Is Covington, WA 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.
Housing Prices in Covington, WA
How much do homes in Covington, WA cost?
Median Sold Price
$645,000
$334/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Covington was $645,000 in April 2024, down 3% from last year, and the median price per square foot was $334.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $625K | - | N/A |
2 Bedrooms | $425K | $434K | +2.1% |
3 Bedrooms | $560K | $570K | +1.8% |
4 Bedrooms | $738.2K | $736.4K | -0.3% |
5+ Bedrooms | $770.8K | $770K | -0.1% |
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 2.1%, 3 bedroom homes increased by 1.8%, 4 bedroom homes decreased by 0.3%, and 5+ bedroom homes decreased by 0.1%.
Median Sold Price Compared To Nearby Cities
Kent | $600K | $640K | +6.7% |
Tahoma-Maple Valley | $715K | $713.4K | -0.2% |
Maple Valley | $770K | $750K | -2.6% |
Covington | $665K | $645K | -3.0% |
Housing Supply in Covington, WA
How many homes are available in Covington, WA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
67 | 80 | +19.4% |
Summary: The Covington real estate market had 80 homes for sale in April 2024, a 19.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 2 | 1 | -50.0% |
3 Bedrooms | 28 | 35 | +25.0% |
4 Bedrooms | 28 | 30 | +7.1% |
5+ Bedrooms | 9 | 14 | +55.6% |
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 decreased by 50%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 55.6%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
18 | 26 | +44.4% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Summary: A total of 26 homes were sold or pending in Covington in April 2024, up by 44.4% month-over-month. Of the 26 sold homes, 12% were sold under asking, 46% were sold at asking, and 42% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
58 Days | 18 Days | -68.2% |
Summary: Homes in Covington had an average of 18 days on market in Apr 2024, down by 68.2% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 26 homes were sold in Covington; 81% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.