Commercial Real Estate Market in Covington, TN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
43 active listings and 591 off-market properties in Covington, TN.
Market Trends
Covington, TN spans 140.6 square miles in Tipton County, Tennessee. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Covington, TN runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Vacancy Rate % in South region
Retail
Retail vacancy in Covington, TN runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Covington, TN runs 7.9% across the South region in 2025, up from 6% in 2019. Nearly 2.3x the 2022 low of 3.5%.
Vacancy Rate % in South region
Multifamily
Multifamily vacancy in Covington, TN runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Vacancy Rate % in South region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 92.1%
- Industrial 4.3%
- Commercial 3.3%
- Civic 0.1%
- Mixed use 0.1%
Largest Zones share of zoned land by district
Forestry Agricultural And Residential
Low Density Residential District
Industrial Park District
Highway Oriented Business District
Medium Density Residential District
Covington, TN zones 30,580 acres across 19 districts. Commercial zoning covers 3.3% of zoned land, residential 92.1% and industrial 4.3%. The largest single district is Forestry Agricultural And Residential at 72.1%. For commercial buyers the practical constraint is that only 7.7% of land carries a commercial or industrial designation.
Low Density Residential District (R-1)
The purpose of this zone is to provide for single-family dwellings and compatible uses in a suburban setting with low population density, larger lot sizes, and a focus on preserving neighborhood character and open space.
Market overview
Demographics & Economy
Covington, TN has 15,129 residents in 6,543 households. Density runs 108 people per square mile. Median household income here is $59,957 and median gross rent $912 a month.
15,129
Population
6,543
Households
2.3
Avg Household Size
40
Median Age
15%
College-Educated
88%
High-School Grad
140.6 sq mi
ZIP Area
108
Density / Sq Mi
$59,957
Median Household Income
$38,118
Median Earnings
$912
Median Rent
$195,400
Median Home Value
Tools
Frequently Asked Questions
What is the average price per square foot for commercial property in Covington?
Commercial property in Covington, TN asks an average of $80 per square foot. The 7 most recent recorded sales traded at a median of $123/SF.
What zoning applies to commercial property in Covington?
Covington, TN zones 30,580 acres across 19 districts, of which 3.3% is commercial and 4.3% industrial. The largest single district is Forestry Agricultural And Residential at 72.1% of zoned land. Residential zoning covers 92.1% and open space 0%.
Where does Realmo's Covington market data come from?
Realmo compiles Covington, TN figures from 7 recent recorded sales, 37 active sale listings, 6 active lease listings, 591 tracked off-market properties, the current Covington zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 37 active for-sale and 6 active for-lease listings in Covington, TN. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 30,580 zoned acres across 19 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at South region level, retail vacancy is reported at South region level and industrial vacancy is reported at South region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · How Realmo checks market page data · Report a data issue
