Q4 has finally rolled in, which means that more people are buying and selling real estate this 2021! Before you lay out your own plans, it’s best to be familiar with the real estate trends in Cherry Hill before your holiday season marketing strategy is ironed out.
Read on to find out what to expect:
Prices are definitely going up
This is great news if you’re planning to sell based on the real estate market in Cherry Hill, but you might want to check out mortgage options first before purchasing.
Buyer demand is continuously going up in Cherry Hill, which explains the dramatic increase in prices. For your reference, from June to July, prices increased by around 1.3% in the Camden NJ Metropolitan Division. This means that compared to last year, prices were up by 19.2% in comparison to July 2020.
How about prices in the properties listed in the bottom third of the market, you might ask? The price increase is even more dramatic for this section, as we are looking at an increase of around 21.6%.
Sellers are taking note of changes
Given the data we mentioned in the previous paragraph, even more people are tuned into real estate news in Cherry Hill and definitely want to put their properties up for sale. They definitely don’t want to pass up on a good opportunity!
Over 279 homes are listed currently for sale as per Realtor.com, and over 300 are considered rentals. We are looking at a range of $375,000 for the average price of homes in Cherry Hill, and $3,000 as its average rent price.
This goes to show that whether you plan to sell your property or put it up for rent, you’ll definitely be turning in a pretty sweet profit either way. If you haven’t decided between these two options yet, it helps to see how the market will change even further, given that we still have a month to go before Q4 ends.
Expect the value of Cherry Hill homes to increase even further
We know what you might be thinking. Are we looking at a peak for Cherry Hill this Q4, or is it safe to expect even more dramatic increases come next year? The answer seems to be in the affirmative.
According to data from Zillow, trends from as early as 2011 to this year seem to be teeming with even more good news for sellers and renters. From properties that used to retail at sub-$273,000 from 2011, we are looking at almost $363,000 for average prices on homes. That’s an increase of almost $100,000 in just a few years!
Despite the rising prices, buyer and renter demand doesn’t seem to be going down any time soon. If you plan to sell or rent out a property, we highly suggest to follow the industry trends and only marginally decrease your prices if it’s taking you quite some time to attract a client. Consumers are more than willing to comply with the standard pricing available to them.
Schools continue to be rated positively in Cherry Hill
Another potential reason for high buyer and renter demand in Cherry Hill could be attributed to the excellent schools they have!
Over 22 schools have been rated Good and higher by GreatSchools. This is particularly prevalent in their private schools, which you can mention to buyers if they can certainly afford high-end pricing for homes.
Examples of excellent private schools include Camden Catholic High School, Resurrection Catholic School & Preschool, Kellman Brown Academy, among others! They are all accommodating and easy to contact, as well.
Need more info?
While the market is hot, feel free to contact us at Aim High Properties, LLC, where we buy houses in Cherry Hill, NJ via fair cash offers. Sell to us and you won’t have to worry about commissions, repair fees, repairs, and needing to clean the property. We take care of everything else for you!
All you have to do is to visit our website and fill out the details needed on the homepage to get your fair cash offer today. You can also call us at (856) – 861-6000 to sell.