Cumberland MD

Population: 20,452
Average annual home appreciation rate: -2.62%
Total of homes for sale in this market: 406
Median home price: $88,601
Median Rent: $550 per room
Home price range: 39.20% of homes are between $46,001 – $92,000
Median sales price: $69,950
Number of homes: 82
Median foreclosure sales price: $56,030
Foreclosure discount: $15,970 ( 22.2% )
Most common home type: 58.09% of homes are single family detached
Number of vacant homes: 17.10%
Number of renters: 40.13%
Number of owner occupied: 59.87%
Number people living below poverty level: 22.21%
Unemployment rate: 7.80%
Is this area perfect for real estate deals going on right now? There are many things that could lead to investment opportunities in the Cumberland market. It’s in a very “down” market at this time, but it needs be pointed out that many successful real estate investors make their money in markets of this nature. Here is an example of some things in the right market that would be appealing to other investors: 1. Low overall home prices 2. Multiple troubled properties available on the market with notably discounted prices (72.6%) 3. Multiple vacant (zombie) properties available on the market…many of these owned by motivated sellers willing to make deals. 4. Higher rental rates. Here’s just a few that would catch the eye of a savvy real estate investors. Statistically speaking… appreciation has helped rise prices in just the past 8 months.

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