The Cumberland County single-family home market in June 2023 showcased a continuation of positive trends, albeit with some shifting dynamics. Let's delve into the details of the latest market update to gain insights into the current landscape of Cumberland County's real estate market.
The average sales price of single-family homes in Cumberland County reached $565,000 in June, showcasing a healthy 9.6% increase from June of the previous year. Furthermore, compared to the previous month, the average sales price experienced a notable 3.7% growth. These figures indicate a continued appreciation in home values a positive momentum for sellers in the market.
In June, the number of sold listings in Cumberland County totaled 289. Although this reflects a 20.6% decrease compared to the same month last year, it marks a significant 19.9% increase from the previous month.
The median number of days that homes spent on the market in Cumberland County during June was just 5 days, indicating a swift pace of transactions. This represents a 16.7% decrease both from the same period last year and the previous month.
The list-to-sale price ratio, a measure of negotiation dynamics in the market, stood at 106.5% in June. While this figure reflects a 2.2% decline compared to the same period last year, it demonstrates a 1.4% increase from the previous month.
The month's supply of inventory in Cumberland County in June stood at 1.2, reflecting an 18.6% increase compared to the same period last year and a 10.3% 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.
The Cumberland County real estate market in June 2023 demonstrated a continuation of positive growth, with the average sales price experiencing steady appreciation. Although sold listings witnessed a decline compared to the previous year, they rebounded with an impressive increase from the previous month. As homes spent fewer days on the market and the list-to-sale price ratio remained strong, buyers and sellers in Cumberland County must navigate the evolving dynamics to make informed decisions. With a healthy supply of inventory, buyers have more choices, while sellers can still expect competitive prices.