Is Covington, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
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
$635,000
$331/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $625K | - | N/A |
2 Bedrooms | $425K | $436.5K | +2.7% |
3 Bedrooms | $590K | $550K | -6.8% |
4 Bedrooms | $750K | $735K | -2.0% |
5+ Bedrooms | $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 | $613.2K | $625.6K | +2.0% |
Covington | $674.8K | $635K | -5.9% |
Tahoma-Maple Valley | $733.5K | $690.4K | -5.9% |
Maple Valley | $795.9K | $745K | -6.4% |
Housing Supply in Covington, WA
How many homes are available in Covington, WA?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
50 | 63 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 1 | 1 | 0.0% |
3 Bedrooms | 18 | 25 | +38.9% |
4 Bedrooms | 23 | 26 | +13.0% |
5+ Bedrooms | 8 | 11 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
12 | 13 | +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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
65 Days | 120 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
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.