Is Covington, TN 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 Buyer's Market.
Key Takeaway
Covington is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Covington, TN
How much do homes in Covington, TN cost?
Median Sold Price
$185,000
$63/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Covington have sold for 25.9% more than they did a year ago.
Summary: The median home sold price in Covington was $185,000 in April 2024, up 25.9% from last year, and the median price per square foot was $63.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $35K | N/A |
| 2 Bedrooms | $57.5K | $108K | +87.8% |
| 3 Bedrooms | $187K | $179.5K | -4.0% |
| 4 Bedrooms | $185K | $251.5K | +35.9% |
| 5+ Bedrooms | $257K | $400K | +55.6% |
Summary: Covington housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 87.8%, 3 bedroom homes decreased by 4%, 4 bedroom homes increased by 35.9%, and 5+ bedroom homes increased by 55.6%.
Housing Supply in Covington, TN
How many homes are available in Covington, TN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 52 | 60 | +15.4% |
Summary: The Covington real estate market had 60 homes for sale in April 2024, a 15.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 7 | 7 | 0.0% |
| 3 Bedrooms | 21 | 28 | +33.3% |
| 4 Bedrooms | 17 | 17 | 0.0% |
| 5+ Bedrooms | 6 | 7 | +16.7% |
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 remained the same, 3 bedroom homes increased by 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 5 | 8 | +60.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Covington, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 8 homes were sold or pending in Covington in April 2024, up by 60.0% month-over-month. Of the 8 sold homes, 38% were sold under asking, 50% were sold at asking, and 13% were sold over asking.
Days on Market for Covington, TN
We’re sorry, we don't have information for this market at the moment
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
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