Moorestown Homes Selling Faster Than Any In NJ: Report

MOORESTOWN, NJ — Although New Jersey's real-estate market has slowed down, buyers have picked up Moorestown properties rapidly. Homes sold in the township in February were on the market for less than two weeks, according to recent Redfin data.

Moorestown-Lenola homes sold in February averaged 12 days on the market. That was tied with Lavalette for New Jersey's fastest rate of selling, according to Redfin data that Suburbs 101 compiled.

The 12-day figure represents the median number of days a home was on the market.

Higher mortgage rates and economic uncertainties have slowed New Jersey's real-estate market overall. The average Garden State home sold in February spent 61 days on the market — 11 days more than in February 2022.

Only 42 New Jersey cities and towns registered home sales for an average of 31 days or fewer, according to Suburbs 101. But Moorestown homes continue to sell quickly. Overall, nine Moorestown homes sold last February for a median price of $650,000.

The average Moorestown home is valued at $459,396 — the highest figure in Burlington County — according to state data. The average New Jersey home is valued at $351,702. Read more: Moorestown Homes Are The Priciest In The County: Where They Rank In NJ

View the full rankings from Suburbs 101.