Cumberland, MD Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 a population of 19,284, 8,374 total housing units (homes and apartments), and a median house value of $104,577, 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 55.86% of the city's housing units. Other types of housing that are prevalent in Cumberland include large apartment complexes or high rise apartments ( 16.01%), row houses and other attached homes ( 14.97%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 12.85%).

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 48.63% owning and 51.37% renting.

The housing in Cumberland was primarily built before 1939 ( 48.85%), 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 ( 35.12%), followed by between 1970-1999 ( 12.93%). There's also some housing in Cumberland built between 2000 and later ( 3.09%).

Vacant housing appears to be an issue in Cumberland. Fully 18.51% 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 8.04%, which is annualized rate of 0.78%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Appreciation rates are so strong in Cumberland that despite a nationwide downturn in the housing market, Cumberland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cumberland appreciation rates continue to be some of the highest in America, at 12.99%, which is higher than appreciation rates in 99.92% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cumberland. Cumberland appreciation rates in the latest quarter were at 6.92%, which equates to an annual appreciation rate of 30.70%.

Importantly, this makes Cumberland one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Maryland, our data show that Cumberland's latest annual appreciation rate is higher 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.

Average Home Values

 

Median Home Value:
$104,577

Cumberland, MD HOME PRICES

> $1,191,000
0.4%
0.4%
$894,001 - $1,191,000
0.2%
0.2%
$596,001 - $894,000
1.8%
1.8%
$476,001 - $596,000
3.0%
3.0%
$357,001 - $476,000
2.0%
2.0%
$238,001 - $357,000
8.4%
8.4%
$119,001 - $238,000
29.3%
29.3%
$59,001 - $119,000
38.4%
38.4%
$0 - $59,000
16.4%
16.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for MD

Value Relative To Nation

Number Of Homes And Apartments:
8,374

Cumberland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MD*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
55.86% 2.14%
1
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$936 / per month

Homeownership Rate

Owners
48.6%
48.6%
Renters
51.4%
51.4%
Vacant
18.5%
18.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
3.1%
3.1%
1970 - 1999
12.9%
12.9%
1940 - 1969
35.1%
35.1%
1939 or Older
48.9%
48.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
55.9%
55.9%
Townhomes
15.0%
15.0%
Small Apt. Buildings
12.8%
12.8%
Apt. Complexes
16.0%
16.0%
Mobile Homes
0.2%
0.2%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.9%
2.9%
1 Bedroom
15.9%
15.9%
2 Bedrooms
27.7%
27.7%
3 Bedrooms
38.9%
38.9%
4 Bedrooms
11.6%
11.6%
5 or more bedrooms
2.9%
2.9%
0.0% 100.0%
% OF HOMES