Metropolitan Statistical Area (MSA):
There is no doubt that the Cumberland, MD-WV metropolitan statistical area (MSA) has seen some housing market trends in recent years. For starters, home prices in the MSA have been on the rise since 2012, reaching a median price of $165,000 in 2017. This is good news for sellers, but not so much for buyers who are looking to purchase a home in the MSA. Additionally, the number of homes sold in the MSA has been steadily declining since 2014. In 2017, only 1,872 homes were sold which is down from 2,256 homes sold in 2014. This could be due to a number of factors such as the rise in home prices and/or a decrease in population growth.
One bright spot in the MSA's housing market is that foreclosures have decreased significantly since their peak in 2010. In 2010, there were 742 foreclosures filed but that number had decreased to just 98 by 2017. This is good news for both buyers and sellers as it indicates that more people are able to keep up with their mortgage payments and/or are selling their homes before they go into foreclosure.
Overall, the Cumberland, MD-WV metropolitan statistical area's housing market has seen some ups and downs over the past few years but it appears to be slowly recovering from the recession.
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