Locust Grove, VA 22508 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Locust Grove, VA—22508

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$418,000

2.4% YoY Growth

Household Income

$114,000

36.8% YoY Growth

Days on Market

6.0% Longer YoY

Home Price Forecast

N/A

Median Rent

$2,350

12.2% YoY Growth

1-Bed Rent

$1,000

N/A

2-Bed Rent

$1,950

122.9% YoY Growth

3-Bed Rent

$2,200

3.8% YoY Growth

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	$418,000	2.4%
Single Family	$418,000	2.2%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed	N/A	N/A

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

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% of Rental Stock

1 Bedroom

2.9%

2 Bedrooms

10.5%

3 Bedrooms

60.7%

4 Bedrooms

17.1%

5+ Bedrooms

8.8%

Property Listings — Locust Grove, VA

As of Nov '25, Realtor.com reports that the median days on market for a home in Locust Grove, VA is 55. This is a increase of 6.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 25.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$450,000	-4.0%
Listing Count	144	35.0%
Listings as % of Homes	1.0%	35.0%
Days on Market	55	6.0%

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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%

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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%

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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%

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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

Locust Grove, VA—22508

Key Metrics at a Glance

Home Price Trends — Locust Grove, VA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Locust Grove, VA

% of Rental Stock

Property Listings — Locust Grove, VA

Demographics — Locust Grove, VA

Race and Ethnicity

Mortgage and Risk — Locust Grove, VA

Mortgages

Rentals and Section 8 — Locust Grove, VA

Section 8 Market Size

Section 8 Opportunity

Affordability — Locust Grove, VA

Home Price to Income Ratio

Locust Grove, VA — ZIP Code Boundary Map

Nearby ZIP Codes

Richardsville, VA

Fredericksburg, VA

Lagrange, VA

Elkwood, VA

Fredericksburg, VA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.4
Median Home Price	$418,000
Median Household Income	$114,000

Locust Grove, VA—22508

Key Metrics at a Glance

Home Price Trends — Locust Grove, VA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Locust Grove, VA

% of Rental Stock

Property Listings — Locust Grove, VA

Demographics — Locust Grove, VA

Race and Ethnicity

Mortgage and Risk — Locust Grove, VA

Mortgages

Rentals and Section 8 — Locust Grove, VA

Section 8 Market Size

Section 8 Opportunity

Affordability — Locust Grove, VA

Home Price to Income Ratio

Locust Grove, VA — ZIP Code Boundary Map

Nearby ZIP Codes

Richardsville, VA

Fredericksburg, VA

Lagrange, VA

Elkwood, VA

Fredericksburg, VA

Frequently Asked Questions

What is the average home price in Locust Grove, VA 22508?

How have home prices in Locust Grove, VA 22508 changed over the past year?

What is the home price projection for Locust Grove, VA 22508?

What are the demographics of Locust Grove, VA 22508?

How long does it take homes to sell in Locust Grove, VA 22508?

What is the average rent price in Locust Grove, VA 22508?