Covington, VA 24457 housing market

What this means

• Valuation. Prices are 40% below this area's pre-2020 price-to-income norm, cheaper relative to incomes than before the pandemic.
• Prices. Home values are up 11.7% over the past year (U.S.: +1.2%).
• Supply. There are 50% more homes for sale than the 2017-19 norm and falling (−100% vs. a year ago), so buyers have more to choose from than before the pandemic.
• Negotiating. Buyer leverage is low (23/100; U.S.: 54) (as of Jun 2025): homes sell for about 8.5% below their final list price (as of Nov 2021); 0% of listings had a price cut (U.S.: 26%) (as of Jun 2025).
• Affordability. A mortgage on the typical home takes 21% of the median household income (U.S.: 35%); it takes about $34k a year to keep the payment at 30% of gross pay. That includes about $1,244 a year for home insurance (U.S.: $1,790).
• Disaster risk. FEMA expects about $213 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. No clear direction: likely −10% to +7% over the next 12 months (47% chance of a rise).

Next 12 months

No clear direction

A fall is somewhat more likely than a rise, but not by enough to call. Likely change: −9.6% to +6.8% (80% range; middle estimate −0.3%), chance of a rise 47%, of a 5%+ drop 23%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

Other ZIP codes in Alleghany County, VA