Covington, WA—98042
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Covington, WA
As of Oct '25, the median home price in Covington, WA is $693,000, with a year-over-year change of -1.3%. This indicates that home prices in Covington, WA are decreasing. According to Zillow, the 1-year price projection is 0.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $693,000 | -1.3% |
| Single Family | $698,000 | -1.6% |
| Condos | $361,000 | -1.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $507,000 | -1.0% |
2 Bed | $490,000 | -0.6% |
3 Bed | $617,000 | -1.4% |
4 Bed | $757,000 | -1.2% |
| 5 Bed | $839,000 | -0.9% |
% of Housing Stock
Rental Trends — Covington, WA
As of July '25, Rentcast reports the average rent in Covington, WA is $3,010, with a year-over-year rent change of -5.0%. Per bedroom, the median rent as of July '25 in Covington, WA is 1-bedrooms: $1,730, 2-bedrooms: $2,350, 3-bedrooms: $3,080, 4-bedrooms: $3,580. The most common rental property sizes in Covington, WA are 3-bedroom and 2-bedroom, accounting for 32.3% and 28.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,080 | $3,010 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,650 | $1,730 |
| 2 Bed Rent | $2,300 | $2,350 |
| 3 Bed Rent | $3,000 | $3,080 |
| 4 Bed Rent | $3,600 | $3,580 |
% of Rental Stock
Property Listings — Covington, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Covington, WA is 44. This is a increase of 5.0% 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 30.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $778,000 | 1.0% |
Listing Count | 209 | 15.0% |
| Listings as % of Homes | 0.5% | 15.0% |
Days on Market | 44 | 5.0% |
Demographics — Covington, WA
As of the latest ACS Survey released in 2023, Covington, WA has a population of 48,600, which has increased by 1.4% over the past 5 years. Covington, WA is a moderately popular place for families, as children make up 23.8% of the population. The area has a moderately educated workforce, with 33.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 48,600 | 1.4% |
% Under 18 | 23.8% | 4.8% |
% Seniors | 14.0% | 15.7% |
% WFH | 15.2% | 210.2% |
% w/ College Degree | 33.7% | 6.3% |
As of the latest ACS Survey released in 2023, Covington, WA is a predominantly white area, with 61.8% of the population identifying as white. The white population has shrunk by 10.7% in the last 5 years. The second most common race or ethnicity in Covington, WA is asian, making up 13.2% of the population. Foreign-born residents account for 18.5% of the population in Covington, WA, and this percentage has increased by 24.2% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 61.8% | -10.7% |
% Black | 6.2% | 29.2% |
% Hispanic | 11.8% | 35.6% |
% Asian | 13.2% | 13.8% |
% Foreign Born | 18.5% | 24.2% |
Mortgage and Risk — Covington, WA
According to HUD data as of 2023, there were 858 mortgage originations in Covington, WA, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Covington, WA. Investor activity is low, as 1.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 858 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Covington, WA
As of 2024, the percent of homes in Covington, WA under the Section 8 program is 6.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Covington, WA, 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 | 193 |
Total Units Section 8 | 193 |
% Rentals under Section 8 | 6.3% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $720 | $1,650 | $2,370 |
| 2 Bedroom | $460 | $2,300 | $2,760 |
| 3 Bedroom | $640 | $3,000 | $3,640 |
| 4 Bedroom | $640 | $3,600 | $4,240 |
Affordability — Covington, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.3 |
| Median Home Price | $693,000 |
| Median Household Income | $126,000 |