HudsonCondos.com
Fort Lee, NJ 07024
Single-Family Homes
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Fort Lee, NJ 07024
Wed Oct 09 2024
This week the median list price for Fort Lee, NJ 07024 is $1,153,944 with the market action index hovering around 40. This is about the same as last month's market action index of 40. Inventory has increased to 10.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market Narrative
The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result, though the market is still in the Seller’s zone. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
Real-Time Market Profile
| Median List Price | $1,153,944 | |
| Median Price of New Listings | $799,000 | |
| Per Square Foot | $627 | |
| Average Days on Market | 112 | |
| Median Days on Market | 77 | |
| Price Decreased | 50% | |
| Price Increased | 20% | |
| Relisted | 30% | |
| Inventory | 10 | |
| Median Rent | ||
| Market Action | 40 | |
| Slight Seller'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 |
|---|---|---|---|---|---|---|---|---|
| $2,793,000 | 0 | 6,500 - 8,000 sqft | 6 | 7 | 54 | 0 | 1 | 161 |
| $1,487,000 | 1,900 | 0.25 - 0.5 acre | 6 | 4 | 74 | 0 | 0 | 150 |
| $1,099,000 | 2,046 | 4,500 - 6,500 sqft | 5 | 4 | 74 | 0 | 0 | 77 |
| $799,000 | 0 | 4,500 - 6,500 sqft | 4 | 2.5 | 74 | 1 | 0 | 70 |