Market Snapshot
Report generated March 2026
| Indicator | Value |
|---|---|
| Population | 5,671 ↓ 1.1% since 2020 |
| Median Household Income | $42,724 43% below national median |
| Median Home Value | $80,200 |
| Unemployment Rate | 2.4% |
| Median Age | 41.5 years |
| Housing Vacancy Rate | 17.9% |
County Profile
| Demographic | Value |
|---|---|
| Total Population (2023) | 5,671 |
| Population (2020) | 5,737 |
| Population Growth | -1.15% |
| Median Household Income | $42,724 |
| Median Home Value | $80,200 |
| Total Housing Units | 3,038 |
| Vacant Housing Units | 545 |
| Housing Vacancy Rate | 17.9% |
| Median Age | 41.5 |
| Bachelor's Degree or Higher | 228 (4.0%) |
| Unemployment Rate (BLS) | 4.5% |
Market Overview
Covington city, Virginia has a population of 5,671, which has declined 1.15% since 2020. The median household income is $42,724, below the national median of $74,580 by 42.7%. With a median home value of $80,200 and an unemployment rate of 4.5%, the local economy is struggling. The housing vacancy rate of 17.9% suggests soft market conditions. The county's location in Virginia makes it accessible for investors and developers seeking rural land.
Related Resources
Nearby County Reports
Frequently Asked Questions
What is the current population of Covington city, Virginia?
As of the 2023 American Community Survey, Covington city has a population of 5,671. The county has declined 1.15% since the 2020 Census.
What is the median household income in Covington city?
The median household income in Covington city is $42,724, which is 42.7% below the national median of $74,580.
Is Covington city growing or shrinking?
Covington city is shrinking. The population has declined 1.15% since 2020.
What is the housing market like in Covington city?
The median home value in Covington city is $80,200. The housing vacancy rate is 17.9%, which suggests soft market conditions. The unemployment rate is 4.5%, indicating a struggling local economy.
Does Reelvest buy land in Covington city, Virginia?
Yes! Reelvest Properties buys vacant land throughout Virginia, including Covington city. We make cash offers within 24-48 hours, close in 14-30 days, and pay all closing costs. Get your free cash offer today.
Data Sources: U.S. Census Bureau American Community Survey (2023), Bureau of Labor Statistics (2025). Updated monthly.