Is Cumberland County, VA 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 County has remained a Seller's Market.
Key Takeaway
Cumberland County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cumberland County, VA
How much do homes in Cumberland County, VA cost?
Median Sold Price
$293,725
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cumberland County have sold for 8.4% more than they did a year ago.
Summary: The median home sold price in Cumberland County was $293,725 in May 2024, up 8.4% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $170K | - | N/A |
| 2 Bedrooms | $130K | $189.5K | +45.8% |
| 3 Bedrooms | $277.4K | $293.3K | +5.7% |
| 4 Bedrooms | $265K | $360K | +35.8% |
| 5+ Bedrooms | $479.5K | $319.5K | -33.4% |
Summary: Cumberland County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 45.8%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 35.8%, and 5+ bedroom homes decreased by 33.4%.
Median Sold Price Compared To Nearby Counties
| Prince Edward County | $250K | $284K | +13.6% |
| Powhatan County | $399.9K | $442.2K | +10.6% |
| Cumberland County | $271K | $293.7K | +8.4% |
| Fluvanna County | $350K | $360K | +2.9% |
Housing Supply in Cumberland County, VA
How many homes are available in Cumberland County, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 37 | 35 | -5.4% |
Summary: The Cumberland County real estate market had 35 homes for sale in May 2024, a 5.4% decrease 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 | 8 | 6 | -25.0% |
| 3 Bedrooms | 25 | 24 | -4.0% |
| 4 Bedrooms | 3 | 5 | +66.7% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Cumberland County 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 decreased by 25%, 3 bedroom homes decreased by 4%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 9 | 10 | +11.1% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cumberland County, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Cumberland County in May 2024, up by 11.1% month-over-month. Of the 9 sold homes, 44% were sold under asking, 22% were sold at asking, and 33% were sold over asking.
Days on Market for Cumberland County, VA
How long does it take to sell a home in Cumberland County, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 58 Days | 49 Days | -14.7% |
Summary: Homes in Cumberland County had an average of 49 days on market in May 2024, down by 14.7% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Cumberland County has remained consistent over time.
Summary: During May 2024, 10 homes were sold in Cumberland County; 40% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.