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.
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
$625,000
$327/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Covington have sold for 7% less than they did a year ago.
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
Key Takeaway
If you're buying a home in Covington, expect to pay close to the asking price. 43.8% of homes here sold near the asking price last month.
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
Key Takeaway
Many homes in Covington are selling fast, if you're buying plan to act quickly.
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.
Listings courtesy of Northwest Multiple Listing Service as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2023 Northwest MLS. All rights reserved.