Covington, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Covington Neighborhoods Since 2000




Covington, VA 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 a population of 5,658, 2,476 total housing units (homes and apartments), and a median house value of $57,064, house prices in Covington are some of the most affordable in Virginia as well as the nation.

Single-family detached homes are the single most common housing type in Covington, accounting for 87.55% 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 ( 3.89%), mobile homes or trailers ( 3.20%), and a few large apartment complexes or high rise apartments ( 3.13%).

Dwellings in Covington tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 49.46% of the homes in Covington have two or fewer bedrooms.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Covington's housing was primarily built during this period, from the '40s through the '60s. A full 54.14% of the city's housing hails from this era. Other housing ages represented in Covington include homes built before 1939 ( 26.89%) and housing constructed between 1970-1999 ( 16.24%). There's also some housing in Covington built between 2000 and later ( 2.73%).

Vacant housing appears to be an issue in Covington. Fully 18.42% 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 -0.46% 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 1.88%, 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 -1.60%, which equates to an annual appreciation rate of -6.23%.

Notably, Covington's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Virginia, our data show that Covington's latest annual appreciation rate is higher than 50% of the other cities and towns in Virginia.

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:
$57,064

Covington, VA HOME PRICES

Value Range
> $1,016,000 0.2
$762,001 - $1,016,000 0.5
$508,001 - $762,000 0.0
$406,001 - $508,000 1.0
$305,001 - $406,000 0.3
$203,001 - $305,000 3.9
$102,001 - $203,000 16.0
$51,001 - $102,000 48.5
$0 - $51,000 29.6

Very Low for VA
Very Low for Nation

Value Relative to Nation Value Relative to State
98.5175202156334 99.1689750692521

Number Of Homes And Apartments:
2,476

Covington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
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
26.80% 1.39% 1 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$722 / per month

Homeownership Rate

Homeownership
Owners 73.01
Renters 26.99
Vacant 18.42

Housing Market Details

 

Age of Homes

AGE OF Covington HOMES
2000 or Newer 2.7
1970 - 1999 16.2
1940 - 1969 54.1
1939 or Older 26.9

Types of Homes

TYPE OF Covington HOMES
Single-Family 87.5
Townhomes 2.2
Small Apt. Buildings 3.9
Apt. Complexes 3.1
Mobile Homes 3.2
Other 0.0

Home Size

SIZE OF Covington HOMES
No Bedroom 0.30
1 Bedroom 8.07
2 Bedrooms 41.09
3 Bedrooms 33.34
4 Bedrooms 15.72
5 or more bedrooms 1.48