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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 19,197, 6,232 total housing units (homes and apartments), and a median house value of $418,230, 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 89.94% of the city's housing units. Other types of housing that are prevalent in Covington include large apartment complexes or high rise apartments ( 7.06%), row houses and other attached homes ( 1.27%), and a few mobile homes or trailers ( 1.25%).
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 77.93% of Covington's homes, and 87.16% 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 ( 28.33%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.78%). There's also some housing in Covington built before 1939 ( 1.75%).
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 3.34%, which ranks in the top 50% nationwide. This equates to an annual average Covington house appreciation rate of 0.33%.
Appreciation rates are so strong in Covington that despite a nationwide downturn in the housing market, Covington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Covington appreciation rates continue to be some of the highest in America, at 13.51%, which is higher than appreciation rates in 98.80% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Covington. Covington appreciation rates in the latest quarter were at 2.83%, which equates to an annual appreciation rate of 11.81%.
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 Washington, our data show that Covington's latest annual appreciation rate is higher than 90% of the other cities and towns in Washington.
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.
|$1,048,001 - $1,397,000||0.4|
|$699,001 - $1,048,000||2.9|
|$559,001 - $699,000||7.2|
|$419,001 - $559,000||28.9|
|$279,001 - $419,000||40.7|
|$140,001 - $279,000||16.5|
|$70,001 - $140,000||0.9|
|$0 - $70,000||2.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Covington HOMES|
|2000 or Newer||28.3|
|1970 - 1999||50.1|
|1940 - 1969||19.8|
|1939 or Older||1.7|
|TYPE OF Covington HOMES|
|Small Apt. Buildings||0.5|
|SIZE OF Covington HOMES|
|5 or more bedrooms||5.64|