Is Cumberland, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Cumberland has remained a Buyer's Market.
Key Takeaway
Cumberland is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Cumberland, MD
How much do homes in Cumberland, MD cost?
Median Sold Price
$134,375
$92/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Cumberland have sold for 22.2% more than they did a year ago.
Summary: The median home sold price in Cumberland was $134,375 in March 2024, up 22.2% from last year, and the median price per square foot was $92.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $28.5K | $32.5K | +14.2% |
| 2 Bedrooms | $95K | $86K | -9.5% |
| 3 Bedrooms | $109.9K | $137K | +24.5% |
| 4 Bedrooms | $159.9K | $192.5K | +20.4% |
| 5+ Bedrooms | $428K | $178K | -58.4% |
Summary: Cumberland housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.2%, 2 bedroom homes decreased by 9.5%, 3 bedroom homes increased by 24.5%, 4 bedroom homes increased by 20.4%, and 5+ bedroom homes decreased by 58.4%.
Housing Supply in Cumberland, MD
How many homes are available in Cumberland, MD?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 288 | 302 | +4.9% |
Summary: The Cumberland real estate market had 302 homes for sale in March 2024, a 4.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 55 | 54 | -1.8% |
| 3 Bedrooms | 157 | 168 | +7.0% |
| 4 Bedrooms | 44 | 47 | +6.8% |
| 5+ Bedrooms | 31 | 32 | +3.2% |
Summary: The Cumberland housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 1.8%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes increased by 3.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 20 | 27 | +35.0% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cumberland, you may be able to get a good deal. 74.1% of homes here sold below asking price last month.
Summary: A total of 27 homes were sold or pending in Cumberland in March 2024, up by 35.0% month-over-month. Of the 27 sold homes, 74% were sold under asking, 4% were sold at asking, and 22% were sold over asking.
Days on Market for Cumberland, MD
How long does it take to sell a home in Cumberland, MD?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 67 Days | 65 Days | -3.0% |
Summary: Homes in Cumberland had an average of 65 days on market in Mar 2024, down by 3% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Cumberland has remained consistent over time.
Summary: During March 2024, 27 homes were sold in Cumberland; 33% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 26% of homes were sold over 90 days.
