Is Cumberland Gap, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Cumberland Gap has remained a Seller's Market.
Key Takeaway
Cumberland Gap is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cumberland Gap, TN
How much do homes in Cumberland Gap, TN cost?
Median Sold Price
$337,000
$140/sqft
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in Cumberland Gap have sold for 75.6% more than they did a month ago.
Summary: The median home sold price in Cumberland Gap was $337,000 in May 2024, up 75.6% from last month, and the median price per square foot was $140.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $191.9K | - | N/A |
| 3 Bedrooms | $250.2K | $337K | +34.7% |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Cumberland Gap housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 34.7%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Cumberland Gap | $191.9K | $337K | +75.6% |
| Ewing | $302K | $302.5K | 0.2% |
Housing Supply in Cumberland Gap, TN
How many homes are available in Cumberland Gap, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 9 | -18.2% |
Summary: The Cumberland Gap real estate market had 9 homes for sale in May 2024, a 18.2% 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 | 3 | 2 | -33.3% |
| 3 Bedrooms | 7 | 5 | -28.6% |
| 4 Bedrooms | 1 | 2 | +100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Cumberland Gap 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 decreased by 33.3%, 3 bedroom homes decreased by 28.6%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 2 | -33.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cumberland Gap, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Cumberland Gap in May 2024, down by 33.3% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Cumberland Gap, TN
How long does it take to sell a home in Cumberland Gap, TN?
Average Sale Time
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 208 Days | 64 Days | -69.0% |
Summary: Homes in Cumberland Gap had an average of 64 days on market in May 2024, down by 69% compared to last month.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Cumberland Gap has remained consistent over time.
Summary: During May 2024, 2 homes were sold in Cumberland Gap; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms.