November 2023 Cumberland County Real Estate Market Stats

November 2023 Cumberland County Real Estate Market Stats

The real estate market for Single Family Homes in Cumberland County witnessed notable trends in November, reflecting dynamic shifts in key indicators.

The Average Sales Price for single-family homes experienced a substantial 16.3% year-over-year increase, reaching an impressive $540,000. This surge is indicative of robust demand and sustained price growth in the market. Furthermore, it marks a 0.6% uptick from the previous month.

Closed Sales, however, saw a slight decline of 3.3% compared to the same period last year, totaling 236 transactions. This decrease is more pronounced, showing a 23.1% drop from the previous month.

The Average Days on Market remained consistent year-over-year at 8 days, showcasing the continued rapid pace of home sales. However, this represents a 14.3% increase from the previous month.

Inventory Supply, a crucial metric, stood at 1.6 months, indicating a 15.5% year-over-year increase and a substantial 25.5% rise from the previous month. This suggests a growing inventory and potentially a shift towards a buyer's market.

The Sold-to-List Price Ratio reached 101.4%, showing a slight dip of 0.5% from the previous year and a 1.2% decrease from the previous month.

In summary, the Cumberland County Single Family real estate market in November showcased a robust demand with a significant surge in average sales prices. However, the decline in closed sales and the increase in average days on market, along with a notable rise in inventory supply, suggest a potentially evolving market with shifting dynamics, offering opportunities for both buyers and sellers.

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