Covina, CA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Covina, CA Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Covina Housing Market Information

With 48,984 people, 15,185 houses or apartments, and a median cost of homes of $501,416, real estate costs in Covina are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive California communities.

Single-family detached homes are the single most common housing type in Covina, accounting for 58.00% of the city's housing units. Other types of housing that are prevalent in Covina include large apartment complexes or high rise apartments ( 23.22%), row houses and other attached homes ( 9.08%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.16%).

The most prevalent building size and type in Covina are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.80% owning and 44.20% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Covina's housing was primarily built during this period, from the '40s through the '60s. A full 61.15% of the city's housing hails from this era. Other housing ages represented in Covina include homes built between 1970-1999 ( 31.07%) and housing constructed before 1939 ( 5.44%). There's also some housing in Covina built between 2000 and later ( 2.35%).

Covina Home Appreciation Rates

Real estate appreciation rates in Covina's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.55% during the period.

Appreciation rates are so strong in Covina that despite a nationwide downturn in the housing market, Covina real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Covina appreciation rates continue to be some of the highest in America, at 7.13%, which is higher than appreciation rates in 82.06% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Covina. Covina appreciation rates in the latest quarter were at 1.99%, which equates to an annual appreciation rate of 8.20%.

Importantly, this makes Covina 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 California, our data show that Covina's latest annual appreciation rate is lower than 60% of the other cities and towns in California.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Covina differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Covina - 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 Covina real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$501,416

Covina, CA HOME PRICES

Value Range
> $1,296,000 0.7
$972,001 - $1,296,000 2.3
$648,001 - $972,000 12.3
$518,001 - $648,000 26.6
$389,001 - $518,000 36.9
$259,001 - $389,000 10.8
$130,001 - $259,000 2.6
$65,001 - $130,000 1.4
$0 - $65,000 6.4

Average for CA
Very High for Nation

Value Relative to Nation Value Relative to State
5.89476151412165 40.0793650793651

Number Of Homes And Apartments:
15,185

Covina Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
128.38% 4.90% 9 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,708 / per month

Homeownership Rate

Homeownership
Owners 55.80
Renters 44.20
Vacant 3.45

Housing Market Details

 

Age of Homes

AGE OF Covina HOMES
2000 or Newer 2.4
1970 - 1999 31.1
1940 - 1969 61.1
1939 or Older 5.4

Types of Homes

TYPE OF Covina HOMES
Single-Family 58.0
Townhomes 9.1
Small Apt. Buildings 6.2
Apt. Complexes 23.2
Mobile Homes 3.5
Other 0.0

Home Size

SIZE OF Covina HOMES
No Bedroom 2.10
1 Bedroom 13.51
2 Bedrooms 24.46
3 Bedrooms 41.33
4 Bedrooms 16.65
5 or more bedrooms 1.95