Cumberland, MD
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Cumberland Neighborhoods Since 2000




Cumberland, MD Real Estate Data

Source & Methodology

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Cumberland Housing Market Information

With a population of 20,130, 8,796 total housing units (homes and apartments), and a median house value of $77,960, 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 53.92% of the city's housing units. Other types of housing that are prevalent in Cumberland include large apartment complexes or high rise apartments ( 18.66%), duplexes, homes converted to apartments or other small apartment buildings ( 14.77%), and a few row houses and other attached homes ( 12.58%).

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 50.99% owning and 49.01% renting.

The housing in Cumberland was primarily built before 1939 ( 44.74%), 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 ( 37.45%), followed by between 1970-1999 ( 13.51%). There's also some housing in Cumberland built between 2000 and later ( 4.31%).

Vacant housing appears to be an issue in Cumberland. Fully 17.16% 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

Cumberland's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Cumberland during the period has been just -1.71%, which is lower than 80% of US communities.

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 2.82%, 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 -1.77%, which equates to an annual appreciation rate of -6.91%.

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 higher than 50% 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.

Average Home Values

 

Median Home Value:
$77,960

Cumberland, MD HOME PRICES

Value Range
> $979,000 0.3
$734,001 - $979,000 0.4
$489,001 - $734,000 1.5
$392,001 - $489,000 1.5
$294,001 - $392,000 2.7
$196,001 - $294,000 9.0
$98,001 - $196,000 28.7
$49,001 - $98,000 42.7
$0 - $49,000 13.2

Very Low for MD
Very Low for Nation

Value Relative to Nation Value Relative to State
91.749677721786 98.0916030534351

Number Of Homes And Apartments:
8,796

Cumberland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MD*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
28.59% 1.47% 1 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$867 / per month

Homeownership Rate

Homeownership
Owners 50.99
Renters 49.01
Vacant 17.16

Housing Market Details

 

Age of Homes

AGE OF Cumberland HOMES
2000 or Newer 4.3
1970 - 1999 13.5
1940 - 1969 37.4
1939 or Older 44.7

Types of Homes

TYPE OF Cumberland HOMES
Single-Family 53.9
Townhomes 12.6
Small Apt. Buildings 14.8
Apt. Complexes 18.7
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Cumberland HOMES
No Bedroom 2.94
1 Bedroom 17.53
2 Bedrooms 25.62
3 Bedrooms 38.79
4 Bedrooms 11.33
5 or more bedrooms 3.80