Cumberland County Single Family Homes
September numbers for Cumberland County’s single-family housing market reveal mixed trends. The median home price dropped to $552,500, down 7.5% from last month, and down 4.3% year over year. Closed sales also fell 10.9% month over month, but were up 3.7% from last year, with 278 homes sold.
Overall, Cumberland County’s single-family housing market presents a blend of slowing demand and growing supply. While the drop in median sales price, and the increase in days on market, may indicate cooling buyer activity, the steady List Price Received suggests that sellers still benefit from solid offers. The rise in active inventory and in new listings, compared to last year signals more options for buyers. With fewer sales and longer selling times, the market could be entering a transitional phase. We may see further shifts toward a more-balanced market, as supply grows in the coming months.
Cumberland County Condominiums
Cumberland County’s condo market shows mixed trends. The median sales price was $525,000, down 0.7% from August, but up 9.5% year-over-year, reflecting strong long-term demand. Closed sales dropped 24% from last month to 73 units, but were still 7.4% higher than last year. This indicates that the year-over-year market activity remains positive despite the recent slowdown.
Overall, Cumberland County’s condo market shows steady price growth, despite recent declines in sales and increased inventory. The firm List Price Received indicates that sellers still benefit from firm offers. At the same time, the rising inventory suggests more options for buyers, potentially signaling a shift toward a more-balanced market in the months ahead.
Click the link to see the full report: September 2024 Market Report
Have additional questions about the Cumberland County real estate market? Contact an expert Maine real estate agent at Town and Shore.
