Is Covington, WA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Covington is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Covington, WA

How much do homes in Covington, WA cost?

Median Sold Price

$635,000

$331/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$39,845(-5.9%)

Key Takeaway

Homes in Covington have sold for 5.9% less than they did a year ago.

Summary: The median home sold price in Covington was $635,000 in February 2024, down 5.9% from last year, and the median price per square foot was $331.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $625K-
N/A
2 $425K$436.5K
+2.7%
3 $590K$550K
-6.8%
4 $750K$735K
-2.0%
5+ $800K$765K
-4.4%

Summary: Covington housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.7%, 3 bedroom homes decreased by 6.8%, 4 bedroom homes decreased by 2%, and 5+ bedroom homes decreased by 4.4%.

Median Sold Price Compared To Nearby Cities

Kent
+2.0%
Covington
-5.9%
Tahoma-Maple Valley
-5.9%
Maple Valley
-6.4%

Housing Supply in Covington, WA

How many homes are available in Covington, WA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
5063+26.0%

Summary: The Covington real estate market had 63 homes for sale in February 2024, a 26.0% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 11
0.0%
3 1825
+38.9%
4 2326
+13.0%
5+ 811
+37.5%

Summary: The Covington 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 remained the same, 3 bedroom homes increased by 38.9%, 4 bedroom homes increased by 13%, and 5+ bedroom homes increased by 37.5%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
1213+8.3%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Covington, expect to pay close to the asking price. 46.2% of homes here sold near the asking price last month.

Summary: A total of 13 homes were sold or pending in Covington in February 2024, up by 8.3% month-over-month. Of the 13 sold homes, 15% were sold under asking, 46% were sold at asking, and 38% were sold over asking.

Days on Market for Covington, WA

How long does it take to sell a home in Covington, WA?

Average Sale Time

Feb 2023Feb 2024CHANGE
65 Days120 Days+84.9%

Summary: Homes in Covington had an average of 120 days on market in Feb 2024, up by 84.9% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 13 homes were sold in Covington; 46% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 31% 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 28 Days Ago

Newest Listings in Covington, WA

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