Covington, WA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Covington, WA Real Estate Data


Covington Housing Market Information

With a population of 19,197, 6,199 total housing units (homes and apartments), and a median house value of $373,849, real estate costs in Covington are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Washington communities.

Single-family detached homes are the single most common housing type in Covington, accounting for 89.24% of the city's housing units. Other types of housing that are prevalent in Covington include large apartment complexes or high rise apartments ( 7.56%), mobile homes or trailers ( 1.34%), and a few row houses and other attached homes ( 1.33%).

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 80.32% of Covington's homes, and 85.57% 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 ( 31.12%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.60%). There's also some housing in Covington built before 1939 ( 2.09%).

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 0.09% during the period.

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 11.01%, 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 4.49%, which equates to an annual appreciation rate of 19.19%.

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 80% 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.

Average Home Values

 

Median Home Value:
$373,849

Covington, WA HOME PRICES

Value Range
> $1,367,000 0.5
$1,025,001 - $1,367,000 0.5
$684,001 - $1,025,000 2.7
$547,001 - $684,000 7.2
$410,001 - $547,000 27.5
$273,001 - $410,000 40.2
$137,001 - $273,000 18.9
$68,001 - $137,000 0.8
$0 - $68,000 1.8

High for WA
Very High for Nation

Value Relative to Nation Value Relative to State
11.0440943959712 21.6312056737589

Number Of Homes And Apartments:
6,199

Rent & Ownership

 

Average Market Rent:
$2,162 / per month

Homeownership Rate

Homeownership
Owners 80.32
Renters 19.68
Vacant 7.52

Housing Market Details

 

Age of Homes

AGE OF Covington HOMES
2000 or Newer 31.1
1970 - 1999 47.2
1940 - 1969 19.6
1939 or Older 2.1

Types of Homes

TYPE OF Covington HOMES
Single-Family 89.2
Townhomes 1.3
Small Apt. Buildings 0.5
Apt. Complexes 7.6
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF Covington HOMES
No Bedroom 0.00
1 Bedroom 3.30
2 Bedrooms 4.68
3 Bedrooms 55.45
4 Bedrooms 30.12
5 or more bedrooms 6.44

Covington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
68.21% 3.11% 6 8
* 10 is highest