Are you wondering why two similar-looking homes in Palisades Park can sell for very different prices? You are not alone. In a small borough with a mix of duplexes, single-family homes, and investor interest, a one-size-fits-all price often misses the mark. This guide shows you how to read Palisades Park’s micro-markets, use the right comps, and price with confidence. Let’s dive in.
Know the headline numbers
Palisades Park runs on small monthly sales, so think of these as reference points, not price tags for a specific property.
- Typical home value is about $962,386 (Zillow ZHVI through Sept 2025).
- Recent median sale price was near $935,000 with about $448 per square foot and roughly 70 days on market in late summer 2025 (Redfin snapshot).
- Median gross rent is around $1,976 per month, and about 37% of homes are owner occupied.
- The average residential property tax bill was reported near $11,085 in 2024.
These figures set expectations, but pricing precision comes from block-level comps and the property’s legal use and condition.
Map the micro-markets
Broad Avenue corridor
The Broad Avenue commercial spine supports a walkable lifestyle and steady foot traffic. Homes a short walk away often see strong demand from buyers and renters who value convenience. Direct adjacency to busy retail can be a trade-off for some, so price with the likely buyer in mind.
Newer side-by-side duplex blocks
Many older single-family homes have been replaced with modern two-unit side-by-side duplexes. These properties are larger, newer, and often appeal to owner-occupants and investors. Because duplexes create two legal dwellings, they typically command higher total lot value than single-family homes on similar parcels.
Older single-family and small multi-family
You will still find mid-century homes, cottages, and 2–4 unit buildings. Condition, lot width and area, and what zoning allows are major price drivers. Similar-looking homes can trade differently if one lot meets minimum frontage for redevelopment and another does not.
Limited condo and co-op infill
Condo inventory exists but is more limited than in larger nearby towns. Most recent growth came from two-unit redevelopment, not large condo towers. That mix shapes how you select comps and set pricing.
What moves price between blocks
Building type and legal unit count
- Duplex vs single family matters. Duplexes tend to price on both comparable sales and income potential.
- For income-minded buyers, present rent rolls, lease terms, and expenses. For owner-occupants, show how the second unit offsets costs.
Lot size and frontage
- Minimum frontage and lot area influence what you can build. Many residential districts require around a 50-foot frontage for duplex development.
- Two similar homes can have different values if one lot supports a larger legal envelope.
Proximity to Broad Avenue and transit
- Walkable access to Broad Avenue restaurants, services, and commuter buses (routes like 154, 156, 158, 159) can support pricing.
- Some buyers prefer quieter streets. Your pricing should target the most likely buyer for the location.
Condition, finishes, and permits
- Newer duplex units often outpace renovated older homes on a per-square-foot basis.
- Documented permits and COs reduce appraisal risk. Unpermitted work can cause delays or price adjustments.
Income history and rentability
- With a high share of renters borough-wide, two-unit and small multi-family properties benefit from clear income records.
- Use local rent benchmarks when modeling cap rates or gross rent multipliers.
Property taxes and total monthly cost
- Taxes are a large part of the monthly payment. Show the annual tax divided by price to estimate an effective rate, then convert to a monthly figure.
- Compare total cost with mortgage, insurance, taxes, and commute costs to frame value.
Schools and district context
- The Palisades Park Public School District serves PreK through 12 with roughly 1,700 to 1,800 students.
- School data can inform demand for certain buyer groups, but pricing still hinges on legal use, location, and condition.
How to price with precision
For sellers: your 6-step plan
- Define the property type and legal status. Confirm single-family, two-family, or small multi-family, and verify permits.
- Pull micro-comps. Use closed sales of the same form within a few blocks and similar lot sizes.
- Position within a price band. List at or slightly below the top realistic comp to fuel strong first-week activity.
- Prepare documentation. Provide permits, COs, mechanical upgrades, and, if applicable, leases and expenses.
- Show the lifestyle. If you are near Broad Avenue or frequent bus routes, highlight walkability and commute ease.
- Monitor feedback fast. If showings lag in the first 7 to 14 days, right-size quickly to avoid extended days on market.
For buyers: make a confident offer
- Match your comp set to the property type and lot. Compare duplex to duplex, single to single.
- Ask for tax bills, recent utility costs, and any HOA fees to assess the true monthly number.
- If you commute, value proximity to bus lines and the George Washington Bridge access.
- For investor-leaning purchases, underwrite both comparable sales and income scenarios.
For investors: underwrite with clarity
- Request rent rolls, lease expirations, expense history, and maintenance records.
- Price using both cap rate and GRM with local rent benchmarks around the borough’s median.
- Confirm zoning, unit legality, and any planned improvements that could impact rents or exit value.
First 14 days: launch for momentum
- Nail the photography, floor plans, and copy on day one.
- Price within a narrow comp band to maximize early tours and qualified offers.
- Leverage targeted marketing to likely buyers, including commuters and households that value Broad Avenue access.
- Watch showing traffic and agent feedback. Adjust quickly if demand trails expectations.
Work with local expertise
Pricing in Palisades Park rewards local nuance. Duplex-friendly zoning, small block-by-block differences, and a commuter-oriented lifestyle mean you win with precise comps and clear documentation. Our team blends neighborhood-level analysis with polished marketing and negotiation to help you capture full value.
Ready to price with precision? Connect with Sara Shin Select for a micro-market pricing consultation and a strategy tailored to your goals.
FAQs
Are duplex sales worth more than single-family sales in Palisades Park?
- Typically yes, because a duplex provides two legal dwellings, so buyers weigh both comparable sales and income potential when setting value.
How much do property taxes change my monthly payment in Palisades Park?
- Use the reported average bill near $11,085 as a guide or the actual bill for the home, then divide by 12 to estimate the monthly tax component you add to mortgage and insurance.
Should I price my home above the borough median because prices are rising?
- No single metric should set your list price; lean on same-form, nearby comps and adjust for condition, permitted unit count, and lot size.
Does living near Broad Avenue raise or lower my price?
- It depends on the buyer; many value walkable access to restaurants, shops, and buses, while others prefer quieter streets, so tailor price and marketing to the most likely buyer.
Is price per square foot a reliable way to compare homes here?
- Use it as a starting point only, since legal unit count, lot size, finishes, and proximity to transit or Broad Avenue can shift value meaningfully.
