Is Covington, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, Covington has remained a Seller's Market.
Housing Prices in Covington, WA
How much do homes in Covington, WA cost?
Median Sold Price
$625,000
$327/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Summary: The median home sold price in Covington was $625,000 in November 2023, down 7% from last year, and the median price per square foot was $327.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
---|---|---|---|
1 Bedroom | $625K | - | N/A |
2 Bedrooms | $442.5K | $423K | -4.4% |
3 Bedrooms | $585K | $525.5K | -10.2% |
4 Bedrooms | $736.4K | $735K | -0.2% |
5+ Bedrooms | $800K | $750K | -6.3% |
Summary: Covington housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 4.4%, 3 bedroom homes decreased by 10.2%, 4 bedroom homes decreased by 0.2%, and 5+ bedroom homes decreased by 6.3%.
Median Sold Price Compared To Nearby Cities
Kent | $619.9K | $620K | 0.0% |
Tahoma-Maple Valley | $731K | $682.2K | -6.7% |
Covington | $671.9K | $625K | -7.0% |
Maple Valley | $799.9K | $740K | -7.5% |
Housing Supply in Covington, WA
How many homes are available in Covington, WA?
Number of Homes For Sale
Oct 2023 | Nov 2023 | CHANGE |
---|---|---|
69 | 59 | -14.5% |
Summary: The Covington real estate market had 59 homes for sale in November 2023, a 14.5% decrease compared to October 2023.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 0 | 0 | 0.0% |
3 Bedrooms | 25 | 18 | -28.0% |
4 Bedrooms | 35 | 33 | -5.7% |
5+ Bedrooms | 9 | 8 | -11.1% |
Summary: The Covington housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 28%, 4 bedroom homes decreased by 5.7%, and 5+ bedroom homes decreased by 11.1%.
Number of Homes Sold
Oct 2023 | Nov 2023 | CHANGE |
---|---|---|
21 | 16 | -23.8% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 16 homes were sold or pending in Covington in November 2023, down by 23.8% month-over-month. Of the 16 sold homes, 38% were sold under asking, 44% were sold at asking, and 19% 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
Nov 2022 | Nov 2023 | CHANGE |
---|---|---|
44 Days | 30 Days | -32.1% |
Summary: Homes in Covington had an average of 30 days on market in Nov 2023, down by 32.1% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During November 2023, 16 homes were sold in Covington; 63% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.