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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 39,688 people, 18,312 houses or apartments, and a median cost of homes of $515,631, Fort Lee real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Fort Lee, accounting for 68.83% of the borough's housing units. Other types of housing that are prevalent in Fort Lee include single-family detached homes ( 13.99%), duplexes, homes converted to apartments or other small apartment buildings ( 9.70%), and a few row houses and other attached homes ( 6.87%). Boroughs with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact boroughs that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

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 45.14% of the borough's housing hails from this era. Other housing ages represented in Fort Lee include homes built between 1970-1999 ( 36.09%) and housing constructed between 2000 and later ( 14.19%). There's also some housing in Fort Lee built before 1939 ( 4.58%).

Fort Lee Home Appreciation Rates

Fort Lee's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Fort Lee during the period has been just 4.45%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Fort Lee's appreciation rate, at 4.85%, has been at or slightly above the national average. In the latest quarter, Fort Lee's appreciation rate has been 0.41%, which annualizes to a rate of 1.66%.

Relative to New Jersey, our data show that Fort Lee's latest annual appreciation rate is lower than 80% 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

$515,631

Fort Lee, NJ Home Prices
> $1,135,000
$851,001 - $1,135,000
$568,001 - $851,000
$454,001 - $568,000
$341,001 - $454,000
$227,001 - $341,000
$113,001 - $227,000
$57,001 - $113,000
$0 - $57,000
9.5%
9.5%
11.1%
11.1%
22.7%
22.7%
9.5%
9.5%
9.7%
9.7%
16.2%
16.2%
13.9%
13.9%
6.1%
6.1%
1.3%
1.3%
0% 100.0%
% of Homes
Average

for New jersey

Very High

for nation

Number of Homes And Apartments:

18,312

Fort Lee Appreciation Rates

Rent & Ownership

Average Market Rent:

$4,430 / per month

Homeownership Rate

Owners
Renters
58.4%
58.4%
41.6%
41.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.7%
6.7%
93.3%
93.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
14.2%
14.2%
36.1%
36.1%
45.1%
45.1%
4.6%
4.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
14.0%
14.0%
6.9%
6.9%
9.7%
9.7%
68.8%
68.8%
0.6%
0.6%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
10.0%
10.0%
29.5%
29.5%
33.2%
33.2%
20.3%
20.3%
5.6%
5.6%
1.5%
1.5%
0% 100.0%
% of Homes