Cherry Hill, New Jersey, has a thriving real estate market that has been steadily growing over the past few years. With an abundance of amenities and attractions, as well as proximity to major cities like Philadelphia and New York, Cherry Hill is an attractive place to live for many people. In this blog entry, we’ll take a closer look at the current state of the Cherry Hill real estate market, analyze recent trends, and make predictions for the future.
According to recent data from Zillow, the median home value in Cherry Hill is $319,400, which represents a 12.8% increase from the previous year. This growth rate is higher than the national average, which indicates that the real estate market in Cherry Hill is currently experiencing a period of significant expansion. Additionally, the average price per square foot in Cherry Hill is $161, which is higher than the Philadelphia-Camden-Wilmington Metro average of $145.
One factor driving the growth of Cherry Hill’s real estate market is the area’s strong economy. Cherry Hill is home to numerous businesses in a variety of industries, which has resulted in a stable job market and low unemployment rates. Additionally, Cherry Hill’s location near major cities and highways makes it a desirable place to live for people who work in these areas but want to enjoy the benefits of suburban living.
Another contributing factor to the growth of Cherry Hill’s real estate market is the quality of the area’s schools. Cherry Hill Public Schools consistently rank highly in state and national rankings, which is a major draw for families with children. Additionally, the town’s parks and recreational areas, such as Cooper River Park and the Cherry Hill Health and Racquet Club, make it an attractive place to live for people who prioritize an active lifestyle.
Looking forward, experts predict that the Cherry Hill real estate market will continue to grow in the coming years. Factors such as low interest rates and high demand for housing are expected to contribute to this growth. However, some experts caution that the market could experience a slowdown if interest rates rise or if the economy experiences a downturn.
Overall, Cherry Hill’s real estate market is a strong and growing industry that offers a variety of opportunities for both buyers and sellers. With its location, amenities, and high-quality schools, it’s no wonder that Cherry Hill is a top choice for people looking to buy or sell a home in the Greater Philadelphia area.
