Closter, NJ 07624 Real Estate Market Report
ZIP Code: 07624
Report Date: May 2026
Market Temperature: HOT
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.
Market Overview
This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Market Metrics
Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Rental Market
Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.
Property Taxes
Liquidity & Velocity
Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.
Market Trends & Context
Understanding Market Temperature
A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.
Current Mortgage Rate Context
Market-level mortgage rate comparison for this area:
Current 30-year fixed mortgage rates in Closter NJ are averaging 6.50%, reflecting the broader market trend for property owners in this area as of May 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
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The primary market indicator, median sold price 1,113,500, points to realized market value for recent transactions and suggests pricing that is meaningfully below current asking levels given the median listing price 1,499,000; this gap may indicate pricing friction between seller expectations and closed sales and appears alongside a sample-level constrained supply environment (flat price trend).
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Sales velocity shows notable duration: the median days on market 308 is consistent with slower turnover and may indicate extended marketing periods even in a hot market; this prolonged time-to-contract should be interpreted as slower liquidity rather than outright market weakness (slower sales velocity).
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Market strength is supported by a hot market temperature and rental tailwinds: the marketTemperature is hot and rent year-over-year trend is up, with a median market rent 5,300, which together suggest continued demand from renters and owner-occupiers—these are supportive for pricing recovery if interest rate pressure moderates (hot market).
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Financing and per-unit economics matter: the median price per square foot 506 frames local valuation intensity while interest rate pressure is described as moderate and 30-year fixed rates are averaging 6.50%, meaning borrowing costs are a visible headwind for some buyer segments; pricing strategies should account for financing sensitivity and buyer affordability constraints (moderate interest rate pressure).
Notable Properties
The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold at market average
Sold below market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold at market average
Sold at market average
Closter, NJ 07624 Real Estate Market Report
ZIP Code: 07624
Report Date: May 2026
Market Temperature: HOT
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.
Market Overview
This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Market Metrics
Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Rental Market
Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.
Property Taxes
Liquidity & Velocity
Liquidity metrics unavailable due to insufficient data quality.
Market Trends & Context
Understanding Market Temperature
A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.
Current Mortgage Rate Context
Market-level mortgage rate comparison for this area:
Current 30-year fixed mortgage rates in Closter NJ are averaging 6.50%, reflecting the broader market trend for property owners in this area as of May 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
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median sold price is the primary indicator of market value and recent transaction activity; the price year-over-year trend is flat, indicating transaction-level pricing has been broadly stable in recent periods.
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market temperature is hot, signaling persistent seller-side strength and relatively quick turnover; this, combined with observed listing-to-sale dynamics, suggests sellers retain leverage while inventory appears relatively constrained versus demand.
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median market rent is 5,300 and the rent year-over-year trend is up, which supports continued demand for single-family residential and condominium rentals in the area.
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interest rate pressure is moderate and Current 30-year fixed mortgage rates in Closter NJ are averaging 6.50%, reflecting the broader market trend for property owners in this area as of May 2026; this environment may moderate buyer affordability and influence the pace of price increases.
Notable Properties
The following 1 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.3% rate, 1.5% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 5/1/2026
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