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Fort Lee, NJ 07024
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Fort Lee, NJ 07024
Wed Oct 09 2024
This week the median list price for Fort Lee, NJ 07024 is $749,000 with the market action index hovering around 45. This is an increase over last month's market action index of 44. Inventory has increased to 71.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market Narrative
Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.
Real-Time Market Profile
| Median List Price | $749,000 | |
| Median Price of New Listings | $524,999 | |
| Per Square Foot | $398 | |
| Average Days on Market | 56 | |
| Median Days on Market | 28 | |
| Price Decreased | 17% | |
| Price Increased | 0% | |
| Relisted | 3% | |
| Inventory | 71 | |
| Median Rent | ||
| Market Action | 45 | |
| Strong Seller's Market | ||
In this zip code this week saw relatively little price change from last week. However, we continue to demonstrate a nice up trend over the last several weeks.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $1,349,000 | 3,650 | - | 3 | 3.5 | 24 | 1 | 0 | 56 |
| $962,000 | 2,870 | - | 3 | 2.5 | 39 | 4 | 4 | 52 |
| $507,500 | 0 | - | 2 | 2 | 44 | 6 | 1 | 7 |
| $320,500 | 0 | - | 1 | 1 | 64 | 5 | 3 | 14 |