2 NJ Towns Among 'Hottest' ZIP Codes For 2024, New List Says

NEW JERSEY — Two of the nation's "hottest" places to live are New Jersey suburbs, according to a new list by Realtor.com, released Tuesday.

Basking Ridge and Mount Laurel respectively placed fourth and sixth in Realtor.com's 2024 Hottest ZIP Codes Report — a national ranking of the top real estate markets, according to the website.

In Basking Ridge (07920), the median house for sale had a listing price of $967,000 in the first half of the calendar year, staying on the market for 16 days. Listed homes in the Somerset County community attracted 3.5 times more web viewership than the average Realtor.com listing, according to the website's data.

Mount Laurel's (08054) median home listing price was $385,000 in the first half of the calendar year. Homes in the Burlington County township were on the market for a median of 18 days, exceeding the average Realtor.com listing's page viewership by 3.3-fold.

Realtor.com's Hottest Zip Code rankings are based on an algorithm that takes into account two aspects of the housing market:

1. Market demand, as measured by unique viewers per property on Realtor.com.
2. The pace of the market as measured by the number of days a listing remains active on the website.

"The hottest areas are those that have high demand from buyers, in other words, lots of unique viewers per each property, and fast-selling homes, an indicator of limited supply," according to Realtor.com.

This year's top 10 only featured locales in the Northeast and Midwest. Real estate markets in the Southern and Western regions have gotten pricier after movers flocked to the areas during the pandemic, Realtor.com explains.

Many of the top 10 markets are also around major metro areas, offering significantly lower prices than the bigger cities nearby. Gawanna, Ohio (43230) — the highest-ranked Zip code for a second-straight year — is just outside of Columbus.

"Although mortgage rate relief is starting to materialize," said Realtor.com Chief Economist Danielle Hale, "this year's hottest ZIPs reflect the focus on affordability that home shoppers have had over the last few years in the face of high housing costs. Concentrated in larger metros across the Northeast and Midwest, these top 10 ZIPs attracted highly qualified home buyers seeking more space without relinquishing proximity to urban amenities."

View Realtor.com's rankings.