Covington, IN—47932
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Covington, IN
Covington, IN lacks sufficient home price data for analysis.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $218,000 | 3.1% |
| Single Family | $218,000 | 3.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $154,000 | 3.4% |
3 Bed | $244,000 | 3.4% |
4 Bed | $307,000 | 2.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Covington, IN
As of July '25, Rentcast reports the average rent in Covington, IN is $871, with a year-over-year rent change of -27.4%. Per bedroom, the median rent as of July '25 in Covington, IN is 1-bedrooms: $676, 2-bedrooms: $899, 3-bedrooms: $1,150. The most common rental property sizes in Covington, IN are 2-bedroom and 3-bedroom, accounting for 57.7% and 17.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $849 | $871 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $649 | $676 |
| 2 Bed Rent | $899 | $899 |
| 3 Bed Rent | $1,100 | $1,150 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Covington, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Covington, IN is 77. 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $296,000 | 8.0% |
Listing Count | 36 | 26.0% |
| Listings as % of Homes | 0.8% | 26.0% |
Days on Market | 77 | -1.0% |
Demographics — Covington, IN
As of the latest ACS Survey released in 2023, Covington, IN has a population of 5,190, which has increased by 3.8% over the past 5 years. Covington, IN is a moderately popular place for families, as children make up 22.7% of the population. The area has a poorly educated workforce, with 21.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,190 | 3.8% |
% Under 18 | 22.7% | 3.2% |
% Seniors | 21.9% | -1.4% |
% WFH | 9.1% | 133.3% |
% w/ College Degree | 21.8% | 20.4% |
As of the latest ACS Survey released in 2023, Covington, IN is a predominantly white area, with 93.6% of the population identifying as white. The white population has shrunk by 2.0% in the last 5 years. The second most common race or ethnicity in Covington, IN is hispanic, making up 3.5% of the population. Foreign-born residents account for 1.1% of the population in Covington, IN, and this percentage has decreased by 50.0% 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 | 93.6% | -2.0% |
% Black | 0.8% | -11.1% |
% Hispanic | 3.5% | 191.7% |
% Asian | 0.7% | -61.1% |
% Foreign Born | 1.1% | -50.0% |
Mortgage and Risk — Covington, IN
According to HUD data as of 2023, there were 77 mortgage originations in Covington, IN, of which 66.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 40.0% above 90% LTV (very high). This implies large mortgage risk in Covington, IN. Investor activity is low, as 0.0% of loans were by investors. 21.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 77 |
% Conventional Loans | 66.0% |
% Government Loans | 34.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 21.0% |
Loan Activity
Rentals and Section 8 — Covington, IN
Covington, IN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 16 |
Total Units Section 8 | 16 |
% Rentals under Section 8 | 2.2% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $71 | $649 | $720 |
| 2 Bedroom | $31 | $899 | $930 |
| 3 Bedroom | $50 | $1,100 | $1,150 |
| 4 Bedroom | N/A | N/A | $1,530 |
Affordability — Covington, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $218,000 |
| Median Household Income | $59,400 |