The above infographic summarizes how the Cumberland County residential real estate market performed in March 2021.
March 2021 had 346 active listings, while the same period last year had a total of 749, representing a 56% decrease year-over-year. The lack of inventory is still creating a flurry of multiple offers on properties across various price points. Many Listing Brokers are “holding back” on offers and setting a designated time and date for offer submission. This allows sufficient time for potential buyers to preview properties before offers are made. The median days on market is now 6 days.
The average sale price for Cumberland County has increased 28% year-over-year with the average sale price now $498,599. The average listing price has now moved past the $600K mark, up 7% from March 2021. The sold-to-list ratio is 104.3%.
One final notable is the current absorption rate, which now sits at .80. The Absorption Rate shows how long the current inventory would last at the current rate of sales. The number indicates the number of months required to sell all properties on the market.
The Cumberland County real estate market continues to see unprecedented trends. Make sure you work with an experienced agent to help navigate you.