Covington LA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Covington, LA 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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Covington Housing Market Information

With a population of 10,463, 3,650 total housing units (homes and apartments), and a median house value of $294,618, Covington real estate is some of the most expensive in Louisiana, although Covington home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Covington, accounting for 74.86% of the city's housing units. Other types of housing that are prevalent in Covington include large apartment complexes or high rise apartments ( 8.75%), duplexes, homes converted to apartments or other small apartment buildings ( 8.05%), and a few mobile homes or trailers ( 5.45%).

The most prevalent building size and type in Covington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.57% owning and 39.43% renting.

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 ( 23.97%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.71%). There's also some housing in Covington built before 1939 ( 14.53%).

Vacant housing appears to be an issue in Covington. Fully 12.76% 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 28.42%, which ranks in the top 50% nationwide. This equates to an annual average Covington house appreciation rate of 2.53%.

Over the last year, Covington appreciation rates have trailed the rest of the nation. In the last twelve months, Covington's appreciation rate has been 3.63%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Covington were at 1.69%, which equates to an annual appreciation rate of 6.94%.

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 Louisiana, our data show that Covington's latest annual appreciation rate is higher than 70% of the other cities and towns in Louisiana.

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:
$294,618

Covington, LA HOME PRICES

Value Range
> $1,149,000 1.7
$862,001 - $1,149,000 4.6
$574,001 - $862,000 8.1
$459,001 - $574,000 5.5
$344,001 - $459,000 11.5
$230,001 - $344,000 30.9
$115,001 - $230,000 22.8
$58,001 - $115,000 8.4
$0 - $58,000 6.5

Very High for LA
High for Nation

Value Relative to Nation Value Relative to State
22.1255474452555 1.3840830449827

Number Of Homes And Apartments:
3,650

Covington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
LA*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
84.92% 3.04%
8
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,543 / per month

Homeownership Rate

Homeownership
Owners 60.57
Renters 39.43
Vacant 12.76

Housing Market Details

 

Age of Homes

AGE OF Covington HOMES
2000 or Newer 24.0
1970 - 1999 43.8
1940 - 1969 17.7
1939 or Older 14.5

Types of Homes

TYPE OF Covington HOMES
Single-Family 74.9
Townhomes 2.9
Small Apt. Buildings 8.1
Apt. Complexes 8.7
Mobile Homes 5.4
Other 0.0

Home Size

SIZE OF Covington HOMES
No Bedroom 1.34
1 Bedroom 3.32
2 Bedrooms 24.40
3 Bedrooms 49.59
4 Bedrooms 17.59
5 or more bedrooms 3.75