Fort Lee, NJ—07024
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Fort Lee, NJ
As of Oct '25, the median home price in Fort Lee, NJ is $563,000, with a year-over-year change of 3.3%. This indicates that home prices in Fort Lee, NJ are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $563,000 | 3.3% |
| Single Family | $941,000 | 5.0% |
| Condos | $393,000 | 0.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $279,000 | -1.4% |
2 Bed | $469,000 | 0.6% |
3 Bed | $923,000 | 3.8% |
4 Bed | $1,130,000 | 7.0% |
| 5 Bed | $1,603,000 | 5.5% |
% of Housing Stock
Rental Trends — Fort Lee, NJ
As of July '25, Rentcast reports the average rent in Fort Lee, NJ is $3,300, with a year-over-year rent change of -0.3%. Per bedroom, the median rent as of July '25 in Fort Lee, NJ is studios: $2,030, 1-bedrooms: $2,540, 2-bedrooms: $3,460, 3-bedrooms: $4,510, 4-bedrooms: $6,010. The most common rental property sizes in Fort Lee, NJ are 1-bedroom and 2-bedroom, accounting for 40.6% and 28.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,950 | $3,300 |
| Studio Rent | $1,950 | $2,030 |
| 1 Bed Rent | $2,650 | $2,540 |
| 2 Bed Rent | $3,300 | $3,460 |
| 3 Bed Rent | $4,250 | $4,510 |
| 4 Bed Rent | $6,200 | $6,010 |
% of Rental Stock
Property Listings — Fort Lee, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Fort Lee, NJ is 45. This is a increase of 32.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 16.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $409,000 | -17.0% |
Listing Count | 189 | 32.0% |
| Listings as % of Homes | 0.8% | 32.0% |
Days on Market | 45 | 32.0% |
Demographics — Fort Lee, NJ
As of the latest ACS Survey released in 2023, Fort Lee, NJ has a population of 39,800, which has increased by 7.5% over the past 5 years. Fort Lee, NJ is a moderately popular place for families, as children make up 17.4% of the population. The area has a highly educated workforce, with 64.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 39,800 | 7.5% |
% Under 18 | 17.4% | 4.8% |
% Seniors | 25.2% | 2.0% |
% WFH | 19.6% | 201.5% |
% w/ College Degree | 64.8% | 10.0% |
As of the latest ACS Survey released in 2023, Fort Lee, NJ is a predominantly asian area, with 44.1% of the population identifying as asian. The asian population has grown by 3.8% in the last 5 years. The second most common race or ethnicity in Fort Lee, NJ is white, making up 38.0% of the population. Foreign-born residents account for 50.4% of the population in Fort Lee, NJ, and this percentage has decreased by 1.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 38.0% | -4.3% |
% Black | 2.7% | 8.0% |
% Hispanic | 12.3% | -14.0% |
% Asian | 44.1% | 3.8% |
% Foreign Born | 50.4% | -1.9% |
Mortgage and Risk — Fort Lee, NJ
According to HUD data as of 2023, there were 340 mortgage originations in Fort Lee, NJ, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 5.0% above 90% LTV (normal). This implies small mortgage risk in Fort Lee, NJ. Investor activity is low, as 5.0% of loans were by investors. 3.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 340 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 5.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 3.0% |
Loan Activity
Rentals and Section 8 — Fort Lee, NJ
As of 2024, the percent of homes in Fort Lee, NJ under the Section 8 program is 12.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Fort Lee, NJ, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 959 |
Total Units Section 8 | 959 |
% Rentals under Section 8 | 12.2% |
% Occupied Section 8 | 99.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$190 | $2,650 | $2,460 |
| 2 Bedroom | -$480 | $3,300 | $2,820 |
| 3 Bedroom | -$780 | $4,250 | $3,470 |
| 4 Bedroom | -$1,810 | $6,200 | $4,390 |
Affordability — Fort Lee, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.6 |
| Median Home Price | $563,000 |
| Median Household Income | $106,000 |