Fort Lee, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Fort Lee Neighborhoods Since 2000




Fort Lee, NJ Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Fort Lee Housing Market Information

With 36,672 people, 16,510 houses or apartments, and a median cost of homes of $436,072, 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 66.97% of the borough's housing units. Other types of housing that are prevalent in Fort Lee include single-family detached homes ( 14.00%), duplexes, homes converted to apartments or other small apartment buildings ( 12.15%), and a few row houses and other attached homes ( 6.83%). Boroughs with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact boroughs that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

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 49.18% of the borough's housing hails from this era. Other housing ages represented in Fort Lee include homes built between 1970-1999 ( 37.78%) and housing constructed between 2000 and later ( 6.80%). There's also some housing in Fort Lee built before 1939 ( 6.24%).

Fort Lee Home Appreciation Rates

Real estate appreciation rates in Fort Lee's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.47% during the period.

Appreciation rates are so strong in Fort Lee that despite a nationwide downturn in the housing market, Fort Lee real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Fort Lee appreciation rates continue to be some of the highest in America, at 6.92%, which is higher than appreciation rates in 80.86% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Fort Lee. Fort Lee appreciation rates in the latest quarter were at 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New Jersey, our data show that Fort Lee's latest annual appreciation rate is higher than 90% 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 2000, to assist you in making the best Fort Lee real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$436,072

Fort Lee, NJ HOME PRICES

Value Range
> $1,139,000 3.8
$855,001 - $1,139,000 5.6
$569,001 - $855,000 21.8
$456,001 - $569,000 8.5
$342,001 - $456,000 14.6
$228,001 - $342,000 15.5
$114,001 - $228,000 21.1
$57,001 - $114,000 7.5
$0 - $57,000 1.6

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
7.85186921364116 32.7235772357724

Number Of Homes And Apartments:
16,510

Fort Lee Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
76.18% 3.34% 9 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,330 / per month

Homeownership Rate

Homeownership
Owners 58.93
Renters 41.07
Vacant 8.80

Housing Market Details

 

Age of Homes

AGE OF Fort Lee HOMES
2000 or Newer 6.8
1970 - 1999 37.8
1940 - 1969 49.2
1939 or Older 6.2

Types of Homes

TYPE OF Fort Lee HOMES
Single-Family 14.0
Townhomes 6.8
Small Apt. Buildings 12.1
Apt. Complexes 67.0
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Fort Lee HOMES
No Bedroom 5.19
1 Bedroom 32.34
2 Bedrooms 35.26
3 Bedrooms 20.77
4 Bedrooms 4.68
5 or more bedrooms 1.76