Is Covina, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Covina has remained a Seller's Market.
Key Takeaway
Covina is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Covina, CA
How much do homes in Covina, CA cost?
Median Sold Price
$749,600
$508/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in Covina has remained the same since last year.
Summary: The median home sold price in Covina was $749,600 in May 2024, up 0.2% from last year, and the median price per square foot was $508.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $415.9K | $442.5K | +6.4% |
| 2 Bedrooms | $565K | $525K | -7.1% |
| 3 Bedrooms | $750K | $731.6K | -2.5% |
| 4 Bedrooms | $775K | $815K | +5.2% |
| 5+ Bedrooms | $870K | $1.5M | +79.6% |
Summary: Covina housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.4%, 2 bedroom homes decreased by 7.1%, 3 bedroom homes decreased by 2.5%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes increased by 79.6%.
Median Sold Price Compared To Nearby Cities
| West Covina | $756.6K | $800K | +5.7% |
| East San Gabriel Valley | $743.2K | $779.7K | +4.9% |
| Azusa | $650K | $680K | +4.6% |
| San Dimas | $850K | $875K | +2.9% |
| Covina | $748.3K | $749.6K | 0.2% |
Housing Supply in Covina, CA
How many homes are available in Covina, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 116 | 116 | 0.0% |
Summary: The Covina real estate market had 116 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 0 | -100.0% |
| 2 Bedrooms | 13 | 15 | +15.4% |
| 3 Bedrooms | 66 | 59 | -10.6% |
| 4 Bedrooms | 21 | 30 | +42.9% |
| 5+ Bedrooms | 14 | 12 | -14.3% |
Summary: The Covina housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 15.4%, 3 bedroom homes decreased by 10.6%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes decreased by 14.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 39 | 41 | +5.1% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Covina, you could pay more than the asking price. 58.5% of homes here sold above asking price last month.
Summary: A total of 41 homes were sold or pending in Covina in May 2024, up by 5.1% month-over-month. Of the 41 sold homes, 27% were sold under asking, 15% were sold at asking, and 59% were sold over asking.
Days on Market for Covina, CA
How long does it take to sell a home in Covina, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 20 Days | -33.4% |
Summary: Homes in Covina had an average of 20 days on market in May 2024, down by 33.4% compared to last year.
Breakdown of Home Sale Times
31 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Covina are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 41 homes were sold in Covina; 76% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.