Cove, OR—97824
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Cove, OR
As of Oct '25, the median home price in Cove, OR is $467,000, with a year-over-year change of 6.2%. This indicates that home prices in Cove, OR are increasing. According to Zillow, the 1-year price projection is 3.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $467,000 | 6.3% |
| Single Family | $465,000 | 6.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $456,000 | 7.0% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Cove, OR
As of July '25, Rentcast reports the average rent in Cove, OR is $2,020, with a year-over-year rent change of 43.3%. Per bedroom, the median rent as of July '25 in Cove, OR is 3-bedrooms: $2,030, 4-bedrooms: $1,980. The most common rental property sizes in Cove, OR are 3-bedroom and 2-bedroom, accounting for 47.4% and 25.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,980 | $2,020 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $2,100 | $2,030 |
| 4 Bed Rent | $1,980 | $1,980 |
% of Rental Stock
Property Listings — Cove, OR
As of Oct '25, Realtor.com reports that the median days on market for a home in Cove, OR is 67. This is a decrease of -62.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $690,000 | -16.0% |
Listing Count | 7 | 43.0% |
| Listings as % of Homes | 0.5% | 43.0% |
Days on Market | 67 | -62.0% |
Demographics — Cove, OR
As of the latest ACS Survey released in 2023, Cove, OR has a population of 1,920, which has increased by 4.9% over the past 5 years. Cove, OR is a moderately popular place for families, as children make up 21.0% of the population. The area has a moderately educated workforce, with 33.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,920 | 4.9% |
% Under 18 | 21.0% | -10.3% |
% Seniors | 26.0% | -6.1% |
% WFH | 7.7% | -55.0% |
% w/ College Degree | 33.9% | 27.9% |
As of the latest ACS Survey released in 2023, Cove, OR is a predominantly white area, with 88.2% of the population identifying as white. The white population has shrunk by 6.6% in the last 5 years. The second most common race or ethnicity in Cove, OR is hispanic, making up 2.1% of the population. Foreign-born residents account for 3.0% of the population in Cove, OR, and this percentage has decreased by 53.8% 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 | 88.2% | -6.6% |
% Black | 0.2% | -33.3% |
% Hispanic | 2.1% | 90.9% |
% Asian | 0.5% | -50.0% |
% Foreign Born | 3.0% | -53.8% |
Mortgage and Risk — Cove, OR
According to HUD data as of 2023, there were 40 mortgage originations in Cove, OR, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 49.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Cove, OR. Investor activity is low, as 0.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 40 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 0.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Cove, OR
Cove, OR lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 6 |
Total Units Section 8 | 6 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,040 |
| 2 Bedroom | N/A | N/A | $1,330 |
| 3 Bedroom | -$240 | $2,100 | $1,860 |
| 4 Bedroom | $250 | $1,980 | $2,230 |
Affordability — Cove, OR
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.6 |
| Median Home Price | $467,000 |
| Median Household Income | $74,300 |