Covington, GA—30016
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Covington, GA
Home Price Trends — Covington, GA
As of Oct '25, the median home price in Covington, GA is $285,000, with a year-over-year change of -3.9%. This indicates that home prices in Covington, GA are decreasing. According to Zillow, the 1-year price projection is 0.8%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $285,000 | -3.9% |
| Single Family | $285,000 | -4.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $208,000 | -5.0% |
3 Bed | $262,000 | -4.4% |
4 Bed | $313,000 | -3.7% |
| 5 Bed | $364,000 | -3.4% |
% of Housing Stock
Rental Trends — Covington, GA
As of July '25, Rentcast reports the average rent in Covington, GA is $1,950, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Covington, GA is 1-bedrooms: $1,200, 2-bedrooms: $1,540, 3-bedrooms: $1,860, 4-bedrooms: $2,060. The most common rental property sizes in Covington, GA are 3-bedroom and 4-bedroom, accounting for 64.4% and 15.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,900 | $1,950 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,220 | $1,200 |
| 2 Bed Rent | $1,610 | $1,540 |
| 3 Bed Rent | $1,800 | $1,860 |
| 4 Bed Rent | $2,060 | $2,060 |
% of Rental Stock
Property Listings — Covington, GA
As of Oct '25, Realtor.com reports that the median days on market for a home in Covington, GA is 54. This is a increase of 8.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 34.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $312,000 | -1.0% |
Listing Count | 317 | 2.0% |
| Listings as % of Homes | 1.3% | 2.0% |
Days on Market | 54 | 8.0% |
Demographics — Covington, GA
As of the latest ACS Survey released in 2023, Covington, GA has a population of 61,100, which has increased by 12.7% over the past 5 years. Covington, GA is a popular place for families, as children make up 26.6% of the population. The area has a poorly educated workforce, with 21.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 61,100 | 12.7% |
% Under 18 | 26.6% | -2.6% |
% Seniors | 10.5% | 1.9% |
% WFH | 10.9% | 194.6% |
% w/ College Degree | 21.1% | 9.3% |
As of the latest ACS Survey released in 2023, Covington, GA is a predominantly black area, with 59.2% of the population identifying as black. The black population has grown by 8.4% in the last 5 years. The second most common race or ethnicity in Covington, GA is white, making up 28.9% of the population. Foreign-born residents account for 6.2% of the population in Covington, GA, and this percentage has decreased by 16.2% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 28.9% | -21.9% |
% Black | 59.2% | 8.4% |
% Hispanic | 6.2% | 21.6% |
% Asian | 1.3% | 0.0% |
% Foreign Born | 6.2% | -16.2% |
Mortgage and Risk — Covington, GA
According to HUD data as of 2023, there were 1197 mortgage originations in Covington, GA, of which 45.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 44.0% above 90% LTV (very high). This implies large mortgage risk in Covington, GA. Investor activity is low, as 1.0% of loans were by investors. 26.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,197 |
% Conventional Loans | 45.0% |
% Government Loans | 55.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 26.0% |
Loan Activity
Rentals and Section 8 — Covington, GA
As of 2024, the percent of homes in Covington, GA under the Section 8 program is 20.3%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Covington, GA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 807 |
Total Units Section 8 | 807 |
% Rentals under Section 8 | 20.3% |
% Occupied Section 8 | 62.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $440 | $1,220 | $1,660 |
| 2 Bedroom | $230 | $1,610 | $1,840 |
| 3 Bedroom | $420 | $1,800 | $2,220 |
| 4 Bedroom | $610 | $2,060 | $2,670 |
Affordability — Covington, GA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4 |
| Median Home Price | $285,000 |
| Median Household Income | $74,300 |