Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Covington city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $22,500 | $257,048 | $242,182 |
| Price Trend (Annual %) | -17.7% | 4.1% | 8.2% |
| Median Gross Rent | $822 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Covington city is about 91% lower than in Virginia. Rent is about 46% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Covington city: home prices fell about 17.7% a year while rent rose about 5.6% a year. That is an unusual pattern worth watching.
Median rent in Covington city rose about 39.6% between 2015 and 2023, from $589 to $822. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 0.5 yearly household incomes in Covington city.
Buying the median-priced home in Covington city costs roughly 2.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Covington city. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Covington city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $22,500 | $257,048 | $242,182 |
| Median Household Income | $41,713 | $91,409 | $78,145 |
| Price-to-Income Ratio | 0.5 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Covington city fell about 85.4%, while median household income rose about 15.8% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Covington city | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.6% | 61.1% | 58.2% |
| Rental Rate | 23.4% | 29.9% | 31.3% |
| Vacancy Rate | 17.9% | 9.0% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Covington city has a homeownership rate of 58.6%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 17.9%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Covington city | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.24 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1960 | 1981 | 1978 |
| Median Number of Rooms | 5.3 | 6.0 | 5.5 |
The typical housing unit in Covington city was built around 1960. On average, 2.2 people live in a home with about 5.3 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Covington city, Virginia.
What is the median home price in Covington city, Virginia?
The median home price in Covington city, Virginia is $22,500, lower than the Virginia average of $257,048.
What is the average home price in Covington city, Virginia?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Covington city, Virginia?
The median gross rent in Covington city, Virginia is $822 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Covington city in 2020?
In 2020, the median gross rent in Covington city, Virginia was $760 per month.
What is the price-to-rent ratio in Covington city, Virginia?
The price-to-rent ratio in Covington city, Virginia is about 2.3, meaning it would take roughly 2.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Covington city.
Are home prices or rent rising faster in Covington city, Virginia?
Home prices and rent are moving in opposite directions in Covington city: home prices fell about 17.7% a year while rent rose about 5.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Covington city, Virginia?
58.6% of households in Covington city, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Covington city, Virginia?
The housing vacancy rate in Covington city, Virginia is 17.9%, higher than the Virginia average of 9.0%.