Fort Lee, NJ 07024 Real Estate Market Report

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

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

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

Key Findings

1. 1,022,000 median sold price is the primary indicator of recent market value in 07024 and suggests realized transaction levels sit well below the median listing price of 1,349,900, which may indicate pricing friction between seller expectations and recent closed transactions neutral/flat listing-to-sale gap.
2. The market shows a price trajectory that is up year-over-year (price YoY trend), while liquidity is softer: median days on market of 321 points to slower sales velocity and may indicate extended negotiation windows or buyer selectivity.
3. Interest-rate dynamics are a material headwind: Current 30-year fixed mortgage rates in Fort Lee, NJ, are averaging approximately 6.5%, reflecting elevated rates versus earlier 2026 levels and aligning with the reported moderate interest rate pressure; this may pressure purchasing power and lengthen time-to-sale.
4. Rental dynamics are mixed: median market rent of 2,900 is paired with a year-over-year rent trend that is down, suggesting softer rent growth even as the for-sale market records rising prices, which could compress near-term investor returns or slow investor demand.

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.