Yes, KINGWOOD is a Scrabble word!

Letter values in Scrabble US: K 5, I 1, N 1, G 2, W 4, O 1, O 1, D 2.

Is it a valid word?

KINGWOOD is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

handsome violet-streaked wood of the kingwood tree; used especially in cabinetwork
Brazilian tree yielding a handsome cabinet wood

Also: kingwood tree, dalbergia cearensis.