Cherry Hill NJ Market Report November 2024
The real estate market in Cherry Hill, NJ, has shown strong signs of resilience in November 2024, despite fluctuating national trends. As one of the most sought-after suburbs of the Philadelphia/New Jersey region, Cherry Hill continues to offer opportunities for both homebuyers and sellers. Whether you’re considering buying or selling in the area, understanding the market dynamics is key to making informed decisions.
Market Overview for Buyers in November 2024
For buyers, Cherry Hill’s real estate market in November 2024 remains competitive but slightly more favorable than in previous months. Home prices have experienced a slight stabilization, offering some relief from the rapid increases seen earlier in the year. According to recent data, the median home price in Cherry Hill has leveled off at approximately $400,000, a slight increase from last year but manageable compared to earlier months in 2024.
Buyers will find a more diverse selection of homes available in November, as inventory has seen a modest rise. The average days on market (DOM) for listings is around 40-45 days, signaling a market that, while active, is giving buyers more time to make decisions compared to the frenzied pace of 2023.
Interest rates continue to be a critical factor. With mortgage rates hovering around 7-7.5%, potential buyers are advised to secure pre-approval and lock in rates early, as fluctuations can impact purchasing power. While rates are higher than in past years, Cherry Hill’s proximity to major employment centers and high-quality schools ensures demand remains steady.
Market Overview for Sellers in November 2024
Sellers in Cherry Hill are in a strong position, especially if they are pricing their homes competitively. While home prices are stabilizing, they are still considerably higher than a few years ago, reflecting the area’s continued appeal. November is traditionally a slower month in real estate, but with fewer listings on the market, sellers are facing less competition, making it an ideal time to list a home.
Homes that are well-maintained, updated, and competitively priced are seeing quick sales, often within 30-40 days. Sellers should focus on staging their homes and emphasizing energy efficiency and smart home features, as these are increasingly desirable to buyers. With limited new inventory being added, well-presented homes in good locations can attract multiple offers, even in the colder months.
Cherry Hill Market Trends to Watch
- Increased New Construction: The demand for new homes in Cherry Hill continues to rise, particularly in sought-after neighborhoods like Kingston Estates and Cherry Hill Mall area. Expect to see more new builds coming to the market as developers respond to ongoing buyer demand.
- Rising Rental Market: For those not yet ready to purchase, the rental market in Cherry Hill is experiencing growth, with rental rates increasing by approximately 5% year-over-year. Renters are drawn to the area’s schools, parks, and convenient location, adding further pressure to the housing supply.
- Seasonal Shifts: As we approach the end of the year, the market will likely experience a seasonal slowdown. However, for both buyers and sellers who are ready to make a move, there are opportunities to negotiate favorable terms before the market picks up in spring 2025.
