Is Cumberland, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$480,000
$247/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cumberland have sold for 11.6% more than they did a year ago.
Summary: The median home sold price in Cumberland was $480,000 in May 2024, up 11.6% from last year, and the median price per square foot was $247.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $154K | $180K | +16.9% |
| 2 Bedrooms | $339K | $380K | +12.1% |
| 3 Bedrooms | $426.8K | $467.5K | +9.5% |
| 4 Bedrooms | $640K | $640K | 0.0% |
| 5+ Bedrooms | $465K | $542.7K | +16.7% |
Summary: Cumberland housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.9%, 2 bedroom homes increased by 12.1%, 3 bedroom homes increased by 9.5%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 16.7%.
Median Sold Price Compared To Nearby Cities
| Manville | $317.5K | $416.5K | +31.2% |
| Central Falls | $380K | $462.5K | +21.7% |
| Cumberland | $430K | $480K | +11.6% |
| Lincoln | $429K | $469.9K | +9.5% |
Housing Supply in Cumberland, RI
How many homes are available in Cumberland, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 91 | 95 | +4.4% |
Summary: The Cumberland real estate market had 95 homes for sale in May 2024, a 4.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 2 | -60.0% |
| 2 Bedrooms | 15 | 14 | -6.7% |
| 3 Bedrooms | 33 | 40 | +21.2% |
| 4 Bedrooms | 30 | 29 | -3.3% |
| 5+ Bedrooms | 8 | 10 | +25.0% |
Summary: The Cumberland housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 60%, 2 bedroom homes decreased by 6.7%, 3 bedroom homes increased by 21.2%, 4 bedroom homes decreased by 3.3%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 29 | 27 | -6.9% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cumberland, you could pay more than the asking price. 59.3% of homes here sold above asking price last month.
Summary: A total of 27 homes were sold or pending in Cumberland in May 2024, down by 6.9% month-over-month. Of the 27 sold homes, 22% were sold under asking, 19% were sold at asking, and 59% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 20 Days | 14 Days | -27.0% |
Summary: Homes in Cumberland had an average of 14 days on market in May 2024, down by 27% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 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, 27 homes were sold in Cumberland; 89% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
