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Good day, everyone. I’m Dawn Elizabeth Bostelmann, a REALTOR® here in Cherry Hill, NJ. Today, I want to provide you with a market update for October 2024.
Let’s start with some important data points that both buyers and sellers should be aware of. Currently, we have a 1.64 Months’ Supply of Inventory in the Cherry Hill area. Over the last 12 months, we have seen an increase of 17.14% in the Months’ Supply of Inventory. This indicates a shift in the market that both buyers and sellers should take note of.
Another important metric to consider is the List to Sold Price percentage, which currently stands at 101.6%. This means that, on average, sellers are receiving slightly above their asking price, which is a positive sign for sellers in the current market.
The median days on market in Cherry Hill is 27 days, indicating that properties are selling relatively quickly. This is important for buyers to keep in mind when considering making an offer on a property.
Finally, the median sold price in Cherry Hill is $505,000. This information can be helpful for both buyers and sellers in understanding the current market value of homes in the area.
In conclusion, it’s important for both buyers and sellers to stay informed about the market conditions in Cherry Hill. By understanding key data points such as Months’ Supply of Inventory, List to Sold Price percentage, days on market, and median sold price, you can make more informed decisions when buying or selling a home.
Thank you for reading & watching. If you have any questions or are interested in buying or selling a essential investment, please don’t hesitate to reach out to me. Have a great day!
