The median sales price of a single family home in Cumberland County, New Jersey has ranged from $150,000 in October 2011 to $118,000 as recently as October 2015.
As of October 2016, the average price of a single family home has increased 13.5% to $134,500.
What is even more impressive is how the inventory of single family homes has plummeted from a high of 21.2 months for October 2011 to 8.9 months for October 2016, a 58% reduction in the number of single family homes on the market, according to New Jersey Realtor.
Cumberland’s affordability appears to stand out to the local residents of southern New Jersey, attracting approximately 1,500 residents between 2010 and 2014. (New Jersey Realtor & U.S. Census Bureau)
The real estate metrics and census numbers appear to be bearing-out the idea that Cumberland County is a value proposition as far as bang for the real estate dollar.
Many of the new residents came from Atlantic, Burlington, Camden and Cape May counties.
The census numbers also show that there is a reverse trend taking place in Atlantic, Cape May and Ocean counties.