Is Locust Grove, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$410,000
$201/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Locust Grove have sold for 11.1% more than they did a year ago.
Summary: The median home sold price in Locust Grove was $410,000 in March 2024, up 11.1% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $255K | $282.4K | +10.8% |
| 3 Bedrooms | $328.9K | $371K | +12.8% |
| 4 Bedrooms | $427.5K | $444K | +3.9% |
| 5+ Bedrooms | $439.9K | $450K | +2.3% |
Summary: Locust Grove housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.8%, 3 bedroom homes increased by 12.8%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes increased by 2.3%.
Median Sold Price Compared To Nearby Cities
| Locust Grove | $369K | $410K | +11.1% |
| Rhoadesville | $392K | $394.4K | +0.6% |
Housing Supply in Locust Grove, VA
How many homes are available in Locust Grove, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 163 | 167 | +2.5% |
Summary: The Locust Grove real estate market had 167 homes for sale in March 2024, a 2.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 9 | 6 | -33.3% |
| 3 Bedrooms | 70 | 69 | -1.4% |
| 4 Bedrooms | 68 | 74 | +8.8% |
| 5+ Bedrooms | 16 | 18 | +12.5% |
Summary: The Locust Grove housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes decreased by 1.4%, 4 bedroom homes increased by 8.8%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 27 | 42 | +55.6% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Locust Grove, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 42 homes were sold or pending in Locust Grove in March 2024, up by 55.6% month-over-month. Of the 42 sold homes, 50% were sold under asking, 21% were sold at asking, and 29% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 31 Days | 36 Days | +15.2% |
Summary: Homes in Locust Grove had an average of 36 days on market in Mar 2024, up by 15.2% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Locust Grove are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 42 homes were sold in Locust Grove; 60% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
Information is provided by Charlottesville Area Association of Realtors®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. 
All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved