Fort Lee appreciation rates and housing market information

Fort Lee housing market information

With 35,461 people, 17,446 houses or apartments, and a median cost of homes of $439,480, real estate costs in Fort Lee are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.

large apartment complexes or high rise apartments are the single most common housing type in Fort Lee, accounting for 67.69% of the borough's housing units. Other types of housing that are prevalent in Fort Lee include single-family detached homes (13.98%), duplexes, homes converted to apartments, or other small apartment buildings (13.24%), and a few row houses and other attached homes (5.00%). This particular housing mix is relatively uncommon and characteristic of boroughs that are compact and walkable, and which often have a lively downtown.

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 51.09% of the borough's housing hails from this era. Other housing ages represented in Fort Lee include homes built between 1970-1994 (38.33%), and housing constructed from 1939 and earlier (6.37%). There's also some housing in Fort Lee built between 1995 and later (4.21%).

Fort Lee home appreciation rates

Appreciation rates for homes in Fort Lee have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 102.27%, which ranks in the top 20% nationwide. This equates to an annual average Fort Lee house appreciation rate of 10.22%.

Over the last year, Fort Lee appreciation rates have trailed the rest of the nation. In the last twelve months, Fort Lee's appreciation rate has been -7.55%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fort Lee were at -1.53%, which equates to an annual appreciation rate of -6.12%.

Notably, Fort Lee's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New Jersey, our data show that Fort Lee's latest annual appreciation rate is higher than 12% 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 1990, to assist you in making the best Fort Lee real estate investment or home purchase decisions.