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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Covington, TN Real Estate Market

Source & Methodology

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, TN Housing Market Trends

With 8,597 people, 3,499 houses or apartments, and a median cost of homes of $220,601, house prices in Covington are solidly below the national average.

Single-family detached homes are the single most common housing type in Covington, accounting for 72.61% of the city's housing units. Other types of housing that are prevalent in Covington include duplexes, homes converted to apartments or other small apartment buildings ( 13.35%), large apartment complexes or high rise apartments ( 11.01%), and a few row houses and other attached homes ( 2.44%).

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 46.76% owning and 53.24% 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 1940-1969 ( 25.91%). A lesser amount of the housing stock also hails from before 1939 ( 14.34%). There's also some housing in Covington built between 2000 and later ( 13.43%).

Covington Home Appreciation Rates

Appreciation rates for homes in Covington have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 90.51%, which ranks in the top 50% nationwide. This equates to an annual average Covington house appreciation rate of 6.66%.

NeighborhoodScout's data show that during the latest twelve months, Covington's appreciation rate, at 5.36%, has been at or slightly above the national average. In the latest quarter, Covington's appreciation rate has been 0.51%, which annualizes to a rate of 2.06%.

Notably, Covington's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Tennessee, our data show that Covington's latest annual appreciation rate is lower than 60% of the other cities and towns in Tennessee.

Average Home Values

Median Home Value

$220,601

Covington, TN Home Prices
> $1,408,000
$1,056,001 - $1,408,000
$704,001 - $1,056,000
$563,001 - $704,000
$423,001 - $563,000
$282,001 - $423,000
$141,001 - $282,000
$71,001 - $141,000
$0 - $71,000
0.0%
0.0%
0.1%
0.1%
1.0%
1.0%
7.3%
7.3%
5.1%
5.1%
26.4%
26.4%
28.2%
28.2%
25.3%
25.3%
6.7%
6.7%
0% 100.0%
% of Homes
Low

for Tennessee

Low

for nation

Number of Homes And Apartments:

3,499

Covington Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,507 / per month

Homeownership Rate

Owners
Renters
46.8%
46.8%
53.2%
53.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.0%
6.0%
94.0%
94.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.4%
13.4%
46.3%
46.3%
25.9%
25.9%
14.3%
14.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
72.6%
72.6%
2.4%
2.4%
13.3%
13.3%
11.0%
11.0%
0.6%
0.6%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.5%
0.5%
6.5%
6.5%
28.9%
28.9%
54.9%
54.9%
8.1%
8.1%
1.2%
1.2%
0% 100.0%
% of Homes

Popular Neighborhoods in Covington

Zip Codes in Covington, TN