Covington appreciation rates and housing market information

Covington housing market information

With 43,348 people, 20,450 houses or apartments, and a median cost of homes of $107,697, house prices in Covington are solidly below the national average.

single-family detached homes are the single most common housing type in Covington, accounting for 52.72% of the city's housing units. Other types of housing that are prevalent in Covington include duplexes, homes converted to apartments, or other small apartment buildings (22.51%), large apartment complexes or high rise apartments (20.56%), row houses and other attached homes (3.14%), and a few mobile homes or trailers (1.05%).

People in Covington primarily live in small (one, two, or no bedroom) single-family detached homes. Covington has a mixture of owner-occupied and renter-occupied housing.

The housing in Covington was primarily built before 1939 (47.74%), making the housing stock in Covington some of the older overall in America, although there is a range of ages of homes in Covington. The next most important Covington housing age is 1940-1969 (30.45%), followed by 1970-1994 (17.94%). There's also some housing in Covington built between 1995 and later (3.87%).

Vacant housing appears to be an issue in Covington. Fully 10.86% of the housing stock is classified as vacant. Left unchecked, vacant Covington homes and apartments can be a drag on the real estate market, holding Covington real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Covington home appreciation rates

Covington's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Covington during the period has been just 5.95%, which is lower than % of US communities.

NeighborhoodScout's data show that during the latest twelve months, Covington home appreciation rates, at 1.83%, have been at or slightly above the national average. In the latest quarter, Covington's appreciation rate has been 1.75%, which annualizes to a rate of 7.00%.

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 Kentucky, our data show that Covington's latest annual appreciation rate is higher than 31% of the other cities and towns in Kentucky.

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 1990, to assist you in making the best Covington real estate investment or home purchase decisions.