 46 days on market in Oct 2024, up by 91.3% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Locust Grove are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 38 homes were sold in Locust Grove; 42% of homes were sold within 30 days, 39% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 11 Days Ago

Newest Listings in Locust Grove, VA

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