Realtor.com has released its list of the “50 Hottest ZIP Codes” – by demand, not temperature – for real estate in the U.S., and a city in the Wilmington metropolitan area made the top 10. But it’s in New Jersey.
Mount Laurel, New Jersey – about 50 miles from Wilmington – is sixth on the 2024 list which ranks “hot” ZIP codes by how many people are viewing those properties on the website and how long a home is on the market in that ZIP code before it’s sold.
“The hottest areas are those that have high demand from buyers, in other words, lots of unique viewers per each property listed for sale, and fast-selling homes, an indicator of limited supply,” according to Realtor.com.
For each of the top ZIP codes, a metropolitan market was listed and for Mount Laurel, the metro area was “Philadelphia, Camden, Wilmington.”
Mount Laurel properties on Realtor.com had 3.3 viewers per property, and the median time on the market was just 18 days. The median listing price was $385,000.
For comparison, in Delaware in August, the average time a home was on the market was 34 days and the median listing price was $396,100, according to the Delaware Association of Realtors. (Realtor.com listed the median time a home was on the market, while the Delaware Association of Realtors listed the average, so not an exact comparison.)
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Mount Laurel Mayor Fozia Janjua was gratified about ranking for the township, which had 44,633 residents in the 2020 U.S. census.
“It reflects the vibrant, welcoming and thriving environment we’ve fostered here in Mount Laurel,” Janjua said. “I’m incredibly proud of the strides we’ve made in making our town a place where people want to live, work and raise their families.”
Tory Schroff, Mount Laurel resident and owner of the Schroff Real Estate Group in Moorestown, New Jersey, has noticed how desirable homes have been in Mount Laurel.
“We have been seeing a lot of people coming from northern New Jersey and New York. They are realizing they can live similar lifestyles but with a discount, good school systems, work opportunities and being a central hub for coastal towns and big city living,” Schroff said.
Realtor.com said the Mount Laurel ZIP code likely appeals to buyers looking for a community with the “right combination of size and amenities within commuting distance of the office.” The median price was higher than the metro area median but below the U.S. median.
What are the 10 hottest real estate markets in the US?
Here are the top 10 hottest markets in the Realtor.com rankings:
- 1. Gahanna, Ohio, in the Columbus metro area, 4.3 viewers per property, 11 days on the market, median listing price $345,000
- 2. Ballwin, Missouri, in the St. Louis metro area, 3.5 viewers per property, 16 days on the market, median listing price $409,000
- 3. Salem, Massachusetts, in the Boston, Cambridge, Newton metro area, 3.6 viewers per property, 16 days on market, median listing price $596,000
- 4. Basking Ridge, New Jersey, in the New York, Newark, Jersey City metro area, 3.5 viewers per property, 16 days on the market, median listing price $967,000
- 5. Rochester, New York, in the Rochester metro area, 2.9 viewers per property, eight days on the market, median listing price $151,000
- 6. Mount Laurel, New Jersey, in the Philadelphia, Camden, Wilmington metro area, 3.3 viewers per property, 18 days on the market, median listing price $385,000
- 7. Leominster, Massachusett,s in the Worcester metro area, 4.2 viewers per property, 21 days on the market, median listing price $462,000
- 8. Westfield, Massachusetts in the Springfield metro area, 5.2 viewers per property, 20 days on the market, median listing price $347,000
- 9. Highland, Indiana, in the Chicago, Naperville, Elgin metro area, 3.3 viewers per property, 21 days on the market median, median listing price $250,000
- 10. Macungie, Pennsylvania, in the Allentown, Bethlehem, Easton metro area, 2.7 viewers per property, 16 days on market median, median listing price $462,000
“Buyers have honed in on affordable Midwest and well-located Northeast metros that offer some combination of value and desirability,” Realtor.com reported.
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No ZIP codes in the Southern or Western regions were in the top 10.
“Buyer interest has shifted away from the areas that are generally unaffordable, or have become less affordable due to significant price growth during the pandemic,” the website said.
Low prices weren’t always a factor, with a range in median prices from $155,000 all the way up to $967,000.
“While some buyers are looking for a deal in a given area, others are less concerned about keeping the price low, whether because they are making a move from a higher-priced area or because they are cashing in on their existing home equity and looking to upgrade,” Realtor.com said. “Pricier markets also may be especially attractive to high-earning buyers looking to relocate from a bustling business hub to somewhere with a more holistic appeal.”
What’s the appeal of the top-ranked area?
Gahanna, Ohio, topped the Realtor.com list for the second straight year.
Near Columbus, the area offers residents the amenities and quality-of-life advantages of a larger town, but at a lower price point, Realtor.com said. Attractions include The Ohio State University, the Short North Arts District and a “captivating food scene.”
Homes in the Gahanna ZIP code were priced about 11% below the metro’s average, and 19.4% below the national median in the first half of the year.
Reporter Nick Butler from the Cherry Hill Courier-Post contributed to this story.
Reporter Ben Mace covers real estate, development and business news. Reach him at rmace@gannett.com.
