Newark appreciation rates and housing market information

Newark housing market information

With a population of 28,570, 9,310 total housing units (homes and apartments), and a median house value of $329,000, Newark house prices are not only among the most expensive in Delaware, Newark real estate also is some of the most expensive in all of America.

single-family detached homes are the single most common housing type in Newark, accounting for 51.30% of the city's housing units. Other types of housing that are prevalent in Newark include large apartment complexes or high rise apartments (28.72%), row houses and other attached homes (13.71%), and a few duplexes, homes converted to apartments, or other small apartment buildings (6.21%).

The most prevalent building size and type in Newark are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 52.86% owning, and 43.69% renting.

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 44.50% of the city's housing hails from this era. Other housing ages represented in Newark include homes built between 1970-1994 (40.24%), and housing constructed from 1939 and earlier (8.55%). There's also some housing in Newark built between 1995 and later (6.71%).

Newark home appreciation rates

Appreciation rates for homes in Newark have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 100.20%, which ranks in the top 30% nationwide. This equates to an annual average Newark house appreciation rate of 10.02%.

Over the last year, Newark appreciation rates have trailed the rest of the nation. In the last twelve months, Newark's appreciation rate has been -1.88%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Newark were at -1.41%, which equates to an annual appreciation rate of -5.64%.

Relative to Delaware, our data show that Newark's latest annual appreciation rate is higher than 11% 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 1990, to assist you in making the best Newark real estate investment or home purchase decisions.