Cumberland, MD Real Estate Market
Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Date(s) & Update Frequency:
- Home Values, Rents: Reflects Q2 2024. Updated quarterly.
- Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
Cumberland, MD Housing Market Trends
With 18,769 people, 8,343 houses or apartments, and a median cost of homes of $121,940, house prices in Cumberland are some of the most affordable in Maryland as well as the nation.
Single-family detached homes are the single most common housing type in Cumberland, accounting for 57.95% of the city's housing units. Other types of housing that are prevalent in Cumberland include large apartment complexes or high rise apartments ( 16.61%), duplexes, homes converted to apartments or other small apartment buildings ( 12.60%), and a few row houses and other attached homes ( 12.53%).
The most prevalent building size and type in Cumberland are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.58% owning and 44.42% renting.
The housing in Cumberland was primarily built before 1939 ( 49.06%), making the housing stock in Cumberland some of the oldest overall in America, although there is a range of ages of homes in Cumberland. The next most important housing age is between 1940-1969 ( 31.43%), followed by between 1970-1999 ( 17.12%). There's also some housing in Cumberland built between 2000 and later ( 2.39%).
Vacant housing appears to be an issue in Cumberland. Fully 19.24% of the housing stock is classified as vacant. Left unchecked, vacant Cumberland homes and apartments can be a drag on the real estate market, holding Cumberland real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Cumberland Home Appreciation Rates
Some of the lowest real estate appreciation rates in America over the last ten years have been in Cumberland, where house values have increased just 16.93%, which is annualized rate of 1.58%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Cumberland appreciation rates have trailed the rest of the nation. In the last twelve months, Cumberland's appreciation rate has been -20.50%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Cumberland were at -0.22%, which equates to an annual appreciation rate of -0.88%.
Notably, Cumberland's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Maryland, our data show that Cumberland's latest annual appreciation rate is lower than 90% of the other cities and towns in Maryland.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Cumberland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cumberland - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cumberland real estate investment or home purchase decisions.
Median Home Value
$121,940
Very Low
for Maryland
Very Low
for nation
Number of Homes And Apartments:
8,343
MD
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$1,247 / per month