The real estate market for Single Family Homes in Cumberland County experienced dynamic shifts in September.
The notable 17.2% surge in the average sales price of single-family homes from the previous year, reaching $580,000, is indicative of strong demand and robust price growth. However, this came alongside a considerable 27.1% decrease in the number of homes sold compared to the same month the previous year, signifying a slowdown in sales activity.
Homes continued to sell swiftly, with a median time of just 6 days on the market, although it marked a 14.3% decrease from the same period the previous year.
The list-to-sale price ratio remained competitive, reaching 103.3%, reflecting a slight increase from the previous year and a small decrease from the previous month.
Moreover, the significant 41.1% increase in the month's supply of inventory suggests that buyers have more housing options in the region, potentially contributing to the slower sales rate.
Cumberland County's Single Family real estate market displayed strong price growth and swift sales, as reflected in the increase in average sales prices and the median time on the market. However, the notable drop in the number of homes sold signals a decline in sales activity, potentially due to supply constraints. The list-to-sale price ratio remained competitive, showing that negotiations in the market remained favorable for sellers.