Covington, WA Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Covington, WA Housing Market Trends

With 21,175 people, 7,272 houses or apartments, and a median cost of homes of $526,599, real estate costs in Covington are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Washington communities.

Single-family detached homes are the single most common housing type in Covington, accounting for 88.83% of the city's housing units. Other types of housing that are prevalent in Covington include large apartment complexes or high rise apartments ( 8.59%), row houses and other attached homes ( 1.18%), and a few mobile homes or trailers ( 1.06%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Covington. Owner-occupied housing accounts for 80.99% of Covington's homes, and 80.57% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Covington built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Covington built between 2000 and later ( 32.12%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.48%).

Covington Home Appreciation Rates

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 108.18% over the last ten years, which is an average annual home appreciation rate of 7.61%, 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.

Appreciation rates are so strong in Covington that despite a nationwide downturn in the housing market, Covington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Covington appreciation rates continue to be some of the highest in America, at 11.28%, which is higher than appreciation rates in 78.76% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Covington. Covington appreciation rates in the latest quarter were at 3.79%, which equates to an annual appreciation rate of 16.03%.

Importantly, this makes Covington one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Washington, our data show that Covington's latest annual appreciation rate is lower than 60% of the other cities and towns in Washington.

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.

Average Home Values

 

Median Home Value:
$526,599

Covington, WA HOME PRICES

> $1,379,000
1.6%
1.6%
$1,034,001 - $1,379,000
0.7%
0.7%
$689,001 - $1,034,000
12.2%
12.2%
$551,001 - $689,000
21.3%
21.3%
$413,001 - $551,000
37.3%
37.3%
$275,001 - $413,000
19.2%
19.2%
$138,001 - $275,000
5.5%
5.5%
$69,001 - $138,000
0.1%
0.1%
$0 - $69,000
2.2%
2.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for WA

Value Relative To Nation

Number Of Homes And Apartments:
7,272

Covington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
149.27% 4.34%
6
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,000 / per month

Homeownership Rate

Owners
81.0%
81.0%
Renters
19.0%
19.0%
Vacant
3.3%
3.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
32.1%
32.1%
1970 - 1999
48.6%
48.6%
1940 - 1969
18.5%
18.5%
1939 or Older
0.8%
0.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
88.8%
88.8%
Townhomes
1.2%
1.2%
Small Apt. Buildings
0.3%
0.3%
Apt. Complexes
8.6%
8.6%
Mobile Homes
1.1%
1.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.8%
0.8%
1 Bedroom
3.1%
3.1%
2 Bedrooms
8.1%
8.1%
3 Bedrooms
48.9%
48.9%
4 Bedrooms
31.6%
31.6%
5 or more bedrooms
7.4%
7.4%
0.0% 100.0%
% OF HOMES