The prices in real estate in Cumberland, in the Maryland region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Cumberland has had a strong decrease during the last 6 months. In May, the average price per sq.feet was $419. In the following month the price per sq.feet decreased considerably to $235. The price for the following two months in (July, August) had a considerable decrease of 41 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 23 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $230.25 to $52.5 during September, and October.
Based upon to the price in Cumberland (cities), these have remained the same in the last 6 months. The average price for May is $98,447. During June the price had a slight fall till $89,463. In the following two months the average price has remained the same with regard to the previous two months from $93,955 to $96,227. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of $95,091 and $93,562 between September and October.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $96,042 they are 29 % more affordable than the average price for Cumberland. The properties with the highest average price have 4 bedrooms, Their price is 103 % more costly than the average. After that we have properties with 2 bedrooms priced at $99,315.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $53 / sq.feet, with an average $61 / sq.feet price in Cumberland. The properties with the highest average prices have 4 bedrooms. They are 390 % more expensive than the average followed by properties with 2 bedrooms with a price at $64 / sq.feet.
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of $96,042 it is 44 % cheaper than the average price in Cumberland. "Townhouse" is seen as the second most affordable property type. The dearest property type is "House" followed by "Townhouse". At a price of $99,120 it is 4 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Townhouse" at an average cost of $42 / sq.feet followed by "House" priced at $60 / sq.feet. "Land" is the most costly type of property with a $166 / sq.feet cost followed by "House" with an average price of $60 / sq.feet.