Single-Family Homes in Cumberland County:
The single-family home market in Cumberland County remains competitive, with stable demand and limited inventory. There was moderate growth in key areas compared to February 2024. The median sales price increased by 2.9% year-over-year to $525,750 but saw a 5.9% decline from the prior month. The monthly decline in the median sales price and months of supply holding at just 1.8 indicates that inventory remains tight. However, closed sales rose 10.5% annually and 3.3% month-over-month, indicating steady buyer activity.
Median days on the market remained relatively low at 28. New listings remained stable, while active inventory increased by 2.5%, bringing more options to the market. The increase in active listings and relatively quick sales suggest that well-priced homes continue to attract buyers. The median price per square foot held steady at $324, with sellers still receiving an average of 99.3% of their asking price.
The low supply may keep upward pressure on prices in the long run, though the recent monthly price dip suggests some seasonal fluctuation or buyer resistance at higher price points. Sellers can still expect strong offers, while buyers should be prepared for continued competition.
Condominiums in Cumberland County:
The Cumberland County condominium market is showing signs of shifting toward a more balanced environment. In February 2025, there were mixed trends compared to this time last year and the prior month. The median sales price held steady at $525,000, while closed sales dropped by 7.8% year-over-year and 35.6% from the previous month. This suggests that while prices are stable, there is less buyer activity, possibly due to affordability concerns, changing market conditions, or seasonal slowdowns.
Median days on the market fell to 20, indicating quicker sales. New listings increased by 28.6% compared to the previous year and 7.1% compared to January 2025. Active inventory rose by 15.8% month-over-month, suggesting improving supply. The month's supply of inventory climbed to 3.7, up 79.8% month-over-month; and the median price per square foot dipped by 5.4% to $352.
Faster sales suggest there is still demand, but the increase in inventory and decline in price per square foot indicate buyers may have more negotiating power. If inventory continues to rise, we may see further pressure on pricing in the coming months.
Click the link to see the full report: February 2025 Market Report
Have additional questions about the Cumberland County real estate market? Contact an expert Maine real estate agent at Town and Shore.
