Is Cumberland, VA 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, VA
How much do homes in Cumberland, VA cost?
Median Sold Price
$294,500
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Cumberland have sold for 15.5% more than they did a year ago.
Summary: The median home sold price in Cumberland was $294,500 in April 2024, up 15.5% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $170K | - | N/A |
| 2 Bedrooms | $130.5K | $175K | +34.1% |
| 3 Bedrooms | $263.7K | $295.1K | +11.9% |
| 4 Bedrooms | $547.5K | $335K | -38.8% |
| 5+ Bedrooms | $640K | $319.5K | -50.1% |
Summary: Cumberland housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 34.1%, 3 bedroom homes increased by 11.9%, 4 bedroom homes decreased by 38.8%, and 5+ bedroom homes decreased by 50.1%.
Median Sold Price Compared To Nearby Cities
| Cumberland | $255K | $294.5K | +15.5% |
| Powhatan | $398.7K | $438K | +9.8% |
| Cartersville | $299.9K | $290K | -3.3% |
Housing Supply in Cumberland, VA
How many homes are available in Cumberland, VA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 24 | 29 | +20.8% |
Summary: The Cumberland real estate market had 29 homes for sale in April 2024, a 20.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 7 | +40.0% |
| 3 Bedrooms | 15 | 18 | +20.0% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Cumberland housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 20%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 4 | 6 | +50.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Cumberland, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Cumberland in April 2024, up by 50.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% were sold over asking.
Days on Market for Cumberland, VA
How long does it take to sell a home in Cumberland, VA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 44 Days | 59 Days | +33.7% |
Summary: Homes in Cumberland had an average of 59 days on market in Apr 2024, up by 33.7% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 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, 6 homes were sold in Cumberland; 50% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
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