Is Cherry Hill, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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
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
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $133.5K | $150K | +12.4% |
| 2 Bedrooms | $220K | $273.5K | +24.3% |
| 3 Bedrooms | $350K | $384K | +9.7% |
| 4 Bedrooms | $454K | $525K | +15.6% |
| 5+ Bedrooms | $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 | $385K | $424K | +10.1% |
| Maple Shade Township | $256.2K | $281K | +9.7% |
| Cherry Hill Township | $385K | $422K | +9.6% |
| Haddonfield | $625.2K | $675K | +8.0% |
Housing Supply in Cherry Hill, NJ
How many homes are available in Cherry Hill, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 252 | 271 | +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
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 49 | 49 | 0.0% |
| 3 Bedrooms | 92 | 96 | +4.3% |
| 4 Bedrooms | 87 | 99 | +13.8% |
| 5+ Bedrooms | 19 | 22 | +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 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 45 | 51 | +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
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 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 21 Days | 25 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
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.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.
Disclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.