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Zip Code 08002: Rising Home Values and Stable Ownership in Cherry Hill Mall, New Jersey
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Cherry Hill Mall, located in zip code 08002 in New Jersey, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a relatively stable population, with a slight increase from 21,779 in 2010 to 23,442 in 2022, while demonstrating interesting trends in housing dynamics.
The homeownership rate in Cherry Hill Mall has fluctuated over the years, showing a general trend of stability with slight variations. In 2013, the homeownership rate stood at 66%, and by 2022, it had increased slightly to 68%. During this period, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $183,526, and by 2022, it had risen significantly to $324,962, representing a 77% increase over nine years.
Federal interest rates have played a role in influencing homeownership rates in Cherry Hill Mall. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was 66%. As interest rates remained low through 2020 (0.38%), homeownership reached 70%. However, as interest rates began to rise in 2022 to 1.68%, homeownership slightly decreased to 68%, demonstrating the inverse relationship between interest rates and homeownership.
Renter percentages have shown slight fluctuations, inversely mirroring the homeownership trends. In 2013, the renter percentage was 34%, and it remained relatively stable, reaching 32% by 2022. Average rent prices have shown some volatility but with an overall increasing trend. In 2013, the average rent was $1,513, rising to $1,559 in 2019, before decreasing slightly to $1,493 in 2022. This represents a modest 1.3% decrease from 2013 to 2022, despite the growing population and increasing home prices.
In 2023, the average home price in Cherry Hill Mall reached $360,830, with interest rates rising to 5.02%. By 2024, the average home price further increased to $393,330, while interest rates slightly rose to 5.33%. These figures represent a continuation of the upward trend in home prices, despite the significant increase in interest rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Cherry Hill Mall will continue to rise, potentially reaching around $450,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. Average rent prices are expected to stabilize and potentially increase moderately, possibly reaching about $1,600 by 2029, assuming continued population growth and demand for rental properties.
In summary, Cherry Hill Mall has demonstrated resilience in its housing market, with steadily increasing home prices and relatively stable homeownership rates. The area has maintained a balance between owners and renters, with a slight preference for homeownership. The recent sharp increase in interest rates may impact future homeownership rates and price growth, but the strong upward trend in home values suggests continued market strength in this zip code.
