The renter population in Cherry Hill has been minimal but growing slightly in recent years. From 2013 to 2018, there were no renters recorded in the neighborhood. In 2019, the renter percentage increased to 1%, and by 2022, it reached 4%. This gradual increase in renters coincides with a period of rising average home prices, which may have made homeownership less accessible for some residents.

In 2023, the average home price in Cherry Hill reached $429,740, a 3.8% increase from 2022. This growth continued into 2024, with average home prices rising to $440,270, representing a further 2.5% increase. These increases occurred despite the Federal Reserve raising interest rates to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow housing price growth.

Looking ahead, based on the consistent upward trend in average home prices and the neighborhood's high desirability, it's projected that home values will continue to appreciate over the next five years. A conservative estimate suggests average home prices could reach around $500,000 by 2029, assuming a steady annual growth rate of 2-3%. However, this growth may be moderated by high interest rates if they persist. As for rent prices, the increasing renter population might lead to a gradual rise in rental rates, potentially reaching levels comparable to other desirable neighborhoods in Fort Wayne.

In summary, Cherry Hill has maintained an exceptionally high rate of homeownership, with only a recent slight decrease. Average home prices have shown strong and consistent growth, even in the face of rising interest rates. The neighborhood's stability and increasing property values, coupled with a small but growing renter population, suggest that Cherry Hill remains an attractive residential area with potential for continued appreciation in both home values and rental rates.