Covington, LA Real Estate Market
Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Date(s) & Update Frequency:
- Home Values, Rents: Reflects Q2 2024. Updated quarterly.
- Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
Covington, LA Housing Market Trends
With 11,636 people, 4,241 houses or apartments, and a median cost of homes of $313,096, Covington real estate is some of the most expensive in Louisiana, although Covington home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Covington, accounting for 77.03% of the city's housing units. Other types of housing that are prevalent in Covington include large apartment complexes or high rise apartments ( 10.63%), duplexes, homes converted to apartments or other small apartment buildings ( 5.02%), and a few mobile homes or trailers ( 4.91%).
The most prevalent building size and type in Covington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.16% owning and 40.84% renting.
There is a lot of housing in Covington built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Covington built between 2000 and later ( 33.39%). A lesser amount of the housing stock also hails from between 1940-1969 ( 14.27%). There's also some housing in Covington built before 1939 ( 9.53%).
Vacant housing appears to be an issue in Covington. Fully 10.21% of the housing stock is classified as vacant. Left unchecked, vacant Covington homes and apartments can be a drag on the real estate market, holding Covington real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Covington Home Appreciation Rates
Covington's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Covington during the period has been just 5.01%, which is lower than 80% of US communities.
Over the last year, Covington appreciation rates have trailed the rest of the nation. In the last twelve months, Covington's appreciation rate has been 1.37%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Covington were at -0.81%, which equates to an annual appreciation rate of -3.20%.
Notably, Covington's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Louisiana, our data show that Covington's latest annual appreciation rate is lower than 60% of the other cities and towns in Louisiana.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Covington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Covington - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Covington real estate investment or home purchase decisions.
Median Home Value
$313,096
Very High
for Louisiana
Average
for nation
Number of Homes And Apartments:
4,241
LA
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$1,761 / per month