Is Cumberland, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Cumberland was a Seller's Market.
Key Takeaway
Cumberland is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Cumberland, MD
How much do homes in Cumberland, MD cost?
Median Sold Price
$135,000
$92/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cumberland have sold for 22.7% more than they did a year ago.
Summary: The median home sold price in Cumberland was $135,000 in May 2024, up 22.7% from last year, and the median price per square foot was $92.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $27K | $40K | +48.1% |
| 2 Bedrooms | $87K | $97K | +11.5% |
| 3 Bedrooms | $115.5K | $135K | +16.9% |
| 4 Bedrooms | $129.9K | $200K | +53.8% |
| 5+ Bedrooms | $482.5K | $166.5K | -65.5% |
Summary: Cumberland housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 48.1%, 2 bedroom homes increased by 11.5%, 3 bedroom homes increased by 16.9%, 4 bedroom homes increased by 53.8%, and 5+ bedroom homes decreased by 65.5%.
Housing Supply in Cumberland, MD
How many homes are available in Cumberland, MD?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 197 | 222 | +12.7% |
Summary: The Cumberland real estate market had 222 homes for sale in May 2024, a 12.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 31 | 33 | +6.5% |
| 3 Bedrooms | 117 | 117 | 0.0% |
| 4 Bedrooms | 30 | 47 | +56.7% |
| 5+ Bedrooms | 19 | 25 | +31.6% |
Summary: The Cumberland housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 6.5%, 3 bedroom homes remained the same, 4 bedroom homes increased by 56.7%, and 5+ bedroom homes increased by 31.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 36 | 34 | -5.6% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cumberland, you may be able to get a good deal. 52.9% of homes here sold below asking price last month.
Summary: A total of 34 homes were sold or pending in Cumberland in May 2024, down by 5.6% month-over-month. Of the 34 sold homes, 53% were sold under asking, 12% were sold at asking, and 35% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 34 Days | 47 Days | +38.8% |
Summary: Homes in Cumberland had an average of 47 days on market in May 2024, up by 38.8% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
11 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 May 2024, 34 homes were sold in Cumberland; 50% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.
