The Cherry Hill housing market (made up of the zip codes 08003, 08002, and 08034) saw a mix of trends in September 2024. Here’s a detailed breakdown of key metrics that buyers and sellers should consider if they're moving in and around Cherry Hill, New Jersey.
1. The average home sale price dropped by 7%
The average sale price for single family homes in Cherry Hill fell to $454,164, marking a 7% decline from August 2024. Buyers may find this to be an advantageous time to secure a home at a lower price point than in previous months.
2. The number of properties sold dropped by 17%
Sales activity in September slowed with 65 properties sold, a 17% decrease compared to the prior month. Fewer transactions could indicate a cooling market, where buyers are taking their time and sellers may need to be more competitive with pricing. Although we can't speak to soon: over the last few years this market has heated up in October and November, where many buyers come back to the market.
3. The average days on market remained steady
The average time a home spent on the market stayed consistent at 23 days, with no change from the previous month. This suggests that while fewer homes are being sold, those on the market are moving at a steady pace, indicating a balance between buyer demand and seller supply.
4. New listings are down by 31%
September saw 68 new properties listed, which is well below the 5 year average of 99 for this month. With fewer homes coming to market, the limited inventory might benefit sellers who price their homes competitively.
5. What were the Neighborhood Highlights?
Let's break down Cherry Hill, New Jersey into the specific zipcodes:
- 08002: Median sale price rose to $365,500, an increase of 8.3% over 2023
- 08003: Prices increased to $520,000, up 8.6% year over year
- 08034: Home values jumped to $420,000, reflecting a 9% increase compared to last year
What Does This Mean for You?
With prices decreasing month-over-month from August and fewer homes selling, buyers have more opportunities to find a deal, while sellers may face more competition. Both buyers and sellers should keep an eye on these trends to make strategic decisions.
Need guidance on your next move? Let’s create a strategy that works for you. Start by messaging The JFKLiving Team here.
