A residential property in Haddonfield sold for $1.7 million, making it the most expensive home sale in the Cherry Hill, New Jersey, area during the last week of September. The sale highlights the strength of the luxury market in a week that saw a total of 31 residential transactions.
According to property data, the average sale price across all transactions in the region was $550,032. This figure underscores the significant gap between high-value properties and the broader market.
Key Takeaways
- Top Sale: A single home in Haddonfield sold for $1.7 million, leading all transactions in the area.
- Total Transactions: 31 residential properties were sold in the Cherry Hill region during the reporting period.
- Market Average: The average sale price for the week was recorded at $550,032.
- Price Per Square Foot: The average price per square foot across all sales was $294, providing a key metric for property value.
A Snapshot of the Cherry Hill Area Market
The real estate market in the Cherry Hill area remained active during the last week of September, with 31 homes changing ownership. The data, which reflects titles recorded during the week of September 29, provides a clear view of recent market performance. While the number of sales indicates steady demand, the pricing data reveals a market with diverse segments.
The overall average sale price of $550,032 suggests a healthy market for mid-to-upper range homes. However, this average is heavily influenced by a wide range of sale prices, from more modest properties to the multi-million dollar transactions seen in affluent communities like Haddonfield.
Market by the Numbers
- Total Sales: 31
- Highest Sale Price: $1,700,000
- Average Sale Price: $550,032
- Average Price/Sq. Ft.: $294
The Standout Sale in Haddonfield
The week's most significant transaction was the $1.7 million sale of a home in Haddonfield. This single sale was more than three times the average price of all other homes sold in the area during the same period. Such high-value sales are not uncommon in Haddonfield, a borough known for its historic homes, strong school system, and convenient location near Philadelphia.
This particular sale demonstrates the continued strength and appeal of the luxury real estate segment in Camden County. Even as broader market conditions fluctuate, demand for premium properties in desirable locations like Haddonfield often remains robust. These sales set a high benchmark for the local market and can influence property valuations throughout the community.
Why Haddonfield Commands Premium Prices
Haddonfield is consistently ranked as one of New Jersey's most desirable places to live. Its appeal is driven by several factors, including a highly-rated public school district, a charming and walkable downtown area with unique shops and restaurants, and its well-preserved historic architecture. Proximity to Philadelphia also makes it a popular choice for commuters seeking a suburban lifestyle with easy access to urban amenities.
Understanding the Market Metrics
Beyond the headline-grabbing top sale, other metrics provide a deeper understanding of the market's condition for average buyers and sellers. The data reveals important trends about property value and affordability in the Cherry Hill area.
Price Per Square Foot Analysis
The average price per square foot stood at $294 for the week. This figure is a critical indicator of value, as it allows for a more direct comparison between properties of different sizes. A higher price per square foot often reflects desirable features such as modern renovations, premium location, or superior construction quality.
For homeowners, this metric can help in assessing their property's current market value. For prospective buyers, it serves as a baseline for determining whether a home is priced fairly relative to other properties in the same neighborhood.
What the Average Sale Price Reveals
An average sale price of $550,032 places the Cherry Hill area in the upper tier of New Jersey's real estate market. This average suggests that the majority of transactions are for single-family homes that appeal to buyers with stable, above-average incomes. It also reflects the general affluence of the communities within the region, including Cherry Hill, Haddonfield, Voorhees, and surrounding towns.
The significant difference between this average and the $1.7 million top sale illustrates the market's segmentation. While the luxury market operates at one end of the spectrum, the bulk of activity occurs in the $400,000 to $700,000 range, which is well-represented by the weekly average.
Broader Context in the New Jersey Market
The activity in the Cherry Hill area mirrors trends seen in other affluent suburban markets across New Jersey. High-value sales continue to occur in desirable locations, while the overall market navigates shifts in interest rates and buyer demand. The recent data confirms that well-located, high-quality homes remain a valuable asset.
Real estate markets in nearby areas have also reported strong sales figures. For example, recent reports from the Freehold and Atlantic City areas also showed multi-million dollar transactions, indicating that demand for premium coastal and suburban properties in the state is consistent. This regional strength provides a stable backdrop for the Cherry Hill market, suggesting that local property values are supported by broader economic and demographic trends.
As the market moves into the fall season, real estate professionals will be closely watching transaction volumes and pricing data to gauge future trends. The performance during this period will provide further insight into the market's resilience and direction heading into the new year.
