Is Covington, LA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Covington was a Seller's Market.
Key Takeaway
Covington is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Covington, LA
How much do homes in Covington, LA cost?
Median Sold Price
$315,000
$170/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Covington have sold for 5% more than they did a year ago.
Summary: The median home sold price in Covington was $315,000 in March 2024, up 5% from last year, and the median price per square foot was $170.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $139.9K | $130.6K | -6.6% |
| 2 Bedrooms | $193.7K | $187.7K | -3.1% |
| 3 Bedrooms | $267K | $269.8K | +1.1% |
| 4 Bedrooms | $385.9K | $415K | +7.5% |
| 5+ Bedrooms | $577K | $600K | +4.0% |
Summary: Covington housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.6%, 2 bedroom homes decreased by 3.1%, 3 bedroom homes increased by 1.1%, 4 bedroom homes increased by 7.5%, and 5+ bedroom homes increased by 4%.
Housing Supply in Covington, LA
How many homes are available in Covington, LA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 307 | 352 | +14.7% |
Summary: The Covington real estate market had 352 homes for sale in March 2024, a 14.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 13 | 16 | +23.1% |
| 2 Bedrooms | 20 | 20 | 0.0% |
| 3 Bedrooms | 138 | 154 | +11.6% |
| 4 Bedrooms | 106 | 124 | +17.0% |
| 5+ Bedrooms | 30 | 38 | +26.7% |
Summary: The Covington housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 23.1%, 2 bedroom homes remained the same, 3 bedroom homes increased by 11.6%, 4 bedroom homes increased by 17%, and 5+ bedroom homes increased by 26.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 48 | 54 | +12.5% |
Asking Price vs. Sold Price
36 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Covington, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 54 homes were sold or pending in Covington in March 2024, up by 12.5% month-over-month. Of the 54 sold homes, 67% were sold under asking, 24% were sold at asking, and 9% were sold over asking.
Days on Market for Covington, LA
How long does it take to sell a home in Covington, LA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 30 Days | 61 Days | +102.2% |
Summary: Homes in Covington had an average of 61 days on market in Mar 2024, up by 102.2% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
24 Homes Were Sold
In 30 - 90 Days
13 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Covington has remained consistent over time.
Summary: During March 2024, 54 homes were sold in Covington; 31% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.
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