Is Covington, VA 24426 a buyer’s or seller’s market?
Covington is a balanced market. With about 4.2 months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.
More competitive than 33% of U.S. ZIP codes, and #305 of 358 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Covington housing market right now
In the three months ending August 31, 2026, 10% of homes in Covington, VA 24426 sold above their list price, the typical home went under contract in 18 days and there were 4.2 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 32 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 27%, homes sold faster (23 days then) and the median sale price rose 26% to $209,409. Overall, Covington is less competitive than a year ago, which gives buyers more room.
On our competition score, Covington ranks #305 of 358 VA ZIP codes with enough sales (score 35 out of 100).
Nearby, buyers who want less competition could look at Selma 24474 (0% sold over asking) or Iron Gate 24448 (0% sold over asking), while Clifton Forge 24422 (12% sold over asking) is even more competitive.
Run the numbers for 24426
Nearby markets
Clifton Forge 24422Seller’s market $80 /sq ftIron Gate 24448Seller’s market $93 /sq ftSelma 24474 $43 /sq ft Browse all markets →Towns like Covington nearby
Find towns like Covington in other states →Where Covington is
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Questions about Covington real estate
Is Covington a buyer’s or seller’s market?
A balanced market: there were 4.2 months of supply in Covington, VA 24426 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Covington?
The typical home went under contract in 18 days in the latest three months.
Do homes in Covington sell over asking?
10% of homes sold above their original list price, and the typical sale closed at 96.9% of the list price.
What are property taxes in Covington?
About 0.79% of a home’s value a year in Alleghany County, or roughly $3,160 on a $400,000 home.
What is the median home price in Covington?
The median sale price was $209,409 in the three months ending August 31, 2026, about $121 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology