The average sales price of single-family homes in Cumberland County reached $555,000 in July, showcasing a healthy 11.4% increase from July of the previous year. However, compared to the previous month, the average sales price experienced a 1.8% decline.
In July, the number of sold listings in Cumberland County totaled 274. This reflects a 29.2% decrease compared to the same month last year, and a 5.2% decrease from the previous month.
The median number of days that homes spent on the market in Cumberland County during June was 6 days, still a fairly swift pace in the market and same amount of Days on the Market from the same period last year but a 20% increase from the previous month.
The list-to-sale price ratio, a measure of negotiation dynamics in the market, stood at 105.1% in July. This figure reflects a 0.7% decline compared to the same period last year and demonstrates a 1.3% decrease from the previous month.
The month's supply of inventory in Cumberland County in June stood at 1.3, reflecting an 13.2% increase compared to the same period last year and a significant 16.7% increase from the previous month. This increase suggests a growing pool of available homes for prospective buyers, providing them with a broader range of options to choose from.
In July 2023, Cumberland County's real estate market reveals complex dynamics. While average prices grow annually, a monthly dip highlights market sensitivity. Fewer sold listings, changing market time, and negotiation trends create a dynamic scene. Additionally, an increasing inventory offers buyers more options. To harness evolving opportunities, informed decisions are crucial for both buyers and sellers.
