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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 8,605, 3,018 total housing units (homes and apartments), and a median house value of $686,316, Cumberland house prices are not only among the most expensive in Maine, Cumberland real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Cumberland, accounting for 80.38% of the town's housing units. Other types of housing that are prevalent in Cumberland include row houses and other attached homes ( 9.49%), duplexes, homes converted to apartments or other small apartment buildings ( 4.39%), and a few large apartment complexes or high rise apartments ( 3.97%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cumberland. Owner-occupied housing accounts for 89.18% of Cumberland's homes, and 65.58% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Cumberland built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Cumberland built between 2000 and later ( 25.45%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.10%). There's also some housing in Cumberland built before 1939 ( 10.32%).
In the last 10 years, Cumberland has experienced some of the highest home appreciation rates of any community in the nation. Cumberland real estate appreciated 118.42% over the last ten years, which is an average annual home appreciation rate of 8.13%, putting Cumberland in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Cumberland definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Cumberland's appreciation rate, at 7.06%, has been at or slightly above the national average. In the latest quarter, Cumberland's appreciation rate has been 1.39%, which annualizes to a rate of 5.67%.
Relative to Maine, our data show that Cumberland's latest annual appreciation rate is higher than 80% of the other cities and towns in Maine.
$686,316
for Maine
for nation
3,018
$2,692 / per month