Covington, KY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Covington Neighborhoods Since 2000




Covington, KY Real Estate Data


Covington Housing Market Information

With a population of 40,997, 16,863 total housing units (homes and apartments), and a median house value of $125,485, 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 56.13% 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 ( 19.48%), large apartment complexes or high rise apartments ( 19.45%), and a few row houses and other attached homes ( 3.45%).

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 ( 51.41%), 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 ( 23.47%), followed by between 1970-1999 ( 20.21%). There's also some housing in Covington built between 2000 and later ( 4.92%).

Vacant housing appears to be an issue in Covington. Fully 17.61% 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

Appreciation rates for homes in Covington have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.76%, which ranks in the top 50% nationwide. This equates to an annual average Covington house appreciation rate of 0.27%.

NeighborhoodScout's data show that during the latest twelve months, Covington's appreciation rate, at 4.76%, has been at or slightly above the national average. In the latest quarter, Covington's appreciation rate has been 2.34%, which annualizes to a rate of 9.71%.

Relative to Kentucky, our data show that Covington's latest annual appreciation rate is higher than 70% 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:
$125,485

Covington, KY HOME PRICES

Value Range
> $1,113,000 0.2
$835,001 - $1,113,000 0.1
$556,001 - $835,000 0.7
$445,001 - $556,000 0.2
$334,001 - $445,000 2.9
$223,001 - $334,000 8.6
$111,001 - $223,000 37.8
$56,001 - $111,000 38.2
$0 - $56,000 11.2

High for KY
Low for Nation

Value Relative to Nation Value Relative to State
63.3893541020085 35.5889724310777

Number Of Homes And Apartments:
16,863

Rent & Ownership

 

Average Market Rent:
$914 / per month

Homeownership Rate

Homeownership
Owners 48.48
Renters 51.52
Vacant 17.61

Housing Market Details

 

Age of Homes

AGE OF Covington HOMES
2000 or Newer 4.9
1970 - 1999 20.2
1940 - 1969 23.5
1939 or Older 51.4

Types of Homes

TYPE OF Covington HOMES
Single-Family 56.1
Townhomes 3.5
Small Apt. Buildings 19.5
Apt. Complexes 19.5
Mobile Homes 1.5
Other 0.0

Home Size

SIZE OF Covington HOMES
No Bedroom 4.83
1 Bedroom 21.85
2 Bedrooms 34.92
3 Bedrooms 29.15
4 Bedrooms 7.32
5 or more bedrooms 1.93

Covington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
KY*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
24.71% 1.31% 3 2
* 10 is highest