$6,947 Closing Credit*
$585,000
3,459 SqFt
3 Beds
•2 Full Baths
Rick Cox, Listing Office: The Rick Cox Realty Group
Is Cumberland, VA 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, VA
How much do homes in Cumberland, VA cost?
Median Sold Price
$299,950
$203/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$9,950(+3.4%)
Key Takeaway
Homes in Cumberland have sold for 3.4% more than they did a year ago.
Summary: The median home sold price in Cumberland was $299,950 in October 2024, up 3.4% from last year, and the median price per square foot was $203.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $58.2K | $189K | +224.5% |
| 3 Bedrooms | $290K | $299.9K | +3.4% |
| 4 Bedrooms | $360K | $405K | +12.5% |
| 5+ Bedrooms | $467K | $472.5K | +1.2% |
Summary: Cumberland housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 224.5%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 1.2%.
Median Sold Price Compared To Nearby Cities
| Powhatan | $426.6K | $455K | +6.7% |
| Cumberland | $290K | $299.9K | +3.4% |
Housing Supply in Cumberland, VA
How many homes are available in Cumberland, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 30 | 21 | -30.0% |
Summary: The Cumberland real estate market had 21 homes for sale in October 2024, a 30.0% 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 | 1 | 1 | 0.0% |
| 3 Bedrooms | 25 | 15 | -40.0% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
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 remained the same, 3 bedroom homes decreased by 40%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 12 | 6 | -50.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Cumberland, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 6 homes were sold or pending in Cumberland in October 2024, down by 50.0% month-over-month. Of the 6 sold homes, 33% were sold under asking, 50% were sold at asking, and 17% were sold over asking.
Days on Market for Cumberland, VA
How long does it take to sell a home in Cumberland, VA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 40 Days | 37 Days | -8.4% |
Summary: Homes in Cumberland had an average of 37 days on market in Oct 2024, down by 8.4% compared to last year.
Breakdown of Home Sale Times
3 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 October 2024, 6 homes were sold in Cumberland; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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Although the Multiple Listing Service of The Roanoke Valley is the single source for these listings, listing data appearing on this web site does not necessarily reflect the entirety of all available listings within the Multiple Listing Service. All listing data is refreshed regularly, but its accuracy is subject to market changes.