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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, KY 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, KY Housing Market Trends

With 40,956 people, 18,243 houses or apartments, and a median cost of homes of $236,520, 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 55.36% of the city's housing units. Other types of housing that are prevalent in Covington include large apartment complexes or high rise apartments ( 20.98%), duplexes, homes converted to apartments or other small apartment buildings ( 18.39%), and a few row houses and other attached homes ( 4.36%).

People in Covington primarily live in small (one, two or no bedroom) single-family detached homes. Covington has a mixture of owner-occupied and renter-occupied housing.

The housing in Covington was primarily built before 1939 ( 45.00%), making the housing stock in Covington some of the oldest overall in America, although there is a range of ages of homes in Covington. The next most important housing age is between 1940-1969 ( 24.43%), followed by between 1970-1999 ( 20.64%). There's also some housing in Covington built between 2000 and later ( 9.93%).

Vacant housing appears to be an issue in Covington. Fully 13.40% 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

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 106.21%, which ranks in the top 30% nationwide. This equates to an annual average Covington house appreciation rate of 7.51%.

NeighborhoodScout's data show that during the latest twelve months, Covington's appreciation rate, at 7.37%, has been at or slightly above the national average. In the latest quarter, Covington's appreciation rate has been 1.53%, which annualizes to a rate of 6.27%.

Relative to Kentucky, our data show that Covington's latest annual appreciation rate is higher than 50% of the other cities and towns in Kentucky.

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.

Average Home Values

Median Home Value

$236,520

Covington, KY Home Prices
> $1,452,000
$1,089,001 - $1,452,000
$725,001 - $1,089,000
$581,001 - $725,000
$436,001 - $581,000
$290,001 - $436,000
$145,001 - $290,000
$72,001 - $145,000
$0 - $72,000
1.1%
1.1%
1.5%
1.5%
3.3%
3.3%
2.6%
2.6%
6.3%
6.3%
17.2%
17.2%
41.0%
41.0%
23.2%
23.2%
3.8%
3.8%
0% 100.0%
% of Homes
High

for Kentucky

Average

for nation

Number of Homes And Apartments:

18,243

Covington Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,543 / per month

Homeownership Rate

Owners
Renters
50.3%
50.3%
49.7%
49.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
13.4%
13.4%
86.6%
86.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.9%
9.9%
20.6%
20.6%
24.4%
24.4%
45.0%
45.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
55.4%
55.4%
4.4%
4.4%
18.4%
18.4%
21.0%
21.0%
0.8%
0.8%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.5%
3.5%
24.9%
24.9%
33.3%
33.3%
28.0%
28.0%
9.0%
9.0%
1.3%
1.3%
0% 100.0%
% of Homes