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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Covington, WA Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Covington, WA Housing Market Trends

With a population of 21,374, 7,306 total housing units (homes and apartments), and a median house value of $742,822, Covington house prices are not only among the most expensive in Washington, Covington real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Covington, accounting for 88.41% of the city's housing units. Other types of housing that are prevalent in Covington include large apartment complexes or high rise apartments ( 9.24%), mobile homes or trailers ( 1.19%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Covington. Owner-occupied housing accounts for 81.07% of Covington's homes, and 79.27% have either three or four bedrooms, which is average sized relative to America.

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 ( 36.26%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.57%).

Covington Home Appreciation Rates

In the last 10 years, Covington has experienced some of the highest home appreciation rates of any community in the nation. Covington real estate appreciated 138.75% over the last ten years, which is an average annual home appreciation rate of 9.09%, putting Covington in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Covington definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 -0.38%, 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 -1.24%, which equates to an annual appreciation rate of -4.88%.

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

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

Average Home Values

Median Home Value

$742,822

Covington, WA Home Prices
> $1,281,000
$961,001 - $1,281,000
$641,001 - $961,000
$513,001 - $641,000
$384,001 - $513,000
$257,001 - $384,000
$128,001 - $257,000
$64,001 - $128,000
$0 - $64,000
3.5%
3.5%
12.1%
12.1%
44.8%
44.8%
22.2%
22.2%
11.9%
11.9%
3.7%
3.7%
0.5%
0.5%
0.0%
0.0%
1.4%
1.4%
0% 100.0%
% of Homes
Very High

for Washington

Very High

for nation

Number of Homes And Apartments:

7,306

Covington Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,107 / per month

Homeownership Rate

Owners
Renters
81.1%
81.1%
18.9%
18.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
3.2%
3.2%
96.8%
96.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
36.3%
36.3%
42.3%
42.3%
20.6%
20.6%
0.9%
0.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
88.4%
88.4%
0.6%
0.6%
0.4%
0.4%
9.2%
9.2%
1.2%
1.2%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.7%
0.7%
3.8%
3.8%
7.7%
7.7%
44.7%
44.7%
34.6%
34.6%
8.5%
8.5%
0% 100.0%
% of Homes