What's Happening?
In July, the median home listing price in Cumberland County was $299,801, marking a slight decrease from June's $302,500, according to data from Realtor.com. This figure represents a minor increase from July 2024's median price of $305,100. The typical home listed in the county was 1,900 square feet, priced at $155 per square foot. Homes in the area were on the market for a median of 51 days, slightly longer than the national median of 58 days. The number of new listings in July was 476, a 5.8% increase from the previous year. These statistics focus on homes listed for sale, excluding new constructions and pending sales.
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Why It's Important?
The slight decrease in home listing prices in Cumberland County reflects broader trends in the U.S. housing market, where the national median home price also saw a slight decline to $439,450. This trend may indicate a cooling in the housing market, which could affect buyers and sellers differently. Buyers might find more opportunities as prices stabilize, while sellers may need to adjust expectations. The increase in new listings suggests a potential shift towards a more balanced market, which could impact local real estate dynamics and economic conditions.
