Is Covina, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Covina is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Covina has remained a Seller's Market.

Key Takeaway

Covina is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Covina, CA

How much do homes in Covina, CA cost?

Median Sold Price

$743,500

$507/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$16,500(-2.2%)

Key Takeaway

Homes in Covina have sold for 2.2% less than they did a year ago.

Summary: The median home sold price in Covina was $743,500 in February 2024, down 2.2% from last year, and the median price per square foot was $507.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $425K$442.5K
+4.1%
2 $570K$505K
-11.4%
3 $756K$735K
-2.8%
4 $810K$777.5K
-4.0%
5+ $862.5K$1.6M
+85.5%

Summary: Covina housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.1%, 2 bedroom homes decreased by 11.4%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes decreased by 4%, and 5+ bedroom homes increased by 85.5%.

Median Sold Price Compared To Nearby Cities

San Dimas
+3.6%
East San Gabriel Valley
+1.6%
West Covina
+0.6%
Azusa
0.2%
Covina
-2.2%

Housing Supply in Covina, CA

How many homes are available in Covina, CA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
111105-5.4%

Summary: The Covina real estate market had 105 homes for sale in February 2024, a 5.4% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 1511
-26.7%
3 5957
-3.4%
4 2723
-14.8%
5+ 1014
+40.0%

Summary: The Covina housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 26.7%, 3 bedroom homes decreased by 3.4%, 4 bedroom homes decreased by 14.8%, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
3228-12.5%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Covina, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.

Summary: A total of 28 homes were sold or pending in Covina in February 2024, down by 12.5% month-over-month. Of the 28 sold homes, 29% were sold under asking, 14% were sold at asking, and 57% were sold over asking.

Days on Market for Covina, CA

How long does it take to sell a home in Covina, CA?

Average Sale Time

Feb 2023Feb 2024CHANGE
51 Days38 Days-26.4%

Summary: Homes in Covina had an average of 38 days on market in Feb 2024, down by 26.4% compared to last year.

Breakdown of Home Sale Times

18 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Covina are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 28 homes were sold in Covina; 64% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

Newest Listings in Covina, CA

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