Is Cumberland, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Cumberland has remained a Seller's Market.
Key Takeaway
Cumberland is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cumberland, MD
How much do homes in Cumberland, MD cost?
Median Sold Price
$134,500
$92/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Cumberland have sold for 19.8% more than they did a year ago.
Summary: The median home sold price in Cumberland was $134,500 in April 2024, up 19.8% from last year, and the median price per square foot was $92.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $28.5K | $32.5K | +14.2% |
| 2 Bedrooms | $93K | $87K | -6.5% |
| 3 Bedrooms | $110K | $136K | +23.6% |
| 4 Bedrooms | $148.7K | $200K | +34.5% |
| 5+ Bedrooms | $482.5K | $155K | -67.9% |
Summary: Cumberland housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.2%, 2 bedroom homes decreased by 6.5%, 3 bedroom homes increased by 23.6%, 4 bedroom homes increased by 34.5%, and 5+ bedroom homes decreased by 67.9%.
Housing Supply in Cumberland, MD
How many homes are available in Cumberland, MD?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 177 | 195 | +10.2% |
Summary: The Cumberland real estate market had 195 homes for sale in April 2024, a 10.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 29 | 30 | +3.4% |
| 3 Bedrooms | 105 | 115 | +9.5% |
| 4 Bedrooms | 25 | 31 | +24.0% |
| 5+ Bedrooms | 17 | 19 | +11.8% |
Summary: The Cumberland housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 3.4%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 24%, and 5+ bedroom homes increased by 11.8%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 32 | 36 | +12.5% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cumberland, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 36 homes were sold or pending in Cumberland in April 2024, up by 12.5% month-over-month. Of the 36 sold homes, 50% were sold under asking, 22% were sold at asking, and 28% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 46 Days | 55 Days | +19.9% |
Summary: Homes in Cumberland had an average of 55 days on market in Apr 2024, up by 19.9% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Cumberland are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 36 homes were sold in Cumberland; 61% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
