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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 30,453, 9,191 total housing units (homes and apartments), and a median house value of $465,839, Newark real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Newark, accounting for 42.39% of the city's housing units. Other types of housing that are prevalent in Newark include large apartment complexes or high rise apartments ( 35.02%), row houses and other attached homes ( 15.87%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.60%).
The most prevalent building size and type in Newark are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 39.36% owning and 60.64% renting.
There is a lot of housing in Newark built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Newark built between 1940-1969 ( 35.59%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.39%). There's also some housing in Newark built before 1939 ( 4.02%).
Vacant housing appears to be an issue in Newark. Fully 12.96% of the housing stock is classified as vacant. Left unchecked, vacant Newark homes and apartments can be a drag on the real estate market, holding Newark real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Newark's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Newark during the period has been just 5.37%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Newark's appreciation rate, at 6.18%, has been at or slightly above the national average. In the latest quarter, Newark's appreciation rate has been 1.44%, which annualizes to a rate of 5.90%.
Relative to Delaware, our data show that Newark's latest annual appreciation rate is higher than 50% of the other cities and towns in Delaware.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Newark differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Newark - 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 Newark real estate investment or home purchase decisions.
$465,839
for Delaware
for nation
9,191
$2,769 / per month