The Long & Foster Market Minute

Focus On: Cumberland County Housing Market August 2022

Units Sold
16
Active Inventory
94
Median Sale Price
$262,000
Days On Market
52
Up
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 21%
Vs. Year Ago
Up 13%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in August, with 16 sold this month in Cumberland County Real Estate. This month's total units sold was higher than at this time last year, an increase from August 2021.

Active Inventory
Versus last year, the total number of homes available this month is higher by 5 units or 6%. The total number of active inventory this August was 94 compared to 89 in August 2021. This month's total of 94 is higher than the previous month's total supply of available inventory of 92, an increase of 2%.

Median Sale Price
Last August, the median sale price for Cumberland County Homes was $216,500. This August, the median sale price was $262,000, an increase of 21% or $45,500 compared to last year. The current median sold price is 25% higher than in July.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
17
Current Contracts
12
Sold Vs. List Price
97.3%
Months of Supply
5.9
Down -19%
Vs. Year Ago
No Change
Vs. Year Ago
Down -4.1%
Vs. Year Ago
Down -21%
Vs. Year Ago

Months of Supply
In August, there was 5.9 months of supply available in Cumberland County, compared to 7.4 in August 2021. That is a decrease of 21% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 17 homes newly listed for sale in Cumberland County compared to 21 in August 2021, a decrease of 19%. There were 12 current contracts pending sale this August, consistent with the volume a year ago. The number of current contracts is 8% lower than last month.

Sale Price to List Price Ratio
In August, the average sale price in Cumberland County was 97.3% of the average list price, which is 4.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 52, higher than the average last year, which was 46, an increase of 13%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by SJSMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of SJSMLS or Long & Foster Real Estate, Inc.