Is Cherry Hill, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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, VA
How much do homes in Cherry Hill, VA cost?
Median Sold Price
$570,965
$226/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Cherry Hill have sold for 4.1% more than they did a year ago.
Summary: The median home sold price in Cherry Hill was $570,965 in April 2024, up 4.1% from last year, and the median price per square foot was $226.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $350K | $385K | +10.0% |
| 3 Bedrooms | $432.5K | $480K | +11.0% |
| 4 Bedrooms | $580K | $655.7K | +13.1% |
| 5+ Bedrooms | $765K | $748.9K | -2.1% |
Summary: Cherry Hill housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 11%, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes decreased by 2.1%.
Median Sold Price Compared To Nearby Neighborhoods
| Montclair | $555K | $580.6K | +4.6% |
| Cherry Hill | $548.4K | $570.9K | +4.1% |
Housing Supply in Cherry Hill, VA
How many homes are available in Cherry Hill, VA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 47 | 78 | +66.0% |
Summary: The Cherry Hill real estate market had 78 homes for sale in April 2024, a 66.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 4 | 0.0% |
| 3 Bedrooms | 19 | 32 | +68.4% |
| 4 Bedrooms | 21 | 37 | +76.2% |
| 5+ Bedrooms | 3 | 5 | +66.7% |
Summary: The Cherry Hill housing inventory by bedroom type for April 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 68.4%, 4 bedroom homes increased by 76.2%, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 11 | 22 | +100.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cherry Hill, you could pay more than the asking price. 68.2% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in Cherry Hill in April 2024, up by 100.0% month-over-month. Of the 22 sold homes, 18% were sold under asking, 14% were sold at asking, and 68% were sold over asking.
Days on Market for Cherry Hill, VA
How long does it take to sell a home in Cherry Hill, VA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 26 Days | 13 Days | -50.4% |
Summary: Homes in Cherry Hill had an average of 13 days on market in Apr 2024, down by 50.4% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 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 April 2024, 22 homes were sold in Cherry Hill; 86% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
