Fort Lee, NJ Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Fort Lee, NJ Housing Market Trends

With a population of 38,605, 17,479 total housing units (homes and apartments), and a median house value of $408,955, real estate costs in Fort Lee are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.

Large apartment complexes or high rise apartments are the single most common housing type in Fort Lee, accounting for 67.60% of the borough's housing units. Other types of housing that are prevalent in Fort Lee include single-family detached homes ( 14.64%), duplexes, homes converted to apartments or other small apartment buildings ( 10.85%), and a few row houses and other attached homes ( 6.51%). Boroughs that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of boroughs are often walkable and compact, and often have a lively downtown.

People in Fort Lee primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Fort Lee has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Fort Lee's housing was primarily built during this period, from the '40s through the '60s. A full 46.32% of the borough's housing hails from this era. Other housing ages represented in Fort Lee include homes built between 1970-1999 ( 35.83%) and housing constructed between 2000 and later ( 11.80%). There's also some housing in Fort Lee built before 1939 ( 6.05%).

Fort Lee Home Appreciation Rates

Appreciation rates for homes in Fort Lee have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 38.25%, which ranks in the top 50% nationwide. This equates to an annual average Fort Lee house appreciation rate of 3.29%.

Over the last year, Fort Lee appreciation rates have trailed the rest of the nation. In the last twelve months, Fort Lee's appreciation rate has been 1.51%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fort Lee were at 1.65%, which equates to an annual appreciation rate of 6.78%.

Relative to New Jersey, our data show that Fort Lee's latest annual appreciation rate is lower than 90% of the other cities and towns in New Jersey.

One very important thing to keep in mind is that these are average appreciation rates for the borough. Individual neighborhoods within Fort Lee differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fort Lee - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Fort Lee real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$408,955

Fort Lee, NJ HOME PRICES

> $1,133,000
5.8%
5.8%
$849,001 - $1,133,000
8.5%
8.5%
$566,001 - $849,000
18.9%
18.9%
$453,001 - $566,000
8.1%
8.1%
$340,001 - $453,000
12.7%
12.7%
$227,001 - $340,000
19.5%
19.5%
$113,001 - $227,000
18.3%
18.3%
$57,001 - $113,000
6.8%
6.8%
$0 - $57,000
1.3%
1.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for NJ

Value Relative To Nation

Number Of Homes And Apartments:
17,479

Fort Lee Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
106.00% 3.46%
8
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,154 / per month

Homeownership Rate

Owners
59.3%
59.3%
Renters
40.7%
40.7%
Vacant
8.1%
8.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
11.8%
11.8%
1970 - 1999
35.8%
35.8%
1940 - 1969
46.3%
46.3%
1939 or Older
6.0%
6.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
14.6%
14.6%
Townhomes
6.5%
6.5%
Small Apt. Buildings
10.8%
10.8%
Apt. Complexes
67.6%
67.6%
Mobile Homes
0.3%
0.3%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
9.1%
9.1%
1 Bedroom
27.7%
27.7%
2 Bedrooms
36.5%
36.5%
3 Bedrooms
19.4%
19.4%
4 Bedrooms
5.6%
5.6%
5 or more bedrooms
1.7%
1.7%
0.0% 100.0%
% OF HOMES