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 May 2021

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.

How much do homes in Covington, WA cost?

Median Sold Price

$635,700

$320/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2021

+$115,700(+22.3%)

Key Takeaway

Homes in Covington have sold for 22.3% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSMay 2021May 2022%
1 --
N/A
2 $250K$425K
+70.0%
3 $450K$555K
+23.3%
4 $592.5K$702.4K
+18.6%
5+ $620K$760K
+22.6%

Median Sold Price Compared To Nearby Cities

Enumclaw Plateau
+27.0%
Maple Valley
+25.9%
Tahoma-Maple Valley
+23.4%
Covington
+22.3%
Kent
+22.3%

How many homes are available in Covington, WA?

Number of Homes For Sale

Apr 2022May 2022%
124135+8.9%

Homes For Sale By Bedroom Count

# BEDSApr 2022May 2022%
1 01
+100.0%
2 55
0.0%
3 4442
-4.5%
4 5868
+17.2%
5+ 1719
+11.8%

Number of Homes Sold

Apr 2022May 2022%
4656+21.7%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

20 Homes Were Sold
At Asking

32 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Covington, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.

Average Sale Time

May 2021May 2022%
11 Days8 Days-25.2%

Breakdown of Home Sale Times

52 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

0 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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Covington, WA

There are 135 homes are for sale in Covington, WA real estate market. The number of homes for sale in Covington, WA increased by 8.9% between April 2022 and May 2022. While the average time on the market in May 2022 was 8 days, the median list price was $635,700. From April 2022 through May 2022, the following changes in listing prices were observed in this housing market: prices of 1 bedroom properties went up by 0%, prices of 2 bedrooms properties increased by 70%, prices of 3 bedrooms properties increased by 23.3%, prices of 4 bedrooms properties increased by 18.6%, prices of 5 bedrooms properties went up by 22.6%. This housing market inventory have changed: the quantity of 1 bedroom homes went up by 100%, 2 bedrooms homes inventory did not change, volume of 3 bedrooms homes went down by 4.5%, number of 4 bedrooms homes increased by 17.2%, the quantity of 5 bedrooms homes went up by 11.8%. Over 32 listings were sold over their listed price in May 2022 in Covington, WA. In the same period over 4 listings were sold below the listed price and 20 listings were sold for the listed price.

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