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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 14,381 people, 5,481 houses or apartments, and a median cost of homes of $320,718, Covington real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Covington, accounting for 72.12% of the city's housing units. Other types of housing that are prevalent in Covington include large apartment complexes or high rise apartments ( 15.22%), duplexes, homes converted to apartments or other small apartment buildings ( 9.41%), and a few row houses and other attached homes ( 2.49%).
The most prevalent building size and type in Covington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 43.17% owning and 56.83% renting.
Covington homes and real estate are some of the newest in America. 41.81% of Covington's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Covington real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 34.41%), and between 1940-1969 ( 18.36%). There's also some housing in Covington built before 1939 ( 5.42%).
In the last 10 years, Covington has experienced some of the highest home appreciation rates of any community in the nation. Covington real estate appreciated 160.96% over the last ten years, which is an average annual home appreciation rate of 10.07%, putting Covington in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Covington definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Covington appreciation rates have trailed the rest of the nation. In the last twelve months, Covington's appreciation rate has been 4.93%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Covington were at 2.20%, which equates to an annual appreciation rate of 9.09%.
Relative to Georgia, our data show that Covington's latest annual appreciation rate is lower than 80% of the other cities and towns in Georgia.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Covington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Covington - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Covington real estate investment or home purchase decisions.
$320,718
for Georgia
for nation
5,481
$2,208 / per month