Covington, KY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Covington, KY 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

Covington Housing Market Information

With 40,997 people, 16,746 houses or apartments, and a median cost of homes of $115,033, 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 55.45% of the city's housing units. Other types of housing that are prevalent in Covington include large apartment complexes or high rise apartments ( 19.97%), duplexes, homes converted to apartments or other small apartment buildings ( 19.68%), and a few row houses and other attached homes ( 3.64%).

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 ( 50.53%), making the housing stock in Covington some of the oldest overall in America, although there is a range of ages of homes in Covington. The next most important housing age is between 1940-1969 ( 24.40%), followed by between 1970-1999 ( 19.47%). There's also some housing in Covington built between 2000 and later ( 5.60%).

Vacant housing appears to be an issue in Covington. Fully 17.11% 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

Real estate appreciation rates in Covington's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.01% during the period.

NeighborhoodScout's data show that during the latest twelve months, Covington's appreciation rate, at 3.54%, has been at or slightly above the national average. In the latest quarter, Covington's appreciation rate has been 0.43%, which annualizes to a rate of 1.74%.

Relative to Kentucky, our data show that Covington's latest annual appreciation rate is lower than 50% 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 2000, to assist you in making the best Covington real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$115,033

Covington, KY HOME PRICES

Value Range
> $1,079,000 0.4
$809,001 - $1,079,000 0.2
$539,001 - $809,000 1.1
$432,001 - $539,000 0.7
$324,001 - $432,000 2.1
$216,001 - $324,000 8.7
$108,001 - $216,000 35.9
$54,001 - $108,000 39.8
$0 - $54,000 10.9

Average for KY
Low for Nation

Value Relative to Nation Value Relative to State
68.2468065158795 45.3634085213033

Number Of Homes And Apartments:
16,746

Covington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
KY*
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
22.41% 1.18% 2 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$875 / per month

Homeownership Rate

Homeownership
Owners 47.83
Renters 52.17
Vacant 17.11

Housing Market Details

 

Age of Homes

AGE OF Covington HOMES
2000 or Newer 5.6
1970 - 1999 19.5
1940 - 1969 24.4
1939 or Older 50.5

Types of Homes

TYPE OF Covington HOMES
Single-Family 55.4
Townhomes 3.6
Small Apt. Buildings 19.7
Apt. Complexes 20.0
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF Covington HOMES
No Bedroom 4.78
1 Bedroom 22.39
2 Bedrooms 33.97
3 Bedrooms 28.84
4 Bedrooms 8.29
5 or more bedrooms 1.73