Locust Grove, VA—22508
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Locust Grove, VA
Locust Grove, VA lacks sufficient home price data for analysis.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $419,000 | 2.4% |
| Single Family | $419,000 | 2.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $310,000 | 2.0% |
3 Bed | $391,000 | 2.4% |
4 Bed | $469,000 | 1.5% |
| 5 Bed | $515,000 | 1.2% |
% of Housing Stock
Rental Trends — Locust Grove, VA
As of July '25, Rentcast reports the average rent in Locust Grove, VA is $2,570, with a year-over-year rent change of 12.2%. Per bedroom, the median rent as of July '25 in Locust Grove, VA is 1-bedrooms: $1,200, 2-bedrooms: $1,950, 3-bedrooms: $2,210, 4-bedrooms: $3,520. The most common rental property sizes in Locust Grove, VA are 3-bedroom and 4-bedroom, accounting for 60.7% and 17.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,350 | $2,570 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $1,200 |
| 2 Bed Rent | $1,950 | $1,950 |
| 3 Bed Rent | $2,200 | $2,210 |
| 4 Bed Rent | $2,700 | $3,520 |
% of Rental Stock
Property Listings — Locust Grove, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Locust Grove, VA is 41. This is a decrease of -2.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $458,000 | -5.0% |
Listing Count | 151 | 34.0% |
| Listings as % of Homes | 1.0% | 34.0% |
Days on Market | 41 | -2.0% |
Demographics — Locust Grove, VA
As of the latest ACS Survey released in 2023, Locust Grove, VA has a population of 15,600, which has increased by 10.3% over the past 5 years. Locust Grove, VA is a moderately popular place for families, as children make up 21.6% of the population. The area has a moderately educated workforce, with 38.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,600 | 10.3% |
% Under 18 | 21.6% | -2.7% |
% Seniors | 24.0% | 9.1% |
% WFH | 17.7% | 293.3% |
% w/ College Degree | 38.4% | 13.9% |
As of the latest ACS Survey released in 2023, Locust Grove, VA is a predominantly white area, with 72.7% of the population identifying as white. The white population has shrunk by 11.1% in the last 5 years. The second most common race or ethnicity in Locust Grove, VA is hispanic, making up 9.6% of the population. Foreign-born residents account for 7.4% of the population in Locust Grove, VA, and this percentage has increased by 27.6% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 72.7% | -11.1% |
% Black | 7.8% | -1.3% |
% Hispanic | 9.6% | 68.4% |
% Asian | 1.9% | 5.6% |
% Foreign Born | 7.4% | 27.6% |
Mortgage and Risk — Locust Grove, VA
According to HUD data as of 2023, there were 562 mortgage originations in Locust Grove, VA, of which 60.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 44.0% above 90% LTV (very high). This implies large mortgage risk in Locust Grove, VA. Investor activity is low, as 1.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 562 |
% Conventional Loans | 60.0% |
% Government Loans | 40.0% |
% Investor Loans | 1.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Locust Grove, VA
As of 2024, the percent of homes in Locust Grove, VA under the Section 8 program is 2.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Locust Grove, VA, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 20 |
Total Units Section 8 | 14 |
% Rentals under Section 8 | 2.2% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $320 | $1,000 | $1,320 |
| 2 Bedroom | -$430 | $1,950 | $1,520 |
| 3 Bedroom | -$90 | $2,200 | $2,110 |
| 4 Bedroom | -$290 | $2,700 | $2,410 |
Affordability — Locust Grove, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $419,000 |
| Median Household Income | $114,000 |