Is Cumberland, RI 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, RI
How much do homes in Cumberland, RI cost?
Median Sold Price
$463,666
$248/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Cumberland have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in Cumberland was $463,666 in April 2024, up 9.1% from last year, and the median price per square foot was $248.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $154K | $177.5K | +15.3% |
| 2 Bedrooms | $327.5K | $377.5K | +15.3% |
| 3 Bedrooms | $425.7K | $460K | +8.0% |
| 4 Bedrooms | $628K | $632.5K | +0.7% |
| 5+ Bedrooms | $465K | $500K | +7.5% |
Summary: Cumberland housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.3%, 2 bedroom homes increased by 15.3%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 0.7%, and 5+ bedroom homes increased by 7.5%.
Median Sold Price Compared To Nearby Cities
| Manville | $297.5K | $416.5K | +40.0% |
| Central Falls | $377.5K | $460K | +21.9% |
| Cumberland | $425K | $463.6K | +9.1% |
| Lincoln | $429.9K | $465.1K | +8.2% |
Housing Supply in Cumberland, RI
How many homes are available in Cumberland, RI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 89 | 87 | -2.2% |
Summary: The Cumberland real estate market had 87 homes for sale in April 2024, a 2.2% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 14 | 14 | 0.0% |
| 3 Bedrooms | 34 | 33 | -2.9% |
| 4 Bedrooms | 25 | 29 | +16.0% |
| 5+ Bedrooms | 12 | 6 | -50.0% |
Summary: The Cumberland housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 2.9%, 4 bedroom homes increased by 16%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 30 | 28 | -6.7% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cumberland, you could pay more than the asking price. 60.7% of homes here sold above asking price last month.
Summary: A total of 28 homes were sold or pending in Cumberland in April 2024, down by 6.7% month-over-month. Of the 28 sold homes, 18% were sold under asking, 21% were sold at asking, and 61% were sold over asking.
Days on Market for Cumberland, RI
How long does it take to sell a home in Cumberland, RI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 27 Days | 69 Days | +157.2% |
Summary: Homes in Cumberland had an average of 69 days on market in Apr 2024, up by 157.2% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
5 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, 28 homes were sold in Cumberland; 64% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.
