The most recent data reveals a consistent trend of higher interest rates and low inventory shaping the market. Despite these challenges, prices for single-family homes in Cumberland County have held steady, increasing by a modest 1.1% to $510,867 compared to last year. The era of exorbitant bids seems to be fading, with the current list-to-sale price ratio dropping to 100.4%, a decrease of 1.5% from the previous year. This should be encouraging for potential buyers. While active listings have surged by 22.4% compared to last year, the inventory supply remains tight at 1.7 months, showing a 9.4% increase from last February.
Meanwhile, the condo market continues to have strong demand and rising prices. The median sale price for condos in Cumberland County has surged by 33.2% year-over-year to $631,512. The median price per square foot has reached $492.00. Sales volume has risen by 8.7%, and the list price to sale price ratio has climbed to 102.6%, indicating sustained demand. Despite a 16.4% increase in condos entering the market, the number of active condo listings remains steady compared to the previous year. With 2.8 months of inventory, the condo market appears to be slightly more balanced.
