March 2024 Cumberland County Real Estate Market Stats

March 2024 Cumberland County Real Estate Market Stats

The housing data for March indicates that our local housing market echoed national trends, with some distinctions. The median sale price rose to $540,000, indicating ongoing growth favorable for sellers. However, increased active inventory might benefit buyers with more choices. The surge in new listings signals seller confidence for the spring market, following seasonal patterns.

The Median Sale Price for single-family homes in Cumberland County is $540,000, up 5.7% from last month and 13.1% year over year. Good news: active inventory is up 9.3% from February and 15.4% compared to March 2023.

The condo market in Cumberland County fluctuated in March, presenting opportunities and challenges for buyers and sellers.

The median sale price of $533,950 was down 15.1% compared to the previous month but up 22% year over year. Sales activity picked up 9.8% from February, and condos sold with fewer days on the market (8). The uptick in sales activity and shorter time on the market indicate continued interest from buyers and a potentially faster-moving market. However, the 2.1% decrease year over year in the list price-to-sale ratio suggests that sellers may face more negotiation or price adjustment than in previous months.

Have additional questions about the Cumberland County real estate market? Contact an expert Maine real estate agent at Town and Shore.

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