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 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Covington Housing Market Information

With 10,416 people, 3,706 houses or apartments, and a median cost of homes of $299,083, 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 76.61% of the city's housing units. Other types of housing that are prevalent in Covington include large apartment complexes or high rise apartments ( 8.13%), duplexes, homes converted to apartments or other small apartment buildings ( 7.94%), and a few mobile homes or trailers ( 4.54%).

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 60.34% owning and 39.66% 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 ( 24.37%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.95%). There's also some housing in Covington built before 1939 ( 13.43%).

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 1.31% during the period.

NeighborhoodScout's data show that during the latest twelve months, Covington's appreciation rate, at 3.15%, has been at or slightly above the national average. In the latest quarter, Covington's appreciation rate has been 2.77%, which annualizes to a rate of 11.56%.

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:
$299,083

Covington, LA HOME PRICES

Value Range
> $1,134,000 1.3
$851,001 - $1,134,000 2.9
$567,001 - $851,000 7.4
$454,001 - $567,000 5.2
$340,001 - $454,000 8.9
$226,001 - $340,000 34.3
$113,001 - $226,000 23.1
$57,001 - $113,000 9.9
$0 - $57,000 6.9

Very High for LA
Very High for Nation

Value Relative to Nation Value Relative to State
19.8014598540146 1.3840830449827

Number Of Homes And Apartments:
3,706

Covington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
LA*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
76.22% 2.95%
8
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,442 / per month

Homeownership Rate

Homeownership
Owners 60.34
Renters 39.66
Vacant 9.50

Housing Market Details

 

Age of Homes

AGE OF Covington HOMES
2000 or Newer 24.4
1970 - 1999 46.3
1940 - 1969 15.9
1939 or Older 13.4

Types of Homes

TYPE OF Covington HOMES
Single-Family 76.6
Townhomes 2.8
Small Apt. Buildings 7.9
Apt. Complexes 8.1
Mobile Homes 4.5
Other 0.0

Home Size

SIZE OF Covington HOMES
No Bedroom 1.93
1 Bedroom 4.64
2 Bedrooms 22.95
3 Bedrooms 50.53
4 Bedrooms 17.53
5 or more bedrooms 2.42