Data through September 2026 · updated 2026-11-08 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$116,111+8.2% YoY · prices are rising fast
Market right nowSeller's market0% have cut their price
Income needed to buy, per year$25,171About 0.5× the local median income ($51,416): affordable for a typical household
Days on market6 days
The typical home in Covington City, VA is worth $116,111, up 8.2% from a year ago. That is well above what local incomes have historically supported: fair value is about $93,301, so the area is 24.4% overvalued. It is a seller's market: homes take about 6 days to sell, 0% of listings have had a price cut. A household needs about $25,171 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $51,416. In the latest IRS figures, 37 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$116,111
Change in 1 year
+8.2%
Overvalued %
+24.4%
Show 6 more
Fair home value
$93,301
Change in 5 years
+52.8%
Home value to income
2.3×
Monthly mortgage payment (20% down)
$629
Income needed to afford it
$25,171
Property tax rate
0.82%
Rent and investing
HUD Fair Market Rent, 2 bedrooms
$943
Market activity
Days on market
6
Listings with a price cut
0.0%
Homes for sale
0
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Asking price per sq ft
$13
People and jobs
Median household income
$51,416
Population change (1 year)
−0.1%
Unemployment rate
2.8%
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Population
5,680
Income adjusted for cost of living
$58,163
Net moves in (IRS)
−37
Cost of living (US = 100)
88.4
Schools, risk and environment
School rating (1 to 10)
2.0
FEMA hazard risk score (0 to 100)
9.7
Flood risk score
23.6
Show 3 more
Wildfire risk score
0.2
Walkability (1 to 20)
12.0
Road, rail and air noise
52 dB
Questions people ask
Is Covington City, VA overvalued?
Home prices in Covington City, VA are well above what local incomes have historically supported: fair value is about $93,301, so the area is 24.4% overvalued.
Is Covington City, VA a buyer's or seller's market?
Covington City, VA is a seller's market: homes take about 6 days to sell, 0% of listings have had a price cut.
Are home prices going down in Covington City, VA?
Home values in Covington City, VA are up 8.2% over the last year.
How much do you need to earn to buy a home in Covington City, VA?
A household needs about $25,171 a year to afford the typical home in Covington City, VA at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $51,416.