About Champaign's Cherry Hills

Homes in Cherry Hills Subdivision in Champaign, Illinois

Cherry Hills is a lovely, established subdivision located in southwest Champaign. The homes were built starting in the late 80s and continued into the 2000s. The winding roads throughout this neighborhood help keep the traffic at a minimum, and the aged trees give Cherry Hills a mature look, even though some residences are only a few years old.

Like most neighborhoods in Champaign, Cherry Hills was designed to include a public park providing an easily accessible playground, picnic area, and green space for the residents. Some homes in this neighborhood also have the benefit of being situated next to a small community pond.

The real estate in Cherry Hills is generally priced between the upper $100,000s to the upper $300,000s meaning the homes are more expensive than the average price of a single-family home in Champaign County, but are still affordable for many home buyers in this area.

Public Schools: School of Choice program in city of Champaign, Centennial High School

Homes for Sale and Sold in Cherry Hills:

# of Homes for Sale in Cherry Hills: 26

• Average List Price: $278,019
  

# of Pending Sales in Cherry Hills: 3

# of Homes Sold in Cherry Hills in the last 6 months: 13

• Average List Price: $279,831
  
• Average Sale Price: $271,512
  
• Sale to List Price Ratio: 97.0%
• Average Days on the Market: 55

Interested in buying or selling a home in Cherry Hills? Contact me today!

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In a recent listing appointment in Cherry Hills I discussed the local absorption rate with the home owners as a component of their overall pricing strategy. More details on that example and how the it is calculated can be found here: Home Update for Cherry Hills - Champaign, IL

In establishing the market value and recommended list price for a home I incorporate the following 3 components (at a miminum).

1. The Absorption Rate - What is the overall supply and demand of homes for this segment of the market?
2. What is the general range of $/sqft for sold homes? This is used as a 'reality check' but not as a true guideline. The goal here is to make sure that the house doesn't extremely stand out from the competition unless there is added value in the home.
3. Comparative Market Analysis (CMA) - The tried and true method of comparing a home to similar homes in similar or identical subdivisions that have sold in recent months.

Using these 3 components requires balancing the "sold" information with the active competition and pending sales. In a buyers market that is continually shifting a home seller needs to make sure they don't get caught looking in the past.

How is your home positioned in the market when you compare it to the competition? If there are 20 similar homes for sale will yours be one of the 5 to sell in the next 4 months?

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