The Cumberland County single-family home market in May 2023 displayed a combination of positive and challenging trends.
The average sales price of $550,000 reflected a robust 7.8% increase from May of last year, indicating healthy price appreciation but a 1.8% decrease from last month. However, closed sales experienced a significant decline, with only 239 transactions, down by 22.1% compared to May 2022 but up by 33.5% compared to last month. Homes spent an average of 6 days on the market, representing a 20% increase from the previous year and last month, indicating a slightly longer selling period. The months supply of inventory rose substantially by 62.4% to 1.3, indicating a larger pool of homes available for sale. The average sold-to-list price ratio is 104.7% which is a 5.1% drop from last year, suggesting a slightly more negotiable market for buyers.
These figures reflect a market in transition, with price growth but decreased sales activity, presenting both opportunities and challenges for buyers and sellers in Cumberland County.
