Cherry Hill, Virginia Housing Market Prices
Cherry Hill Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 37% above the Virginia median$350,000
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Median rent 23% above the Virginia median$1,941
Housing Market Overview
| Metric | Cherry Hill | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,000 | $256,082 | $248,835 |
| Price Trend (Annual %) | 25.1% | 3.5% | 7.5% |
| Median Gross Rent | $1,941 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 3.0% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cherry Hill is about 37% higher than in Virginia. Rent is about 23% higher than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Cherry Hill, up about 25.1% and 3.0% a year respectively. Home prices are changing faster.
Median rent in Cherry Hill rose about 32.9% between 2015 and 2024, from $1,461 to $1,941. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Cherry Hill.
Buying the median-priced home in Cherry Hill costs roughly 15.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cherry Hill. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Cherry Hill | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,000 | $256,082 | $248,835 |
| Median Household Income | $124,670 | $93,527 | $80,455 |
| Price-to-Income Ratio | 2.8 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Cherry Hill rose about 401.6%, while median household income rose about 43.5% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cherry Hill | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.1% | 61.5% | 58.5% |
| Rental Rate | 33.7% | 29.8% | 31.2% |
| Vacancy Rate | 3.2% | 8.7% | 10.2% |
| Median Tenure (years) | 9.0 | 15.0 | 15.0 |
| Median Year Moved In | 2017 | 2011 | 2011 |
Cherry Hill has a homeownership rate of 63.1%, higher than the Virginia average of 61.5%. Its housing vacancy rate is 3.2%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Cherry Hill | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.19 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 2004 | 1982 | 1978 |
| Median Number of Rooms | 6.3 | 6.0 | 5.5 |
The typical housing unit in Cherry Hill was built around 2004. On average, 3.2 people live in a home with about 6.3 rooms, staying for about 9.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cherry Hill, Virginia.
What is the median home price in Cherry Hill, Virginia?
The median home price in Cherry Hill, Virginia is $350,000, higher than the Virginia average of $256,082.
What is the average home price in Cherry Hill, Virginia?
The typical home price in Cherry Hill, Virginia, reported as the median sale price, is $350,000. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cherry Hill, Virginia?
The median gross rent in Cherry Hill, Virginia is $1,941 per month, higher than the Virginia average of $1,579.
What was the median gross rent in Cherry Hill in 2020?
In 2020, the median gross rent in Cherry Hill, Virginia was $1,713 per month.
What is the price-to-rent ratio in Cherry Hill, Virginia?
The price-to-rent ratio in Cherry Hill, Virginia is about 15.0, meaning it would take roughly 15.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cherry Hill.
Are home prices or rent rising faster in Cherry Hill, Virginia?
Both home prices and rent are rising in Cherry Hill, up about 25.1% and 3.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Cherry Hill, Virginia?
63.1% of households in Cherry Hill, Virginia own their home, higher than the Virginia average of 61.5%.
What is the vacancy rate in Cherry Hill, Virginia?
The housing vacancy rate in Cherry Hill, Virginia is 3.2%, lower than the Virginia average of 8.7%.
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