Covington, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Covington, TN 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 9,036 people, 3,592 houses or apartments, and a median cost of homes of $99,842, 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 65.93% 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 ( 21.99%), large apartment complexes or high rise apartments ( 7.67%), and a few mobile homes or trailers ( 3.46%).

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 44.64% owning and 55.36% 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 1940-1969 ( 26.57%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.22%). There's also some housing in Covington built before 1939 ( 13.10%).

Vacant housing appears to be an issue in Covington. Fully 12.52% 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 -0.64% during the period.

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 0.53%, 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 0.35%, which equates to an annual appreciation rate of 1.41%.

Relative to Tennessee, our data show that Covington's latest annual appreciation rate is lower than 80% of the other cities and towns in Tennessee.

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:
$99,842

Covington, TN HOME PRICES

Value Range
> $1,071,000 0.4
$803,001 - $1,071,000 0.1
$536,001 - $803,000 0.2
$429,001 - $536,000 0.7
$322,001 - $429,000 1.0
$214,001 - $322,000 6.4
$107,001 - $214,000 35.1
$53,001 - $107,000 46.7
$0 - $53,000 9.4

Low for TN
Low for Nation

Value Relative to Nation Value Relative to State
77.6280323450135 72.9591836734694

Number Of Homes And Apartments:
3,592

Covington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
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
13.31% 0.73% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$757 / per month

Homeownership Rate

Homeownership
Owners 44.64
Renters 55.36
Vacant 12.52

Housing Market Details

 

Age of Homes

AGE OF Covington HOMES
2000 or Newer 15.2
1970 - 1999 45.1
1940 - 1969 26.6
1939 or Older 13.1

Types of Homes

TYPE OF Covington HOMES
Single-Family 65.9
Townhomes 0.9
Small Apt. Buildings 22.0
Apt. Complexes 7.7
Mobile Homes 3.5
Other 0.0

Home Size

SIZE OF Covington HOMES
No Bedroom 2.02
1 Bedroom 14.47
2 Bedrooms 27.25
3 Bedrooms 43.96
4 Bedrooms 9.91
5 or more bedrooms 2.39