Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 8,605, 3,018 total housing units (homes and apartments), and a median house value of $668,194, Cumberland house prices are not only among the most expensive in Maine, Cumberland real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Cumberland, accounting for 80.38% of the town's housing units. Other types of housing that are prevalent in Cumberland include row houses and other attached homes ( 9.49%), duplexes, homes converted to apartments or other small apartment buildings ( 4.39%), and a few large apartment complexes or high rise apartments ( 3.97%).
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 89.18% of Cumberland's homes, and 65.58% 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 2000 and later ( 25.45%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.10%). There's also some housing in Cumberland built before 1939 ( 10.32%).
Appreciation rates for homes in Cumberland have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 116.43%, which ranks in the top 30% nationwide. This equates to an annual average Cumberland house appreciation rate of 8.03%.
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 12.02%, which is higher than appreciation rates in 72.45% 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 -0.25%, which equates to an annual appreciation rate of -1.01%.
Relative to Maine, our data show that Cumberland's latest annual appreciation rate is higher than 90% of the other cities and towns in Maine.
$668,194
for Maine
for nation
3,018
$2,585 / per month