Cumberland, RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Cumberland Neighborhoods Since 2000




Cumberland, RI Real Estate Data


Cumberland Housing Market Information

With 34,529 people, 13,553 houses or apartments, and a median cost of homes of $298,645, Cumberland real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Cumberland, accounting for 65.51% of the town's housing units. Other types of housing that are prevalent in Cumberland include large apartment complexes or high rise apartments ( 16.49%), duplexes, homes converted to apartments or other small apartment buildings ( 13.03%), and a few row houses and other attached homes ( 4.81%).

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 73.41% of Cumberland's homes, and 59.50% 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 1940-1969 ( 35.00%). A lesser amount of the housing stock also hails from before 1939 ( 18.10%). There's also some housing in Cumberland built between 2000 and later ( 8.95%).

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 -1.55%, which is lower than 80% of US communities.

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 6.19%, which is higher than appreciation rates in 76.73% 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 2.07%, which equates to an annual appreciation rate of 8.54%.

Relative to Rhode Island, our data show that Cumberland's latest annual appreciation rate is higher than 60% of the other cities and towns in Rhode Island.

One very important thing to keep in mind is that these are average appreciation rates for the town. 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:
$298,645

Cumberland, RI HOME PRICES

Value Range
> $1,150,000 0.3
$862,001 - $1,150,000 0.6
$575,001 - $862,000 4.0
$460,001 - $575,000 6.9
$345,001 - $460,000 17.9
$230,001 - $345,000 45.4
$115,001 - $230,000 21.5
$58,001 - $115,000 1.4
$0 - $58,000 2.1

Average for RI
Very High for Nation

Value Relative to Nation Value Relative to State
17.0111846343035 58.974358974359

Number Of Homes And Apartments:
13,553

Rent & Ownership

 

Average Market Rent:
$1,186 / per month

Homeownership Rate

Homeownership
Owners 73.41
Renters 26.59
Vacant 4.15

Housing Market Details

 

Age of Homes

AGE OF Cumberland HOMES
2000 or Newer 9.0
1970 - 1999 37.9
1940 - 1969 35.0
1939 or Older 18.1

Types of Homes

TYPE OF Cumberland HOMES
Single-Family 65.5
Townhomes 4.8
Small Apt. Buildings 13.0
Apt. Complexes 16.5
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Cumberland HOMES
No Bedroom 2.21
1 Bedroom 11.81
2 Bedrooms 24.41
3 Bedrooms 41.80
4 Bedrooms 17.71
5 or more bedrooms 2.07

Cumberland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
51.11% 2.46% 6
* 10 is highest