Is Covington, LA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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, LA
How much do homes in Covington, LA cost?
Median Sold Price
$315,155
$171/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Covington have sold for 5.1% more than they did a year ago.
Summary: The median home sold price in Covington was $315,155 in April 2024, up 5.1% from last year, and the median price per square foot was $171.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $143.7K | $129.3K | -10.1% |
| 2 Bedrooms | $191.2K | $187.9K | -1.7% |
| 3 Bedrooms | $266.7K | $269.9K | +1.2% |
| 4 Bedrooms | $387K | $422K | +9.0% |
| 5+ Bedrooms | $585.9K | $612K | +4.4% |
Summary: Covington housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 10.1%, 2 bedroom homes decreased by 1.7%, 3 bedroom homes increased by 1.2%, 4 bedroom homes increased by 9%, and 5+ bedroom homes increased by 4.4%.
Housing Supply in Covington, LA
How many homes are available in Covington, LA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 347 | 379 | +9.2% |
Summary: The Covington real estate market had 379 homes for sale in April 2024, a 9.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 14 | 14 | 0.0% |
| 2 Bedrooms | 24 | 25 | +4.2% |
| 3 Bedrooms | 151 | 171 | +13.2% |
| 4 Bedrooms | 118 | 128 | +8.5% |
| 5+ Bedrooms | 40 | 41 | +2.5% |
Summary: The Covington housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 4.2%, 3 bedroom homes increased by 13.2%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 2.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 60 | 70 | +16.7% |
Asking Price vs. Sold Price
42 Homes Were Sold
Under Asking
24 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Covington, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 70 homes were sold or pending in Covington in April 2024, up by 16.7% month-over-month. Of the 70 sold homes, 60% were sold under asking, 34% were sold at asking, and 6% were sold over asking.
Days on Market for Covington, LA
How long does it take to sell a home in Covington, LA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 27 Days | 43 Days | +59.6% |
Summary: Homes in Covington had an average of 43 days on market in Apr 2024, up by 59.6% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Covington are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 70 homes were sold in Covington; 64% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
Disclaimer: Copyright © 2024, New Orleans Metropolitan Association of REALTORS©, Inc. All rights reserved. Information deemed reliable, but not verified or guaranteed. Users are responsible for checking the accuracy, completeness, currency, and status of all information. The sharing of MLS database, or any portion thereof, with any unauthorized third party is strictly prohibited. Information contained on this site is believed to be reliable; yet, users of this web site are responsible for checking the accuracy, completeness, currency, or suitability of all information. Neither the New Orleans Metropolitan Association of REALTORS©, Inc. nor the Gulf South Real Estate Information Network, Inc. makes any representation, guarantees, or warranties as to the accuracy, completeness, currency, or suitability of the information provided. They specifically disclaim any and all liability for all claims or damages that may result from providing information to be used on the web site, or the information which it contains, including any web sites maintained by third parties, which may be linked to this web site.