Is Cherry Hill, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Cherry Hill is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Cherry Hill has remained a Seller's Market.

Key Takeaway

Cherry Hill is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Cherry Hill, NJ

How much do homes in Cherry Hill, NJ cost?

Median Sold Price

$424,000

$219/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$39,000(+10.1%)

Key Takeaway

Homes in Cherry Hill have sold for 10.1% more than they did a year ago.

Summary: The median home sold price in Cherry Hill was $424,000 in March 2024, up 10.1% from last year, and the median price per square foot was $219.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $133.5K$150K
+12.4%
2 $220K$273.5K
+24.3%
3 $350K$384K
+9.7%
4 $454K$525K
+15.6%
5+ $575K$595K
+3.5%

Summary: Cherry Hill housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.4%, 2 bedroom homes increased by 24.3%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 15.6%, and 5+ bedroom homes increased by 3.5%.

Median Sold Price Compared To Nearby Cities

Cherry Hill
+10.1%
Maple Shade Township
+9.7%
Cherry Hill Township
+9.6%
Haddonfield
+8.0%

Housing Supply in Cherry Hill, NJ

How many homes are available in Cherry Hill, NJ?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
252271+7.5%

Summary: The Cherry Hill real estate market had 271 homes for sale in March 2024, a 7.5% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 55
0.0%
2 4949
0.0%
3 9296
+4.3%
4 8799
+13.8%
5+ 1922
+15.8%

Summary: The Cherry Hill housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes increased by 15.8%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
4551+13.3%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

32 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Cherry Hill, you could pay more than the asking price. 62.7% of homes here sold above asking price last month.

Summary: A total of 51 homes were sold or pending in Cherry Hill in March 2024, up by 13.3% month-over-month. Of the 51 sold homes, 25% were sold under asking, 12% were sold at asking, and 63% were sold over asking.

Days on Market for Cherry Hill, NJ

How long does it take to sell a home in Cherry Hill, NJ?

Average Sale Time

Mar 2023Mar 2024CHANGE
21 Days25 Days+20.1%

Summary: Homes in Cherry Hill had an average of 25 days on market in Mar 2024, up by 20.1% compared to last year.

Breakdown of Home Sale Times

41 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Cherry Hill are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 51 homes were sold in Cherry Hill; 80% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 18 Days Ago

Newest Listings in Cherry Hill, NJ

Nearby Markets to Cherry Hill, NJ

What housing markets are near Cherry Hill, NJ?