Covington, TN—38019
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Covington, TN
As of Oct '25, the median home price in Covington, TN is $202,000, with a year-over-year change of -0.4%. This indicates that home prices in Covington, TN are flat. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $202,000 | -0.4% |
| Single Family | $202,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $135,000 | -2.2% |
3 Bed | $214,000 | 0.9% |
4 Bed | $282,000 | 1.8% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Covington, TN
As of July '25, Rentcast reports the average rent in Covington, TN is $1,080, with a year-over-year rent change of -19.4%. Per bedroom, the median rent as of July '25 in Covington, TN is 1-bedrooms: $900, 2-bedrooms: $1,010, 3-bedrooms: $1,020. The most common rental property sizes in Covington, TN are 2-bedroom and 3-bedroom, accounting for 38.7% and 35.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,080 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $900 | $900 |
| 2 Bed Rent | $1,100 | $1,010 |
| 3 Bed Rent | $850 | $1,020 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Covington, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Covington, TN is 46. This is a decrease of -1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 53.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $275,000 | -2.0% |
Listing Count | 49 | 6.0% |
| Listings as % of Homes | 0.6% | 6.0% |
Days on Market | 46 | -1.0% |
Demographics — Covington, TN
As of the latest ACS Survey released in 2023, Covington, TN has a population of 15,700, which has decreased by -1.4% over the past 5 years. Covington, TN is a moderately popular place for families, as children make up 24.5% of the population. The area has a poorly educated workforce, with 14.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,700 | -1.4% |
% Under 18 | 24.5% | 3.8% |
% Seniors | 15.8% | -10.7% |
% WFH | 4.9% | 226.7% |
% w/ College Degree | 14.6% | 6.6% |
As of the latest ACS Survey released in 2023, Covington, TN is a predominantly white area, with 59.8% of the population identifying as white. The white population has shrunk by 9.5% in the last 5 years. The second most common race or ethnicity in Covington, TN is black, making up 36.7% of the population. Foreign-born residents account for 0.3% of the population in Covington, TN, and this percentage has decreased by 72.7% 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 | 59.8% | -9.5% |
% Black | 36.7% | 24.4% |
% Hispanic | 1.6% | 6.7% |
% Asian | 0.0% | N/A |
% Foreign Born | 0.3% | -72.7% |
Mortgage and Risk — Covington, TN
According to HUD data as of 2023, there were 273 mortgage originations in Covington, TN, of which 59.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Covington, TN. Investor activity is low, as 6.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 273 |
% Conventional Loans | 59.0% |
% Government Loans | 41.0% |
% Investor Loans | 6.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Covington, TN
Covington, TN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 772 |
Total Units Section 8 | 501 |
% Rentals under Section 8 | 22.4% |
% Occupied Section 8 | 87.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $140 | $900 | $1,040 |
| 2 Bedroom | $70 | $1,100 | $1,170 |
| 3 Bedroom | $690 | $850 | $1,540 |
| 4 Bedroom | N/A | N/A | $1,800 |
Affordability — Covington, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $202,000 |
| Median Household Income | $60,000 |