$1,661 Closing Credit*
$139,900
3,218 SqFt
Susan K Helmstetter, Listing Office: Coldwell Banker Premier
Is Cumberland, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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, MD
How much do homes in Cumberland, MD cost?
Median Sold Price
$149,000
$97/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$24,000(+19.2%)
Key Takeaway
Homes in Cumberland have sold for 19.2% more than they did a year ago.
Summary: The median home sold price in Cumberland was $149,000 in October 2024, up 19.2% from last year, and the median price per square foot was $97.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $27K | $60K | +122.2% |
| 2 Bedrooms | $97.5K | $107.3K | +10.1% |
| 3 Bedrooms | $130K | $146K | +12.3% |
| 4 Bedrooms | $192.5K | $214K | +11.2% |
| 5+ Bedrooms | $233.9K | $245K | +4.7% |
Summary: Cumberland housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 122.2%, 2 bedroom homes increased by 10.1%, 3 bedroom homes increased by 12.3%, 4 bedroom homes increased by 11.2%, and 5+ bedroom homes increased by 4.7%.
Housing Supply in Cumberland, MD
How many homes are available in Cumberland, MD?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 217 | 201 | -7.4% |
Summary: The Cumberland real estate market had 201 homes for sale in October 2024, a 7.4% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 32 | 28 | -12.5% |
| 3 Bedrooms | 112 | 105 | -6.3% |
| 4 Bedrooms | 50 | 43 | -14.0% |
| 5+ Bedrooms | 23 | 25 | +8.7% |
Summary: The Cumberland housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 12.5%, 3 bedroom homes decreased by 6.3%, 4 bedroom homes decreased by 14%, and 5+ bedroom homes increased by 8.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 59 | 39 | -33.9% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cumberland, you may be able to get a good deal. 59% of homes here sold below asking price last month.
Summary: A total of 39 homes were sold or pending in Cumberland in October 2024, down by 33.9% month-over-month. Of the 39 sold homes, 59% were sold under asking, 15% were sold at asking, and 26% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 52 Days | 55 Days | +5.1% |
Summary: Homes in Cumberland had an average of 55 days on market in Oct 2024, up by 5.1% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
7 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 October 2024, 39 homes were sold in Cumberland; 46% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.
