Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 5,974 people, 2,285 houses or apartments, and a median cost of homes of $118,788, house prices in Cherryville are solidly below the national average.
Single-family detached homes are the single most common housing type in Cherryville, accounting for 85.61% of the city's housing units. Other types of housing that are prevalent in Cherryville include duplexes, homes converted to apartments or other small apartment buildings ( 4.34%), mobile homes or trailers ( 4.30%), and a few large apartment complexes or high rise apartments ( 3.40%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cherryville. Owner-occupied housing accounts for 72.50% of Cherryville's homes, and 61.06% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Cherryville's housing was primarily built during this period, from the '40s through the '60s. A full 42.01% of the city's housing hails from this era. Other housing ages represented in Cherryville include homes built between 1970-1999 ( 37.92%) and housing constructed before 1939 ( 11.64%). There's also some housing in Cherryville built between 2000 and later ( 8.42%).
Vacant housing appears to be an issue in Cherryville. Fully 17.39% of the housing stock is classified as vacant. Left unchecked, vacant Cherryville homes and apartments can be a drag on the real estate market, holding Cherryville real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Cherryville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 3.43%, which ranks in the top 50% nationwide. This equates to an annual average Cherryville house appreciation rate of 0.34%.
Appreciation rates are so strong in Cherryville that despite a nationwide downturn in the housing market, Cherryville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cherryville appreciation rates continue to be some of the highest in America, at 7.00%, which is higher than appreciation rates in 81.36% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cherryville. Cherryville appreciation rates in the latest quarter were at 1.88%, which equates to an annual appreciation rate of 7.72%.
Importantly, this makes Cherryville one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to North Carolina, our data show that Cherryville's latest annual appreciation rate is higher than 80% of the other cities and towns in North Carolina.
|$853,001 - $1,137,000||0.0|
|$569,001 - $853,000||0.6|
|$455,001 - $569,000||0.7|
|$341,001 - $455,000||5.0|
|$228,001 - $341,000||10.6|
|$114,001 - $228,000||38.0|
|$57,001 - $114,000||34.8|
|$0 - $57,000||10.3|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Cherryville HOMES|
|2000 or Newer||8.4|
|1970 - 1999||37.9|
|1940 - 1969||42.0|
|1939 or Older||11.6|
|TYPE OF Cherryville HOMES|
|Small Apt. Buildings||4.3|
|SIZE OF Cherryville HOMES|
|5 or more bedrooms||2.42|