The great migration is most likely the result of the weakness of the Atlantic County economy and closure of four casinos in Atlantic City.
U.S. Census figures put the median monthly gross rent in Cumberland County at $978, which is less than the rents in Atlantic, Cape May and Cumberland counties and the state.
The value that may be also attracting migrants to Cumberland County is the lower cost for a home. New Jersey Realtor placed the median price of a home sold in Cumberland County in October at $131,000, compared to $178,000 in Atlantic County. That translates to a 26% difference.
Of those people who decided to move, 42% did so for housing-related reasons, such as wanting a new or better home or apartment, according to the census, and another 20% cited an employment-related reason.
The U.S. Census calculated Cumberland’s median household income at $50,603, almost $22,000 less than the overall state figure, with a 7% unemployment rate in October.
Key Metrics 2015 2016 % Change
New Listings 181 150 -17.1%
Closed Sales 99 107 +8.1%
Days on Mkt 112 84 -25%
Median Sales Price $118.5 $134.5 +13.5%
% of List Px Recd 94.6% 96.7% +2.2%
Inventory 1,150 980 -14.8%
Months Supply 11.8 8.9 -24.6%
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.