One of the first questions for those considering a move to Fort Lee is whether it's too late to buy a home now. As one of the areas with a high concentration of Koreans closest to Manhattan, examining the recent five-year price trends in Fort Lee can provide some helpful answers to this question.

Based on the median home price, Fort Lee has risen from about $520,000 at the beginning of 2021 to around $670,000 by mid-2026. This represents an increase of approximately 29% over five years.

Looking at the timeline, from 2021 to early 2022, prices rose rapidly due to low interest rates, similar to other areas. However, from mid-2022 to 2023, the increase in interest rates led to a significant slowdown in condo transactions, causing a noticeable decline in the upward trend. After 2024, the market is expected to stabilize with a gradual increase as new condo supply continues.

Compared to the national average five-year increase of 35-45%, Fort Lee's growth is somewhat lower. This trend appears to reflect the higher proportion of condos, which tend to show a more moderate increase compared to single-family homes.

Nonetheless, the reasons for Fort Lee's steady demand are clear. Accessibility to New York via the George Washington Bridge, a strong Korean business community, and the continuous supply of new high-rise condos are factors that attract both actual buyers and investors.

While it's difficult to predict the future of the market, the ongoing supply of new constructions suggests that prices are likely to continue a gradual rise or stabilize rather than spike dramatically. However, if interest rates decrease, there is potential for renewed demand in this area due to its favorable access to New York.

For Korean households preparing to settle in the U.S. for the first time, it is advisable to carefully consider the actual costs, including condo fees and property taxes. For those contemplating selling, it may be beneficial to realistically adjust the condition and price of their property in light of competition from new condos.