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March Results
Statewide prices continue to increase. Total home sales in March were 1,031 and the median sales price (MSP) increased 21.0% to $325,000 compared to March 2021. The market continues to be dynamic, as quality homes become available for sale, potential buyers are ready and able to put homes under contract to purchase quickly. As a result, the statewide median days on market in March of 2022 was nine days compared to 11 days on market one year ago, and 70 days in pre-pandemic March of 2019.
After seven consecutive months of declining for-sale inventory, March 2022 statistics showed a 5.2% increase in single family homes for sale (2,013 listings) from the prior month (1,913 listings). Traditionally, more homes enter the for-sale market during the 2nd quarter, which will help meet the pent-up demand and work to better balancing the market.
Year-to-date homes sales in Cumberland County were down 19.4% through March while MSP stood at $450,000, up 17.3% The monthly price of $480,000 was the highest on record.
National Perspective
The National Association of Realtors reported a nationwide decline of 3.8% for the sales of single-family existing homes in March 2022 compared to March 2021. The national MSP increased 15.2% to $382,000.
Regionally, March 2022 sales in the Northeast eased 11.8% while the regional MSP rose 6.8% $390,200 compared to March 2021.
Interactive Market Report by Town
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