Cherry Hill, NJ Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Cherry Hill, NJ Housing Market Trends

With a population of 71,235, 2,018 total housing units (homes and apartments), and a median house value of $297,146, Cherry Hill real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Cherry Hill, accounting for 69.67% of the town's housing units. Other types of housing that are prevalent in Cherry Hill include large apartment complexes or high rise apartments ( 20.45%), row houses and other attached homes ( 7.33%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.09%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cherry Hill. Owner-occupied housing accounts for 78.02% of Cherry Hill's homes, and 65.72% 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. Cherry Hill's housing was primarily built during this period, from the '40s through the '60s. A full 51.64% of the town's housing hails from this era. Other housing ages represented in Cherry Hill include homes built between 1970-1999 ( 38.80%) and housing constructed between 2000 and later ( 6.42%). There's also some housing in Cherry Hill built before 1939 ( 3.15%).

Cherry Hill Home Appreciation Rates

Cherry Hill's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Cherry Hill during the period has been just 2.25%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Cherry Hill's appreciation rate, at 8.77%, has been at or slightly above the national average. In the latest quarter, Cherry Hill's appreciation rate has been 3.46%, which annualizes to a rate of 14.59%.

Relative to New Jersey, our data show that Cherry Hill's latest annual appreciation rate is lower than 60% of the other cities and towns in New Jersey.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Cherry Hill differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cherry Hill - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cherry Hill real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$297,146

Cherry Hill, NJ HOME PRICES

> $1,188,000
0.8%
0.8%
$892,001 - $1,188,000
1.1%
1.1%
$595,001 - $892,000
4.1%
4.1%
$475,001 - $595,000
7.6%
7.6%
$357,001 - $475,000
24.3%
24.3%
$238,001 - $357,000
41.9%
41.9%
$119,001 - $238,000
15.9%
15.9%
$60,001 - $119,000
2.5%
2.5%
$0 - $60,000
1.8%
1.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for NJ

Value Relative To Nation

Number Of Homes And Apartments:
2,018

Cherry Hill Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
82.81% 2.85%
5
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,118 / per month

Homeownership Rate

Owners
78.0%
78.0%
Renters
22.0%
22.0%
Vacant
6.4%
6.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.4%
6.4%
1970 - 1999
38.8%
38.8%
1940 - 1969
51.6%
51.6%
1939 or Older
3.1%
3.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
69.7%
69.7%
Townhomes
7.3%
7.3%
Small Apt. Buildings
2.1%
2.1%
Apt. Complexes
20.5%
20.5%
Mobile Homes
0.5%
0.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.3%
2.3%
1 Bedroom
8.9%
8.9%
2 Bedrooms
16.2%
16.2%
3 Bedrooms
32.4%
32.4%
4 Bedrooms
33.4%
33.4%
5 or more bedrooms
6.9%
6.9%
0.0% 100.0%
% OF HOMES