Is Cumberland Furnace, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Cumberland Furnace was a Neutral Market.
Key Takeaway
Cumberland Furnace is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cumberland Furnace, TN
How much do homes in Cumberland Furnace, TN cost?
Median Sold Price
$507,400
$201/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cumberland Furnace have sold for 58.6% more than they did a year ago.
Summary: The median home sold price in Cumberland Furnace was $507,400 in May 2024, up 58.6% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $64K | - | N/A |
| 2 Bedrooms | $114K | $275K | +141.2% |
| 3 Bedrooms | $387.5K | $454.9K | +17.4% |
| 4 Bedrooms | $514K | $540K | +5.1% |
| 5+ Bedrooms | $460K | $574.9K | +25.0% |
Summary: Cumberland Furnace housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 141.2%, 3 bedroom homes increased by 17.4%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes increased by 25%.
Median Sold Price Compared To Nearby Cities
| Cumberland Furnace | $320K | $507.4K | +58.6% |
| Cunningham | $396.4K | $402.5K | +1.5% |
| Palmyra | $385K | $360K | -6.5% |
Housing Supply in Cumberland Furnace, TN
How many homes are available in Cumberland Furnace, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 22 | 20 | -9.1% |
Summary: The Cumberland Furnace real estate market had 20 homes for sale in May 2024, a 9.1% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 11 | 12 | +9.1% |
| 4 Bedrooms | 10 | 7 | -30.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Cumberland Furnace housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 9.1%, 4 bedroom homes decreased by 30%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 6 | +500.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cumberland Furnace, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Cumberland Furnace in May 2024, up by 500.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 33% were sold at asking, and 0% were sold over asking.
Days on Market for Cumberland Furnace, TN
How long does it take to sell a home in Cumberland Furnace, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 25 Days | 18 Days | -25.3% |
Summary: Homes in Cumberland Furnace had an average of 18 days on market in May 2024, down by 25.3% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Cumberland Furnace are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 6 homes were sold in Cumberland Furnace; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.