Newark, NJ Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Newark, NJ Housing Market Trends

With 282,011 people, 100,262 houses or apartments, and a median cost of homes of $313,382, Newark real estate prices are well above average cost compared to national prices.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Newark, accounting for 47.04% of the city's housing units. Other types of housing that are prevalent in Newark include large apartment complexes or high rise apartments ( 34.07%), single-family detached homes ( 10.02%), and a few row houses and other attached homes ( 8.76%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Newark is dominated by renter-occupied one, two, or no bedrooms apartments. 78.79% of Newark's dwellings are rentals.

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. Newark's housing was primarily built during this period, from the '40s through the '60s. A full 34.39% of the city's housing hails from this era. Other housing ages represented in Newark include homes built between 1970-1999 ( 25.51%) and housing constructed before 1939 ( 25.00%). There's also some housing in Newark built between 2000 and later ( 15.10%).

Vacant housing appears to be an issue in Newark. Fully 12.86% 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 Home Appreciation Rates

Real estate appreciation rates in Newark's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.34% during the period.

Appreciation rates are so strong in Newark that despite a nationwide downturn in the housing market, Newark real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Newark appreciation rates continue to be some of the highest in America, at 10.67%, which is higher than appreciation rates in 72.99% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Newark. Newark appreciation rates in the latest quarter were at 3.17%, which equates to an annual appreciation rate of 13.30%.

Relative to New Jersey, our data show that Newark's latest annual appreciation rate is higher than 70% 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 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.

Average Home Values

 

Median Home Value:
$313,382

Newark, NJ HOME PRICES

> $1,233,000
0.3%
0.3%
$924,001 - $1,233,000
1.4%
1.4%
$616,001 - $924,000
3.7%
3.7%
$493,001 - $616,000
8.1%
8.1%
$370,001 - $493,000
18.8%
18.8%
$247,001 - $370,000
29.7%
29.7%
$123,001 - $247,000
30.3%
30.3%
$62,001 - $123,000
3.2%
3.2%
$0 - $62,000
4.4%
4.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for NJ

Value Relative To Nation

Number Of Homes And Apartments:
100,262

Newark Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
132.57% 4.00%
9
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,942 / per month

Homeownership Rate

Owners
21.2%
21.2%
Renters
78.8%
78.8%
Vacant
12.9%
12.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
15.1%
15.1%
1970 - 1999
25.5%
25.5%
1940 - 1969
34.4%
34.4%
1939 or Older
25.0%
25.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
10.0%
10.0%
Townhomes
8.8%
8.8%
Small Apt. Buildings
47.0%
47.0%
Apt. Complexes
34.1%
34.1%
Mobile Homes
0.1%
0.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
6.7%
6.7%
1 Bedroom
22.1%
22.1%
2 Bedrooms
33.8%
33.8%
3 Bedrooms
30.3%
30.3%
4 Bedrooms
4.4%
4.4%
5 or more bedrooms
2.7%
2.7%
0.0% 100.0%
% OF HOMES