Fort Lee, NJ 07024 Real Estate Market Report

ZIP Code: 07024
Report Date: May 2026
Market Temperature: NEUTRAL
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.

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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.

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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.

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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.

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Property Taxes

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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.

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

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Key Findings

1. The primary market value indicator is the median sold price — 1,079,000 — which represents recent transaction levels and should be prioritized over asking prices when assessing fair value for Fort Lee ZIP 07024 (representative recent sale).

2. There is a notable gap between the median listing price (1,595,000) and the median sold price (1,079,000), which, together with a long median days on market of 312, suggests pricing friction and slower sales velocity rather than rapid turnover (down).

3. Rental demand appears resilient: the median market rent is 2,900 and the rent year-over-year trend is up, indicating rental markets may provide near-term income stability for owners and investors.

4. Market conditions read as balanced overall: the market temperature is neutral while interest rate pressure is elevated, which may temper buyer urgency and support a more measured negotiation environment (elevated).

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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.

Fort Lee, NJ 07024 Real Estate Market Report

ZIP Code: 07024
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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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.

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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.

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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.

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

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Key Findings

1. median sold price $518,500 is the primary indicator of current market value in 07024 and suggests transactions are completing below the median listing price, which may indicate seller pricing needs to align with recent sale levels; down price momentum (year-over-year) supports this interpretation.

2. median listing price $534,750 remains above the representative recent sale level, which may indicate pricing friction between seller expectations and closed transactions as sellers seek higher asks while buyers transact at lower levels.

3. median days on market 290 points to notably slower sales velocity and reduced liquidity relative to historically brisk turnover; combined with a neutral market temperature, this suggests a shift toward a more balanced market where time-to-contract is extended.

4. median market rent $1,850 and a rent trend up indicate stable-to-improving rental demand, but elevated interest rate pressure may continue to constrain buyer affordability and put downward pressure on sale prices.

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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.