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Fort Lee, NJ 07024
Single-Family Homes
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Fort Lee, NJ 07024
Wed Dec 18 2024
This week the median list price for Fort Lee, NJ 07024 is $894,500 with the market action index hovering around 29. This is about the same as last month's market action index of 29. Inventory has increased to 16.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Buyer's Advantage
Market Narrative
The market has been consistently cool for several weeks. Demand level are low relative to the available inventory. It's a Buyer's market and prices continue to fall. Look for a persistent shift in Market Action before prices plateau or begin to rise again.
Real-Time Market Profile
| Median List Price | $894,500 | |
| Median Price of New Listings | $184,500 | |
| Per Square Foot | $628 | |
| Average Days on Market | 84 | |
| Median Days on Market | 42 | |
| Price Decreased | 13% | |
| Price Increased | 0% | |
| Relisted | 19% | |
| Inventory | 16 | |
| Median Rent | ||
| Market Action | 29 | |
| Slight Buyer's Advantage | ||
Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
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 |
|---|---|---|---|---|---|---|---|---|
| $2,344,500 | 0 | 0.25 - 0.5 acre | 6 | 6 | 124 | 0 | 0 | 178 |
| $1,122,000 | 1,900 | 4,500 - 6,500 sqft | 4 | 2.3 | 64 | 1 | 0 | 42 |
| $584,500 | 0 | - | 2 | 1.3 | 99 | 1 | 2 | 42 |
| $180,000 | 0 | - | 1 | 1 | 59 | 4 | 1 | 0 |