Is Covington, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Covington has remained a Buyer's Market.
Key Takeaway
Covington is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Covington, TN
How much do homes in Covington, TN cost?
Median Sold Price
$174,450
$63/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Covington have sold for 18.7% more than they did a year ago.
Summary: The median home sold price in Covington was $174,450 in March 2024, up 18.7% from last year, and the median price per square foot was $63.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $35K | N/A |
| 2 Bedrooms | $42.5K | $140K | +229.4% |
| 3 Bedrooms | $227K | $168.2K | -25.9% |
| 4 Bedrooms | $185K | $255K | +37.8% |
| 5+ Bedrooms | $257K | $400K | +55.6% |
Summary: Covington housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 229.4%, 3 bedroom homes decreased by 25.9%, 4 bedroom homes increased by 37.8%, and 5+ bedroom homes increased by 55.6%.
Housing Supply in Covington, TN
How many homes are available in Covington, TN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 44 | 52 | +18.2% |
Summary: The Covington real estate market had 52 homes for sale in March 2024, a 18.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 7 | 9 | +28.6% |
| 3 Bedrooms | 16 | 20 | +25.0% |
| 4 Bedrooms | 15 | 16 | +6.7% |
| 5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The Covington housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 5 | -16.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Covington, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Covington in March 2024, down by 16.7% month-over-month. Of the 5 sold homes, 60% were sold under asking, 40% were sold at asking, and 0% were sold over asking.
Days on Market for Covington, TN
We’re sorry, we don't have information for this market at the moment
