Single Family Homes in Cumberland County
The real estate market for Single Family Homes in Cumberland County continues to be dynamic as we enter the New Year, with the key drivers being low inventory and high interest rates.
The Median Sales Price for single-family homes experienced a remarkable 21.4% year-over-year increase, reaching $543,000. This increase is indicative of high demand in the market pushing pricing up 9.7% from the previous month.
Closed Sales were unchanged when compared to the same period last year at 147 transactions. However, closed sales declined 25.8% compared to the previous month.
The Median Days on Market year-over-year stands at 17 days, which shows a substantial 30.8% increase from last January. This is likely due to higher prices and effects of the holiday season.
Months of inventory, a crucial metric, stood at 1.5 months, a 5.6% decrease year-over-year indicating the strong seller's market is continuing in 2024. Although the Median Sale Price increased year-over-year, the List Price to Sale Price ratio
dipped slightly to 99.2% down 1.1% from the previous year and a 2% decrease from the previous month.
Condos in Cumberland County
Whereas prices for single family homes in Cumberland County continues to rise, the key indicators for condominium is mixed.
The Median Sales Price for Condominiums declined 18.9% year-over-year, reaching $458,000.
Additionally, prices declined 5.1% from the previous month. Closed Sales saw a decrease of 16.7% compared to the same period last year totaling 45 transactions, a 25% drop from the previous month. Although prices for condos have softened, condo units have been selling more quickly when compared to last year.
Median Days on the Market year-over-year stands at 22 days, which is a 17% decrease compared to last January. Conversely, tis presents a 37.5% increase to previous month, meaning a longer time in the market.
Months Supply of Inventory at 2.7 months, a 6.2% increase year-over-year. Although Months of Supply of Inventory is slightly higher than for a single family homes, it's still a strong seller's market.
The Sold-to-List Price Ratio fell to 99.4%, showing a slight dip of 1.6% from the previous year and a 1.8% decrease from the previous month.
